Chocoholics paying a premium for cravings

Americans appear increasingly willing to pay a premium to satisfy their chocolate cravings.

Sales of premium chocolate continue to account for a growing percentage of the overall $16 billion chocolate industry, a figure that is expect to reach $18 billion by 2011, according to market reseach firm Packaged Facts.

By then, premium chocolate is expected to represent 25 percent of the market and produce $4.5 billion in sales, the firm says. That's up from 17 percent of the market last year, and just 13 percent in 2002.

"Even in categories such as gift box chocolates, which saw a notable decline in the last year, brands such as Ghirardelli and Lindt that are targeting a more hip and upscale clientele are seeing tremendous success," says Tatjana Meerman, publisher of Packaged Facts.