$2.1bn
$XXX.Xm
4,660
122
$XXX.Xm
The Industrial Chocolate Production industry has experienced growth, despite volatility from fluctuating cocoa prices and challenges introduced by the COVID-19 pandemic. The industry's production, which includes processed cocoa beans to manufacture cocoa products, including cocoa powder, liquor and butter, is largely destined for chocolate confectionery producers, although bakers and dairy beverage producers also buy cocoa products to infuse into their foods. In recent years, fluctuations in cocoa prices have been offset by improving disposable incomes and greater demand for premium chocolate goods. Despite an added emphasis on health consciousness by American consumers and challenges created by the COVID-19 pandemic that dragged down revenue, overall industry revenue has been increasing at a CAGR of 0.5% and is expected to reach $2.1 billion in 2023. Still, a decline in the price of cocoa will likely translate to lower selling prices over the current year, resulting in an expected revenue contraction of 0.5% in 2023.Revenue for producers corresponds with demand for chocolate and the price of cocoa beans. High demand for chocolate raises the selling price of cocoa beans and products, especially when supply is limited. This enables industrial chocolate producers to charge higher prices for products. Conversely, weak demand and falling cocoa prices devalue inventory, forcing losses on operators. Cocoa prices fluctuated wildly in recent years and have yet to recover from their precipitous decline in 2017. The perpetual swing of cocoa prices has ultimately made it difficult for producers to optimally price goods, even as overall selling prices have risen slightly in recent years. As a result, profit margins across the industry have remained stagnant.Market conditions are expected to be more stable moving forward, although a projected decline in cocoa prices will hurt selling prices for industrial chocolate producers. According to current projections, the world price of cocoa will decline consistently moving forward. This will outweigh new opportunities for small companies, which will enter the industry to meet demand from health-conscious and environmentally friendly consumers that seek to purchase organic, sustainably sourced cocoa that demands premium prices. Consequently, industry revenue is forecast to contract at a CAGR of 0.9% to $2.0 billion over the five years to 2028.
Industry revenue has grown at a CAGR of 0.5 % over the past five years, to reach an estimated $2.1bn in 2023.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Blommer Chocolate Company | 688.6 | 2.3 | 0.3 | |
Cargill, Incorporated | 507.9 | 6.0 | 1.2 | |
Barry Callebaut Ag | 362.3 | 17.3 | 4.8 |
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Industry revenue is measured across several distinct product and services lines, including Cocoa powder, Sweetened chocolate and Unsweetened chocolate. Cocoa powder is the largest segment of the Industrial Chocolate Production in the US.
The most commonly sold product is cocoa powder
This industry includes companies that press cocoa beans to manufacture cocoa ingredients used in other food processing. This industry’s products include cocoa powder, cocoa butter and cocoa liquor.
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NAICS 31135 - Industrial Chocolate Production in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Producers have withstood volatile cocoa prices. Revenue has risen as consumer demand has remained stable and improving consumer health has raised demand for premium, sustaina...
Learn about an industry's products and services, markets and trends in international trade.
Cocoa powder accounts for the largest share of revenue, the most commonly retailed product for manufacturers. It is inexpensive and largely homogenous, which purchasers trans...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Mid-Atlantic has the largest concentration of industrial chocolate producers. The region has the largest number of downstream chocolate manufacturers and major consumer m...
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.
Brand equity keeps consumers tied to their favorite choices. The position of industrial producers with long term contracts to favored downstream chocolate manufacturers is se...
Learn about the performance of the top companies in the industry.
The industry is dominated by multinational conglomerates, which have vast downstream markets domestically and abroad. The three largest companies alone account for more than ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Rules set by the Food and Drug Administration at the federal level govern ingredient use and content listing by manufacturers. Additional rules about product labeling are set...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Purchase costs account for most of all spending for producers. Purchase costs are swayed by the price of cocoa, the primary input into industrial chocolate production.
Including values and annual change:
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Key data sources in the US include:
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The market size of the Industrial Chocolate Production in the US industry in United States is $2.1bn in 2024.
There are 122 businesses in the Industrial Chocolate Production in the US industry in United States, which has declined at a CAGR of 0.3 % between 2018 and 2023.
The market size of the Industrial Chocolate Production in the US industry in United States has been growing at a CAGR of 0.5 % between 2018 and 2023.
Over the next five years, the Industrial Chocolate Production in the US industry in United States is expected to decline.
The biggest companies operating in the Industrial Chocolate Production market in United States are Blommer Chocolate Company, Cargill, Incorporated and Barry Callebaut Ag
Producing cocoa powder and Producing cocoa butter are part of the Industrial Chocolate Production in the US industry.
The company holding the most market share in United States is Blommer Chocolate Company.
The level of competition is moderate and increasing in the Industrial Chocolate Production in the US industry in United States.