International Agricultural Trade Report: Chocolate Candy
This is the first in a series of reports focusing on processed products, which comprise one of the fastest-growing sectors in global agricultural trade.
Valentine’s Day is celebrated all over the world and nothing says Valentine’s Day in America like chocolate. According to the National Confectioners Association, during Valentine’s week, U.S. consumers are expected to ring up $700 million in chocolate candy sales, doubling the normal weekly rate.
Globally, the retail market for chocolate candy is valued at an estimated $107 billion and is expected to grow to $143 billion by 2017. Factors contributing to market growth include rising middle class incomes in emerging markets, claims of chocolate’s health benefits, and seasonal sales, particularly around Valentine’s Day and other holidays.
While most global demand is met by local production, global imports have increased steadily,reaching a record $7.7 billion in 2012. The United States was the world’s largest importer of chocolate in 2012, with a total of $1.4 billion, accounting for 18 percent of global imports. The top five chocolate candy importers – the United States, Russia, Canada, the European Union, and Mexico – accounted for a combined 50 percent of global importsin 2012. Russia, the secondlargest importer, saw the largest growth, with imports increasing 35 percent since 2010.
