Chocolate Production in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: August 2024
NAICS 31135Revenue
$20.5bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
47,876
Businesses
3,202
Wages
$X.Xbn
Chocolate Production in the US industry analysis
The US chocolate production industry has experienced significant growth in recent years, propelled by changing consumer preferences and innovative product developments. The sector has remained popular despite facing challenges like fluctuating cocoa prices and increasing health awareness. Companies have adapted by introducing new flavors, healthier options and sustainable practices, appealing to a broader audience. This adaptability has kept consumer interest alive and expanded market reach, ensuring the chocolate production industry remains a crucial contributor to the US economy. Still, industry-wide revenue has shrunk at a CAGR of 1.1% over the past five years. It is expected to total $20.5 billion in 2024, when revenue will dip by an estimated 0.2%.
Trends and Insights
- Input prices have been volatile, with cacao prices bouncing unprecedentedly from a subdued trend. Large producers have passed these costs down to consumers.
- Health-conscious, eco-minded consumers have shifted demand and production. Organic and fair-trade chocolate is increasingly popular among consumers, spurring companies to shift sourcing, its impact on the environment and to be transparent about labor practices.
- Access to affluent consumer markets attracts companies. Cities with a wealthy population sustain demand for premium and bespoke chocolate, bringing stability during economic downturns.
- Brand equity keeps consumers tied to their favorite choices. Well-known brands are associated with quality based on taste and ingredients.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 1.1 % over the past five years, to reach an estimated $20.5bn in 2024.
Trends and Insights
Americans' love of chocolate leads to healthier options
- In recent years, Americans have grown increasingly concerned about the health risks associated with consuming excessive amounts of sugar and fat, such as diabetes and obesity. Consequently, chocolate producers have responded to these shifting consumer preferences by launching products and brands offering lower-calorie, reduced-sugar and more nutritious options.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Cocoa price rollercoaster poses challenges for chocolate makers
- The global price of cocoa is predicted to climb, which could raise the costs of chocolate products produced by industry manufacturers.
Biggest companies in the Chocolate Production in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Mars Inc. | 5,529.6 | 761.2 | 13.8 | |
Hershey Co | 4,225.5 | 915.6 | 21.7 | |
Ferrero Group | 3,011.1 | 414.5 | 13.8 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Chocolate molded with candy, fruit, nut or granola, Chocolate bars, plain and Chocolate coatings. Chocolate molded with candy, fruit, nut or granola is the largest segment of the Chocolate Production in the US.
Trends and Insights
Rising trends shaping demand for chocolate molded with candy, fruit, nut or granola
- This type of chocolate merges traditional chocolate with added ingredients such as candy pieces, dried fruit, nuts, or granola to amplify flavor and texture.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Candy Production in the US
Complementors
- Sugar Processing in the US
- Syrup & Flavoring Production in the US
- Confectionery Wholesaling in the US
International industries
- Global Candy & Chocolate Manufacturing
- Chocolate Production in Canada
- Chocolate and Confectionery Manufacturing in Australia
- Chocolate & Confectionery Production in the UK
- Chocolate & Candy Production in China
Table of Contents
About this industry
Industry definition
Operators in this industry process cacao beans and other ingredients into chocolate and chocolate-based candy. Products include chocolate candy bars, boxed chocolates and chocolate-covered nuts.
What's included in this industry?
Chocolate molded with candy, fruit, nut or granolaChocolate bars, plainChocolate coatingsCocoa powderCocoa butter, liquor and syrupCompanies
Mars Inc.Hershey CoFerrero GroupPurchase this report to view all 4 major companies in this industry.
Related Terms
TARIFF ESCALATIONCHOCOLATIERCACAOCOCOADARK CHOCOLATEARTISAN CHOCOLATEPREMIUMANTIOXIDANTIndustry Code
NAICS 31135 - Chocolate Production in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Input prices have been volatile, with cacao prices bouncing unprecedentedly from a subdued trend. Large producers have passed these costs down to consumers.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Health-conscious, eco-minded consumers have shifted demand and production. Organic and fair-trade chocolate is increasingly popular among consumers, spurring companies to shi...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Access to affluent consumer markets attracts companies. Cities with a wealthy population sustain demand for premium and bespoke chocolate, bringing stability during economic ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Brand equity keeps consumers tied to their favorite choices. Well-known brands are associated with quality based on taste and ingredients.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Mars dominates the industry, capturing more than a third of total revenue. The company manufactures iconic brands like M&Ms, Dove, Snickers, Milky Way and Twix.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Mars Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Hershey Co's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Ferrero Group's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Mars Inc., and factors influencing its performance in the industry
- Description and key data for Hershey Co, and factors influencing its performance in the industry
- Description and key data for Ferrero Group, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Consumers flush with cash have enabled spending on discretionary foods like chocolate. Rising disposable income has benefited premium chocolate products the most.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Input costs are difficult to predict, and variability erodes profit. Still, companies have primarily passed rising costs down to downstream markets.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Chocolate Production in the US industry in United States in 2024?
The market size of the Chocolate Production in the US industry in United States is $20.5bn in 2024.
How many businesses are there in the Chocolate Production in the US industry in 2024?
There are 3,202 businesses in the Chocolate Production in the US industry in United States, which has grown at a CAGR of 0.6 % between 2019 and 2024.
Has the Chocolate Production in the US industry in United States grown or declined over the past 5 years?
The market size of the Chocolate Production in the US industry in United States has been declining at a CAGR of 1.1 % between 2019 and 2024.
What is the forecast growth of the Chocolate Production in the US industry in United States over the next 5 years?
Over the next five years, the Chocolate Production in the US industry in United States is expected to grow.
What are the biggest companies in the Chocolate Production in the US market in United States?
The biggest companies operating in the Chocolate Production market in United States are Mars Inc., Hershey Co and Ferrero Group
What does the Chocolate Production in the US in United States include?
Chocolate molded with candy, fruit, nut or granola and Chocolate bars, plain are part of the Chocolate Production in the US industry.
Which companies have the highest market share in the Chocolate Production in the US in United States?
The company holding the most market share in United States is Mars Inc..
How competitive is the Chocolate Production in the US industry in United States?
The level of competition is moderate and increasing in the Chocolate Production in the US industry in United States.
