A new market study by Lucintel predicts that the U.S. chocolate industry will experience moderate growth and reach an estimated $19.3 billion in 2018. Innovation of new products in dark chocolate and milk chocolate segment with new flavors and low calorie (such as sugar-free) chocolates will increase the growth of retail chocolate industry. Occasion and celebration is a factor that impacts the selling and production of chocolate and ultimately leads the increased company revenue which boosts industry growth.
Among the challenges faced by the industry are rising prices for raw materials, expecially for cocoa beans, intermittent supply shortages and a lack of efficient distribution channels in emerging markets. Growth for the industry will come from increasing consumer expenditure for chocolates and improving per capita income. As per the study, 73.9 percent of total U.S. population, i.e., 234 million consumers, love to eat chocolates irrespective of gender. Hectic lifestyle of consumers and innovative chocolate products doubling as health supplement, chocolate for the diet conscious, low calorie chocolates etc. lead to significant market growth. Consumer awareness of brands, gifting in celebrations and various occasion, and increasing hectic lifestyle of consumers are all expected to drive industry growth.
The Lucintel study is titled, “US Chocolate Industry 2013-2018: Trend, Forecast, and Opportunity Analysis,” and for more information, visit www.lucintel.com.