Market Research Future (Food and Beverages) North American Industrial Chocolate Market | Page 3

North-American Industrial Chocolate Market Research Report - Forecast to 2022 2 Market Overview Chocolate is a sweet, food prepared from roasted and ground seeds of Theobroma cacao in a variety of forms such as Paste, Liquid and Solid. Industrial Chocolate differs from Craft Chocolate in its use. Industrial chocolate is utilized by manufacturers of finished foods products such as Confectionery, Ice Cream, Beverages and others as a flavoring agent. The North American industrial chocolate market is expected to grow at a CAGR of 5.45% during the forecast period of 2017 to 2022. Growing cultivation especially in African nations of Ghana, Ivory Coast and others have resulted in satisfying the growing demand as Western Africa produces almost two-thirds of the world's cocoa. Rise in disposable incomes, developments in global supply chains, and development of innovative products such as organic and sugar-free chocolates, and chocolate products formulated to withstand high temperature are aiding the market growth. For instance, Barry Callebaut introduced the Choc37.9 line of products with greater thermo tolerance Regional Analysis: The U.S. dominates the North American industrial chocolate market owing to its large economy, higher income, and larger demand generated. The U.S. is followed by Canada and Mexico, which account for USD 14,756 million and which is expected to generate USD 20,200 million by 2022, at a 5.34 % CAGR during the forecast period. Page | 3 Copyright © 2017 Market Research Future.