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Chocolate Production

Chocolate Production

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Executive summary

Operators in the Chocolate Production industry process cacao beans, milk, sugar and other ingredients into chocolate-based confectionery and then are distributed to wholesalers, retailers and other intermediaries for resale to consumers. Per capita disposable income has risen an annualized over the five years to 2022, while the unemployment rate remained near historically low levels early during the period. These dynamics boosted industry demand as consumers were able to spend freely on a range of chocolate products. However, the drop in cocoa prices from previous high and rising health consciousness among consumers has dampened industry revenue performance. As a result, IBISWorld estimates that industry revenue will decline at an annualized rate of 0.7% to $18.4 billion over the five years to 2022, including a contraction of 2.2% in 2022 alone.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

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Reference Wordlist

High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $0.333 of capital to $1 of labor; medium is $0.125 to $0.333 of capital to $1 of labor; low is less than $0.125 of capital for every $1 of labor.

The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

Colloquial Terminology

A substance that opposes oxidation or inhibits reactions promoted by oxygen or peroxides.

Chocolate that is not made by machines, but rather, involves a high degree of human labor and craftsmanship.

Seeds from which cocoa, cocoa butter and chocolate are made.

A person or company that makes or sells chocolate.

A powder made from cacao seeds used in chocolate.


Over the past five years, the industry has experienced highly volatile raw input prices, which has had varied
implications for operators. For larger companies with strong brand loyalty, the decline in cocoa prices has enabled them to boost profit as companies, such as the Hershey Company, have been able to still increase the prices of their chocolate regardless of the decline in cocoa prices. For smaller industry companies, it has had a more muted effect as the lack of a brand presence has largely prevented these smaller operators from changing the price of their products, while input prices continued to rise. Overall, industry profit, measured as earnings before interest and taxes, has risen, accounting for 14.0% of revenue in 2022.

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