The South America Chocolate Market report segments the industry into Confectionery Variant (Dark Chocolate, Milk and White Chocolate), Distribution Channel (Convenience Store, Online Retail Store, Supermarket/Hypermarket, Others), and Country (Argentina, Brazil, Rest of South America). Get five years of historical data alongside five-year market forecasts.

The Latin America chocolate market size reached USD 9.13 Million in 2024. The market is expected to grow at a CAGR of 5.30% between 2025 and 2034, reaching almost USD 15.30 Million by 2034.

In 2024, the area cultivated with cocoa beans in Mexico amounted to around 52,452 hectares. In Mexico, production of cocoa takes place in the states of Tabasco, Chiapas, and Guerrero.

In 2023, the market revenue of chocolate confectionery in Latin America and the Caribbean amounted to 8.82 billion U.S. dollars. The market was expected to grow annually by 5.32 percent (CAGR 2024-2028).

Latin America Private Label Chocolate market will be USD 21257.11 million in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.The market is foreseen to reach USD 32130.7 million by 2031 owing to consumer preferences towards premium and personalized food products

South America Chocolate Market size was valued at USD 3.75 Billion in 2024 and is projected to reach USD 6.22 Billion by 2031, growing at a CAGR of 6.5% from 2024 to 2031.

South America Chocolate Market Drivers

Strong Chocolate Consumption Culture: South America has a deep-rooted chocolate consumption culture, with chocolate being a popular treat and ingredient in various desserts and beverages. This cultural affinity for chocolate forms a strong foundation for market growth.

Growing Disposable Incomes: As economies in the region grow and disposable incomes increase, consumers are more willing to spend on premium and indulgent food products like chocolate. This is driving demand for higher-quality and more diverse chocolate offerings.

Increasing Urbanization and Changing Lifestyles: Urbanization and changing lifestyles are leading to increased demand for convenient and packaged food products, including chocolate. This is driving the growth of the chocolate confectionery market, with a focus on on-the-go formats and innovative flavors.

Rising Awareness of Premium and Specialty Chocolate: Consumers are becoming more discerning about chocolate, with a growing interest in premium, artisanal, and single-origin chocolates. This trend is driving the growth of the premium chocolate segment, with a focus on quality, flavor, and ethical sourcing.

Growing Tourism and Gifting Culture: The thriving tourism industry in South America contributes to the demand for chocolate as a souvenir and gift item. This is particularly true for countries with a strong cocoa heritage, such as Brazil and Ecuador.

The revenue in the 'Chocolate Confectionery' segment of the food market in Latin America was forecast to continuously increase between 2025 and 2030 by in total ************* U.S. dollars (+**** percent). After the tenth consecutive increasing year, the revenue is estimated to reach ***** billion U.S. dollars and therefore a new peak in 2030. Find more key insights for the revenue in countries and regions like the price per unit in the 'Confectionery' segment of the food market in the world and the average revenue per capita in the 'Vegetables' segment of the food market in Italy.The Statista Market Insights cover a broad range of additional markets.

South America Compound Chocolate Market is segmented by Flavor (Dark, Milk, White and Other Flavor), Product (Chocolate Chips/Drops/Chunks, Chocolate Slab, Chocolate Coatings, and Other Products), Application (Compound Chocolates, Bakery, Confectionery and Ice Cream and Frozen Desserts) and Geography.

Latin America commands a 5% share of the global Craft Chocolate Market, anticipating a remarkable 10.0% Compound Annual Growth Rate (CAGR) during the forecast period, contributing to an estimated market size of approximately $0.67 billion.

Learn about the expected growth of the chocolate and cocoa products market in Latin America and the Caribbean, driven by increasing demand. Market volume is projected to reach 3.4M tons and market value to reach $67.7B by 2035.

