Despite common industry concerns, chocolate sales are expected to grow in 2016.
According to a new report from Packaged Facts, thanks to the 81% of American consumers eating chocolate, the outlook for the U.S. chocolate candy market is trending upward. Packaged Facts estimates that chocolate sales will reach $22 billion in sales by the end of 2015.
However, thanks to the category’s strong pace of innovation, influx of creative new players and the steady flow of new products, Packaged Facts expects U.S. chocolate candy sales to exceed $26 billion, for the first time, by 2018.
The findings were published in the report Chocolate Candy in the U.S., 10th Edition.
Several factors support a continued growth curve for the market. One, the market has continued growing despite the economic climate, underscoring consumer devotion to the product. Two, the growing perception of the product as an accessible luxury creates many opportunities to trade the consumer up to premium products. Three, a growing body of research supports the status of cocoa as a superfood, with multi-dimensional nutritional benefits. This positive halo around chocolate enhances its image as a guilt-free indulgence, and can ultimately drive more consumption.
There are also challenges faced by the industry: including the public concern about the cocoa farming process, and short-term, the supply of cocoa. Overall, however, the industry is poised for continued growth based on the many positive trends now unfolding in the market.
Chocolate Candy in the U.S., 10th Edition segments and quantifies the market by channel and product type, providing historical sales figures and forecasts through 2018.