Chocolate Stores in the US - Industry Market Research Report

Sugar rush: Rising disposable incomes and growing demand for premium chocolate will likely support industry growth

The Chocolate Stores industry consists of specialty stores that retail chocolate to consumers. Unlike mass merchandisers, such as supermarkets that may sell chocolate alongside other goods, these specialty stores sell chocolate products exclusively, with a focus on premium and seasonal chocolates. The COVID-19 pandemic significantly weakened retail activity, as stay-at-home orders and social distancing regulations reduced foot traffic. During this time, consumer uncertainty also skyrocketed, pushing consumers to reduce discretionary spending and causing chocolate sales to drop. Rising inflation has recently lowered disposable income, causing revenue and profit growth to slow down. These trends are expected to cause revenue to weaken at a CAGR of 0.8% to $1.4 billion over the five years to 2023, including 0.3% growth in 2023 alone. This industry includes specialty shops and boutiques that retail chocolate products to consumers. Supermarkets, department stores, drug stores, mass merchandisers and online retailers are excluded from this industry. Establishments such as coffee shops, bakeries and franchise retail establishments that sell chocolate products also are excluded from this industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.