The South American chocolate market presents a dynamic landscape with significant growth potential. Driven by rising disposable incomes, increasing urbanization, and a growing preference for premium and artisanal chocolate, the market is experiencing robust expansion. While precise figures for market size and CAGR aren't provided, we can infer substantial growth based on global trends. The region's diverse consumer base, ranging from budget-conscious consumers to those seeking high-end experiences, creates opportunities for both mass-market and niche chocolate brands. Brazil, Argentina, and other major economies within South America are key contributors to market growth, fueled by strong domestic production and a high demand for diverse confectionery variants, including milk, dark, and white chocolate. The distribution channel is diversified, encompassing supermarkets, hypermarkets, convenience stores, and the increasingly important online retail segment. However, challenges remain, including economic volatility in certain regions and the need to navigate fluctuations in cocoa prices. Furthermore, competition from both established multinational companies like Nestlé and Hershey and burgeoning local brands necessitates strategic innovation and strong brand building to maintain a competitive edge. The future of the South American chocolate market appears promising, with significant potential for sustained growth driven by rising consumer spending and evolving tastes. Looking ahead, the South American chocolate market is poised for further expansion. The burgeoning middle class, coupled with the increasing influence of international food trends, is driving demand for innovative flavors and product formats. The growing popularity of healthier chocolate options, such as dark chocolate with higher cacao content, and the rise of ethically sourced and sustainable chocolate will further shape the market. Successful players will be those that can adapt to changing consumer preferences, leverage e-commerce platforms effectively, and establish strong distribution networks across the diverse geographies of South America. The continued expansion of the middle class, increasing tourism, and the growing adoption of online shopping will be key drivers of growth within the next decade. While challenges exist, the opportunities presented by the South American chocolate market are substantial, making it an attractive space for both established and emerging players. Recent developments include: July 2023: Ferrero's sister company, Ferrara Candy Co., announced the acquisition of Brazilian snacks company Dori Alimentos, which sells a variety of chocolate and sugar confectionery brands, including Dori, Pettiz, and Jubes.December 2022: Mars Incorporated launched Snickers Caramelo & Bacon limited edition chocolate bars in Brazil.November 2022: Nestlé announced the establishment of a new Research & Development (R&D) Center for Latin America. The inauguration of the new center was in Santiago, Chile. This center will enable the development of tasty, nutritious, affordable, and sustainable products that are highly relevant to local consumers. The center will also strengthen the company's collaborations with universities, start-ups, and entrepreneurs across Latin America.. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

In Latin America Dark Chocolate Market, There is a growing demand for sustainably sourced and fair-trade certified dark chocolate, as consumers become more conscious of the environmental and ethical aspects of their food choices.

South America's Chocolate Market is anticipated to grow at an 8.64% CAGR. Increasing health awareness supports market growth in the region.

The South American compound chocolate market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 5.73% from 2025 to 2033. This expansion is fueled by several key drivers. Rising disposable incomes across the region, particularly in burgeoning middle classes of Brazil and Argentina, are increasing consumer spending on premium food and confectionery products, including compound chocolates. The increasing popularity of bakery items, ice cream, and frozen desserts, which heavily utilize compound chocolate, further contributes to market growth. Furthermore, the burgeoning food processing and manufacturing sectors within South America are stimulating demand for high-quality, cost-effective compound chocolates for use in a wide array of applications. However, fluctuating raw material prices, particularly cocoa beans, and economic instability in certain South American countries pose challenges to sustained market growth. The market is segmented by flavor (dark, milk, white, and others), product type (chips/drops/chunks, slabs, coatings, and others), application (compound chocolates, bakery, confectionery, ice cream, and frozen desserts), and geography (Brazil, Argentina, and the Rest of South America). Brazil and Argentina currently dominate the market share, driven by their larger populations and more established food processing industries. The "Rest of South America" segment shows significant growth potential, with rising consumer demand and increasing investments in the food sector creating opportunities for market expansion in countries like Chile, Colombia, and Peru. Key players like Cargill, Puratos, Barry Callebaut, and Blommer are leveraging their established presence and innovative product offerings to capture a significant portion of this expanding market. The competitive landscape is characterized by a blend of multinational corporations and regional players. Multinationals benefit from established distribution networks and brand recognition, while local players leverage their understanding of regional preferences and cost advantages. Future growth will likely be driven by increasing product innovation, focusing on healthier options (reduced sugar, organic ingredients) and unique flavor profiles tailored to regional palates. Strategic partnerships and mergers & acquisitions are also likely to shape the market dynamics, with companies seeking to expand their product portfolio and geographic reach. Sustainability concerns are also gaining traction, with consumers increasingly demanding ethically sourced and environmentally friendly chocolate products, putting pressure on companies to adopt sustainable practices throughout their supply chain. The ongoing economic and political developments within South America will continue to influence the market’s trajectory, influencing both consumer spending and investment in the food processing sector. Notable trends are: Versatile Application of Compound Chocolate in Bakery & Confectionery Segment.

