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The Mexico chocolate market size was valued at USD 1.97 billion in 2023. The market is further projected to grow at a CAGR of 5.6% between 2024 and 2032, reaching a value of USD 3.23 billion by 2032.
The growing trend of offering chocolates as gifts is contributing to the Mexico chocolate market growth. With the increase in disposable income and growing foreign investment in Mexico, premium chocolate brands like Godiva and Lindt are expanding their presence in the Mexican market.
These brands are introducing a variety of premium chocolate products to cater to the evolving tastes and preferences of Mexican consumers.
Dark chocolate is becoming increasingly popular in Mexico, in terms of sales, consumption, and Mexico chocolate market share. The shift in consumer tastes towards dark chocolate is due to its supposed health advantages and distinct flavour profile. Dark chocolate is rich in antioxidants, which help protect the body against free radicals and oxidative stress. These antioxidants have been linked to reducing inflammation, improving heart health, and boosting brain function.
Dark chocolate brands like Hershey's Special Dark and Ghirardelli are gaining popularity in Mexico as these brands are promoting the antioxidant-rich properties of dark chocolate to provide a guilt-free indulgence for health-conscious consumers in Mexico.
The increasing demand for premium chocolates is driving the growth of the chocolate market in the country. Mexican chocolatiers like Que Bo! and Ki'Xocolatl are gaining recognition for their premium and artisanal chocolate offerings. These local brands are focusing on high-quality ingredients, unique flavour combinations, and sustainable production practices to meet the increasing demand for premium chocolates in Mexico.
Mexico 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 Region
Market players are focused on expanding their product portfolio by introducing novel chocolates with less sugar content, premium cocoa, and unique flavours.
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 Latin America Chocolate Market Overview
8.1 Key Industry Highlights
8.2 Latin America Chocolate Historical Market (2018-2023)
8.3 Latin America Chocolate Market Forecast (2024-2032)
8.4 Latin America Chocolate Market Share by Country
8.4.1 Brazil
8.4.2 Mexico
8.4.3 Argentina
8.4.4 Others
9 Mexico Chocolate Market Overview
9.1 Key Industry Highlights
9.2 Mexico Chocolate Historical Market (2018-2023)
9.3 Mexico Chocolate Market Forecast (2024-2032)
10 Mexico 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 Mexico 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 Mexico 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 Stores
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Mexico Chocolate Market by Region
13.1 Baja California
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Northern Mexico
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 The Bajío
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Central Mexico
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Pacific Coast
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Yucatan Peninsula
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
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 for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code – 1806)
16.1 Major Exporting Countries
16.1.1 By Value
16.1.2 By Volume
16.2 Major Importing Countries
16.2.1 By Value
16.2.2 By Volume
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 Mondelez 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 The Hershey Company
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 Grupo Arcor
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 August Storck KG
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 Chocolatera Ibarra, S.A.P.I. de C.V.
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 Grupo NUTRESA
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 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Chocolate Market: Key Industry Highlights, 2018 and 2032
2. Mexico Chocolate Market: Key Industry Highlights, 2018 and 2032
3. Mexico Chocolate Historical Market: Breakup by Type (USD Billion), 2018-2023
4. Mexico Chocolate Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. Mexico Chocolate Historical Market: Breakup by Product Type (USD Billion), 2018-2023
6. Mexico Chocolate Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
7. Mexico Chocolate Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
8. Mexico Chocolate Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
9. Mexico Chocolate Historical Market: Breakup by Region (USD Billion), 2018-2023
10. Mexico Chocolate Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. Major Exporting Countries by Value
12. Major Importing Countries by Value
13. Major Exporting Countries by Volume
14. Major Importing Countries by Volume
15. Mexico Chocolate Market Structure
In 2023, the market reached an approximate value of USD 1.97 billion.
The market is expected to grow at a CAGR of 5.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 3.23 billion by 2032.
The market is being driven by the growing demand for sugar-and gluten-free, organic, and vegan chocolates in a variety of baked goods, confections, and western desserts, among other products.
Key trends aiding the market expansion include growing popularity of chocolate as a token of appreciation, increasing sales of nut-infused chocolates, and a shift in consumer preferences away from traditional sweet indulgences.
Regions considered in the market are Baja California, Northern Mexico, The Bajío, Central Mexico, Pacific Coast, and Yucatan Peninsula.
Based on distribution channel, the market segmentations include supermarkets and hypermarkets, convenience stores, and online stores, among others.
Dark chocolate, milk chocolate, and white chocolate are considered in the report.
Key players in the market are Mars, Incorporated, Mondelez International, Inc., Ferrero International S.A., Nestlé S.A., The Hershey Company, Grupo Arcor, August Storck KG, Chocolatera Ibarra S.A.P.I. de C.V., and Grupo NUTRESA, among others.
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