Industrial Chocolate Market - Global Outlook and Forecast 2019-2024
The global industrial chocolate market is estimated to ship over 9500 thousand tons by 2024, growing at aCAGR more than3% during 2018-2024.
India and Mexico have good economic climate and condition, a youthful population, and a growing number of chocoholics thereby, encouraging vendors to invest in these regions in the global market. The shift in trend of “nutraceutical” to “health and wellness” is leading to a more holistic approach of introducing these ancient ingredients as superfoods in the market.The global industrial chocolate market is driven by vendors investing in high-growth countries such as Mexico and India. Ethnic flavor combinations, smaller portions, stronger health claims, increased transparency, and personalization will contribute to the growing revenues in the global market. The market research report provides in-depth market analysis and segmental analysis of the global industrial chocolate market by products, application, market entity, type, and geography.
The report considers the present scenario of the global industrial chocolate market and its market dynamics for the period 2019−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply side of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.
Industrial Chocolate Market – Dynamics
Chocolate is at the helm of that intersection, and those in the food industry are blurring the line between the two given that it is indulgent while also having some health benefits, thanks to the cocoa bean with its flavanols and natural antioxidant properties. Industrial chocolate products are specifically being developed to improve the nutrition label on the whole, such as added protein, low sugar, and added fibers, etc., which can lend more benefits to various snacks such as cookies, while providing a tasteful experience. As chocolates are foreign goods for several countries across the globe and they witness decline occasionally, otherwise too, scrambling American and European giants have for a while now depended on developing chocolates that are based on values and holidays to gain market share. For instance, Easter is a huge selling opportunity in Brazil, with more than 100 million Easter eggs consumed in a year and its only growing. In Canada, chocolates witness a 6% growth in sales around Christmas/Hanukkah. Holiday-themed chocolate launches have been dominated by the US and Germany in the last year or two. From chunky chocolates that give more bite to combinations such as crunchy additions in a soft filling are breaking new ground and taking textures to the next level. The reason for this invasion is that curious consumers want more than just one thing inside their chocolate - they want double or triple of it. Consumers have slowed down their eating experiences for better wellbeing, thereby looking for foodstuff and confectionery that are more complex to keep them hooked. Therefore, Barry Callebaut has introduced a sensory language and a tasting ritual for chocolates. Products that have an extra crunch or offer an aerated and fizzy sensation filling are particularly popular.
Industrial Chocolate Market – Segmentation
This market research report includes a detailed segmentation of the market by products, application, market entity, type, and geography.The global industrial chocolate market by products is segmented into cocoa butter, cocoa liquor, and cocoa powder. Cocoa butter dominated the total market share in 2018, growing at a CAGR of over 3% during the forecast period. The growing demand in new confectionery products is particularly prevailing in developed countries where the end consumer wants a refined mouthfeel is fueling the growth of this segment in the global market.The substantial health benefits through a processing methodology that preserves the naturally occurring cocoa flavanols, which are otherwise lost during conventional manufacturing processes in Cocoa powder will transform the global industrial chocolate market.
The application segment in the global industrial chocolate market is classified into bakery, ice-cream and frozen dessert, dairy, cereals, and others. The dairy application is the fastest growing segment in the global market, at a CAGR of approximately 4% during the forecast period. The increasing use of chocolate flavorings in newly developed milk products, yogurts, and creamers is fueling the growth of this segment in the global market.The increasing influence of social media and access to far more resources on dessert-making, ready-to-bake fillings and pie crusts that allow hosts to serve up treats are making inroads in the ice-cream segment in the global market. The growing demand for convenient and healthier breakfast options such as energy bars, yogurts, breakfast sandwiches from convenience stores, and smoothies will drive the growth of the global industrial chocolate market.
The global industrial chocolate market by type is divided into chocolate confectionery and cocoa and other chocolate products. Chocolate confectionery occupied the largest market share in 2018, growing at a CAGR of over 3% during the forecast period. The new combinations and experiences are becoming a must-do in the chocolate industry and fueling the growth of this segment in the global market.The availability of a wide range and increasingly expanding products such as cocoa amaretti granules, brownie cubes, and caramelized nibs granules are gaining immense popularity in the global market. The manufacturers are adding spice, floral, and superfood additions to these products to create product differentiation in the global industrial chocolate market.
The type segment in the global industrial chocolate market is categorized into open and integrated. The open entity is the fastest growing segment in the global market, at a CAGR of more than 3% during the forecast period. The top companies are focusing on product development and innovations which is fueling the growth of this segment in the global market.The growth of the integrated chocolate segment allows producers to control the entire process of manufacturing, thereby assuring product quality in the global market. The commitment to sustainability across the entire value creation chain will drive the evolution of the global industrial chocolate market.
Market Segmentation by Product
Market Segmentation by Application
Ice-Cream and Frozen Dessert
Market Segmentation by Market Entity
Market Segmentation by Type
Chocolate Confectionery and Cocoa
Other Chocolate Products
Industrial Chocolate Market – Geography
The global industrial chocolate market by geography is segmented into North America, Europe, APAC, and ROW. Europe dominated the global market share in 2018, growing at a CAGR of 3% during the forecast period. Europe dominates the production, export, and consumption of chocolate in the global market. The increasing preference for region specific ingredients is fueling the growth of the European region in the global market.Trends such as fiber and protein enrichment and dairy-free chocolate with the growth of veganism are transforming the industry in the North American market. Various global industrial chocolate market players are openingR&D centers and training academies in Singapore, China, India, Japan, Malaysia, and Indonesia.
Market Segmentation by Geography
Key Vendor Analysis
The global industrial chocolate market has a high concentration, and the top 4 players contribute over 90% of the total revenues. The leading vendors are investing in capacity expansion into cocoa producing countries to stay better sheltered from the unbalanced climatic and economic situations in the global market. The increasing focus on enhancing discoverability through several cultural and novelty influences and refining what companies are offering will help attract new consumers in the global market. The top players are competing on the basis of product innovation, product quality, and price in the global industrial chocolate market.
The major vendors in the global market are:
Barry Callebaut Group
Other prominent vendors include Aalst Chocolate, Baronie, Chocoley, ClasenQuality Chocolate, Ferrero, Guittard, IRCA, Mars, Nestlé, Olam International, Puratos, Santa Barbara Chocolate, Sephra, The Hershey Company, Unigrà, and Valrhona.
Key market insights include
1. The analysis of the global industrial chocolate market provides market size and growth rate for the forecast period 2019-2024.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the global industrial chocolate market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of the global industrial chocolate market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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