The South American chocolate market, valued at $5.71 billion in 2025, is projected to experience robust growth, with a Compound Annual Growth Rate (CAGR) of 5.45% from 2025 to 2033. This expansion is driven by several factors. Rising disposable incomes across various South American countries are fueling increased consumer spending on premium chocolate products and indulgent treats. A burgeoning middle class, particularly in urban areas, is actively seeking out higher-quality, international brands and artisanal chocolate experiences, boosting demand. Furthermore, the growing popularity of chocolate confectionery within the region, combined with innovative product launches incorporating local flavors and ingredients, are contributing significantly to market growth. Successful marketing campaigns emphasizing the emotional connection and sensory experience of chocolate consumption further strengthen market appeal. However, economic volatility and fluctuating currency exchange rates in some South American nations pose potential challenges to sustained growth. Price sensitivity among consumers, especially in lower income brackets, could necessitate strategic pricing and product diversification by manufacturers. Furthermore, intense competition among both established international players like Nestlé and Ferrero, and local chocolate makers, necessitates a focus on product innovation, branding, and efficient distribution networks to maintain market share and profitability. The increasing awareness of health and wellness trends may also present an opportunity for the development of healthier chocolate options, such as dark chocolate with higher cocoa content and reduced sugar, to cater to the evolving consumer preferences within the South American market. Key drivers for this market are: Increasing demand for meat alternatives. Potential restraints include: Presence of numerous alternatives in the plant proteins. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

Latin America's Vegan Chocolate Market will be USD 67.58 million in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031. The market is foreseen to reach USD 179.2 million by 2031 due to the increasing consumer awareness about health and wellness, a growing shift towards plant-based diets, and expanding availability of vegan chocolate products in the region.

The Latin American chocolate and confectionery market rose slightly to $25.7B in 2024, increasing by 2.1% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2024 and is expected to retain growth in the near future.

In 2023, the market revenue of cocoa or hot chocolate in Latin America and the Caribbean amounted to *** billion U.S. dollars. It was expected that the market revenue would reach *** billion U.S. dollars in 2028.

Snapshot img

Chocolate Market Size 2025-2029

The chocolate market size is forecast to increase by USD 52.7 billion, at a CAGR of 5.1% between 2024 and 2029.

The market is characterized by the increasing trend towards premiumization, as consumers seek high-quality, artisanal, and ethically-sourced chocolate products. Simultaneously, innovation in chocolate packaging continues to shape the market landscape, with manufacturers focusing on sustainable, eco-friendly, and visually appealing solutions to differentiate their products. However, the market faces challenges in the form of unstable cocoa prices and declining per capita consumption in some regions. These challenges necessitate strategic planning and agility from market players, as they navigate price fluctuations and adapt to evolving consumer preferences.
To capitalize on opportunities and mitigate risks, companies must focus on sustainable sourcing, product innovation, and effective marketing strategies. By staying attuned to these market dynamics, chocolate manufacturers can position themselves for long-term success in this dynamic and evolving market.

