$2.6bn
$XXX.Xm
5,325
390
$XXX.Xm
Canadian chocolate producers transform raw materials, such as cacao beans, sugar and milk, into various products, including chocolate bars, stuffed chocolates and premium chocolate boxes. While consumers have had higher levels of disposable income in recent years, chocolate producers haven't been able to generate revenue growth. Health concerns regarding the sugar and calorie content of chocolate have been exacerbated by the COVID-19 pandemic, and consumers have opted to include healthier snacks in their diets. Some newer producers have found success by offering niche organic or cannabis-based chocolates that sidestep this main hurdle, but revenue has continued to compress. Due to revenue declines early in the period, industry revenue is expected to decrease at a CAGR of 0.5% to $2.7 billion through the end of 2023, including a 3.8% rise in 2023 as consumer demand remains strong.
Industry revenue has declined at a CAGR of 1.2 % over the past five years, to reach an estimated $2.6bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Ferrero | 281.0 | 54.3 | 19.3 | |
Mondelez Canada | 220.7 | 34.5 | 15.6 | |
Hershey | 201.1 | 46.1 | 22.9 |
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Industry revenue is measured across several distinct product and services lines, including Chocolate bars, Boxed chocolates and Block chocolates. Chocolate bars is the largest segment of the Chocolate Production in Canada.
Chocolate bars
This industry produces cocoa-based confectionery such as chocolate bars, boxed chocolates and filled and unfilled chocolate blocks. The production of chocolate-covered confectionery, such as chocolate-covered nuts, is also included within industry operations.
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NAICS 311320 - Chocolate Production in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Health concerns have dragged down revenue. Smaller chocolate producers that offer niche organic or cannabis-based products have performed better over the past five years, esp...
Learn about an industry's products and services, markets and trends in international trade.
Chocolate bars are the most popular product, accounting for nearly one-third of revenue. Chocolate bars are a popular candy and are often used in baking.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Quebec and Ontario contain the most chocolate establishments. These provinces’ populations and food processing capacity provide ample downstream markets for producers.
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.
There is low concentration among chocolate producers. The industry largely consists of many small producers, though the four largest chocolate producers together account for ...
Learn about the performance of the top companies in the industry.
Major companies will experience slowing growth. As the broader economy cools, sales will be affected.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Chocolate producers have experienced moderate revenue volatility. Producers have posted high growth in recent years as consumer spending on chocolates have risen sharply.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Industry profit remains relatively high, with boutique chocolatiers generating the highest profit. Chocolate producers add significant value through the manufacturing process...
Including values and annual change:
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Key data sources in Canada include:
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These sources include:
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The market size of the Chocolate Production industry in Canada is $2.6bn in 2024.
There are 390 businesses in the Chocolate Production industry in Canada, which has grown at a CAGR of 2.6 % between 2018 and 2023.
The market size of the Chocolate Production industry in Canada has been declining at a CAGR of 1.2 % between 2018 and 2023.
Over the next five years, the Chocolate Production industry in Canada is expected to grow.
The biggest companies operating in the Chocolate Production market in Canada are Ferrero, Mondelez Canada and Hershey
Producing chocolate bars and Producing boxed chocolates are part of the Chocolate Production industry.
The company holding the most market share in Canada is Ferrero.
The level of competition is high and increasing in the Chocolate Production industry in Canada.