Global chocolate retail market to grow by 6% as US confectionery sales top $32bn
The data from ResearchAndMarkets.com comes after new analysis from Circana (formerly IRI) showed that in 2022, chocolate, candy, gum and mint sales in North America’s traditional retail channels exceeded $32 billion.
As reported by Candy & Snack Today, the National Confectioners Association’s in-house magazine, chocolate was the top seller in the category, bringing in $18 billion, while non-chocolate candy and gum grew the fastest at 13.3% and 15.3%, respectively.
Anne-Marie Roerink of 210 Analytics, LLC said overall this is an increase of 11.1% above record 2021 sales.
In terms of units and volume, analysts note that inflation had a big impact on category performance with total confectionery down 2% in units when compared to 2021, though volume fared slightly better as some consumers moved to shareable pack sizes.
According to the NCA, the chocolate sector saw a 9.1% jump in dollars to its record-setting $18.2 billion. The biggest contributors to sales were share bags, at $7.2 billion followed by bars less than 3.5 ounces at $5.4 billion and seasonal chocolate for holidays such as Valentine’s Day and Halloween, which generated $3.7 billion in 2022.
Larger share bags did better than average, which means some of the volume moved to larger formats while purchases dropped, Roerink said. The only areas that gained in volume in 2022 were Easter, Halloween and Valentine’s Day chocolate. This underscores the continued popularity of the candy seasons with consumers as they re-engage with traditions, friends and families to celebrate the holidays and special occasions, she adds.
The gum sector also continues to gain, bringing it closer to its pre-pandemic performance. Dollar sales increased 15.3% in 2022, whereas units grew 1.4%. Sugarfree gum drove all unit gains.
ResearchAndMarkets.com's data suggest that during the forecast period 2023-2028, the global chocolate retail market is expected to expand at a CAGR of 5.9%, with over 5,000 new products released globally in retail in 2021 alone.