What will be the Size of the Chocolate Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free Sample

The market continues to evolve, with dynamic market dynamics shaping its various sectors. Milk solids remain a crucial component, as manufacturers strive for optimal product quality and consumer preferences shift towards milk chocolate. Chocolate spread and hot chocolate segments experience growth, driven by innovation and expanding application areas. Supply chain management plays a pivotal role, with cocoa butter and import markets influencing production capacity. E-commerce sales surge, disrupting traditional distribution channels. Dark chocolate, with its health benefits, gains popularity, while premium chocolate and gourmet offerings cater to discerning consumers. Ingredient sourcing, including fair trade cocoa beans, and pricing strategies are critical factors.

Shelf life and food safety concerns are addressed through rigorous quality control measures. The market's continuous unfolding is reflected in the emergence of new product categories, such as chocolate liquor and chocolate syrup. Cocoa nibs and white chocolate find applications in various industries, from food and beverage to cosmetics. Brand loyalty and consumer preferences shape the competitive landscape, with mass production and candy making companies vying for market share. Waste management and sustainability become increasingly important considerations. The market's evolution underscores its versatility and adaptability, as it caters to diverse consumer demands and industry trends.

How is this Chocolate Industry segmented?

The chocolate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Milk chocolate
  Dark chocolate
  White chocolate


Distribution Channel

  Offline
  Online


Type

  Traditional
  Artificial


Cocao Content

  Low (<30%)
  Medium (30-60%)
  High (>60%)


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Product Insights

The milk chocolate segment is estimated to witness significant growth during the forecast period.

The market encompasses various product categories, including gourmet chocolate, milk chocolate, and chocolate candies. Milk chocolate, made with milk and containing 10%-20% cocoa solids and milk solids, is a popular choice due to its smoother, creamier taste. However, health concerns have led to a decrease in demand, with each pound containing approximately 2,300 calories, 140 grams of fat, and 100 milligrams of cholesterol. Product innovation continues to drive the market, with new flavors and product lines introduced regularly. Export markets and fair trade practices have expanded, ensuring ethical sourcing of cocoa beans and premium ingredients. Production capacity has increased, enabling mass production while maintaining quality control.

Consumer preferences for dark chocolate and healthier options have influenced pricing strategies. Distribution channels have expanded to include e-commerce sales and retail outlets. Ingredient sourcing, shelf life, and food safety are critical considerations. Cocoa powder, chocolate chips, chocolate bars, chocolate spread, hot chocolate, chocolate liquor, cocoa butter, and import markets are integral components of this dynamic ma

The South American chocolate market, valued at $14.1 billion in 2025, is projected to experience robust growth, driven by increasing disposable incomes, a burgeoning middle class, and a rising preference for premium chocolate products. Brazil and Chile, representing a significant portion of the market, showcase diverse consumer preferences, with a strong demand for both milk chocolate and the increasingly popular dark chocolate segment. The market is highly competitive, with both global giants like Nestlé, Mondelez, and Hershey, and regional players like Arcor and Grupo Nutresa vying for market share. Innovative product launches, including artisanal and organic chocolate options, are key trends shaping the market landscape. However, challenges such as fluctuating cocoa prices and increasing health consciousness (potentially limiting consumption of high-sugar options) are factors that could moderate growth. The projected Compound Annual Growth Rate (CAGR) of 4.7% from 2025 to 2033 suggests a steady expansion, with the market likely exceeding $20 billion by the end of the forecast period. Successful companies are employing strategies focused on product diversification, targeted marketing campaigns emphasizing premiumization and ethical sourcing, and robust distribution networks to reach wider consumer segments across different socioeconomic strata. Growth is fueled by a combination of factors: expanding e-commerce channels, increasing tourist spending (especially in popular destinations like Brazil), and the growing influence of global chocolate trends in South American markets. The segmentation within the market is crucial, with milk chocolate currently dominating, but dark chocolate exhibiting significantly faster growth driven by health-conscious consumers seeking products with higher cocoa content and perceived health benefits. Companies are strategically focusing on these evolving trends to maintain a competitive edge. Effective strategies involve strong branding, partnerships with local retailers, and a commitment to sustainability and ethical practices, particularly concerning cocoa sourcing. The competitive landscape necessitates continuous innovation and adaptation to thrive in this dynamic market.