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The Latin America chocolate market size reached USD 9.13 billion in 2023. The market is expected to grow at a CAGR of 5.3% between 2024 and 2032, reaching almost USD 14.57 billion by 2032.
The Latin America chocolate market is primarily driven by the dominance of supermarkets and hypermarkets, facilitated by rising urbanisation and smart city initiatives. These larger retail spaces offer convenience and variety to consumers, particularly in major markets like Brazil and Argentina. The region's chocolate consumption is heavily influenced by impulse buying behaviours and product differentiation, with a notable trend towards convenient indulgent snacking.
In Brazil, chocolate remains a widely consumed confectionery, with consumers showing increasing interest in premium and sustainable chocolate products. Notably, there's a growing preference for low-sugar or low-calorie variants, aligning with health-conscious consumer trends. Multinational and local brands dominate the cocoa market in Latin America, driven by cultural significance and efforts towards sustainable cocoa production.
Brazil stands out as a key player in the cocoa market, driven by its large base of chocolate consumers and cocoa farmers. The demand for gourmet chocolate and fine cocoa further fuels market growth. However, challenges in cocoa production, particularly in West Africa, are creating opportunities for Latin American cacao producers.
Dark chocolate's health benefits, including its antioxidant properties and potential anti-aging effects, continue to attract consumers. Additionally, attractive packaging and display techniques in supermarkets contribute to impulse purchases. As consumer preferences evolve, manufacturers are investing in product design and packaging to capture market demand and drive the Latin America chocolate market development.
Latin America Chocolate Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Product Type
Market Breakup by Distribution Channel
Market Breakup by Country
Key players in the chocolate market in Latin America process, manufacture and offer products while undertaking mergers and acquisitions to support the end users in the market.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Product Type |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Chocolate Market Overview
8.1 Key Industry Highlights
8.2 Global Chocolate Historical Market (2018-2023)
8.3 Global Chocolate Market Forecast (2024-2032)
8.4 Global Chocolate Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Latin America Chocolate Market Overview
9.1 Key Industry Highlights
9.2 Latin America Chocolate Historical Market (2018-2023)
9.3 Latin America Chocolate Market Forecast (2024-2032)
10 Latin America Chocolate Market by Type
10.1 Dark Chocolate
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Milk Chocolate
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 White Chocolate
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Latin America Chocolate Market by Product Type
11.1 Pure Chocolate
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Compound Chocolate
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Latin America Chocolate Market by Distribution Channel
12.1 Supermarkets and Hypermarkets
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Convenience Stores
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Online
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Latin America Chocolate Market by Country
13.1 Brazil
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mexico
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Argentina
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code – 1806)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Mars, Incorporated
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Mondelēz International, Inc.
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Ferrero International S.A.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Nestlé S.A.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Cacau Comércio Eletrônico LTDA.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 The Hershey Company
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Nugali Chocolates
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Grupo Arcor
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Chocoladefabriken Lindt & Sprüngli AG
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 August Storck KG
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Chocolatera Ibarra, S.A.P.I. de C.V.
18.2.11.1 Company Overview
18.2.11.2 Product Portfolio
18.2.11.3 Demographic Reach and Achievements
18.2.11.4 Certifications
18.2.12 Grupo NUTRESA
18.2.12.1 Company Overview
18.2.12.2 Product Portfolio
18.2.12.3 Demographic Reach and Achievements
18.2.12.4 Certifications
18.2.13 Peccin SA
18.2.13.1 Company Overview
18.2.13.2 Product Portfolio
18.2.13.3 Demographic Reach and Achievements
18.2.13.4 Certifications
18.2.14 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Chocolate Market: Key Industry Highlights, 2018 and 2032
2. Latin America Chocolate Market: Key Industry Highlights, 2018 and 2032
3. Latin America Chocolate Historical Market: Breakup by Type (USD Billion), 2018-2023
4. Latin America Chocolate Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. Latin America Chocolate Historical Market: Breakup by Product Type (USD Billion), 2018-2023
6. Latin America Chocolate Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
7. Latin America Chocolate Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
8. Latin America Chocolate Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
9. Latin America Chocolate Historical Market: Breakup by Country (USD Billion), 2018-2023
10. Latin America Chocolate Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. Major Importing Countries by Volume
12. Major Exporting Countries by Volume
13. Major Importing Countries by Value
14. Major Exporting Countries by Value
15. Latin America Chocolate Market Structure
The market is estimated to be valued at USD 9.13 billion in 2023.
The market is projected to grow at a CAGR of 5.3% between 2024 and 2032.
The chocolate market is expected to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 14.57 billion in 2032.
The market is categorised according to its type, which includes dark chocolate, milk chocolate, and white chocolate.
The key market players are Mars, Incorporated, Mondelez International, Inc., Ferrero International S.A., Nestlé S.A., Cacau Comércio Eletrônico LTDA., The Hershey Company, Nugali Chocolates, Grupo Arcor, Chocoladefabriken Lindt & Sprüngli AG, August Storck KG, Chocolatera Ibarra, S.A.P.I. de C.V., Grupo NUTRESA, Peccin SA, and others.
The market is driven by factors that include sales of premium chocolates, rising disposable income, and increasing applications of chocolates, among others.
The market is categorised according to its product type, which includes pure chocolate and compound chocolate.
Cocoa production in Latin and South America represents a relatively small portion of global output, with the majority of cocoa cultivated in Africa. The Americas, led by Ecuador and Brazil, rank second globally in cocoa production.
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