Africa Compound Chocolate Market - Growth, Trends and Forecast (2018 - 2023)
The Africa compound chocolate market is projected to register an estimated CAGR of 5.6%, during the forecast period of 2018-2023.
Low Cost Coupled with it’s Suitability with Africa’s Hot Climate – Boosting the Market Growth
The demand for chocolates in Africa is continuously increasing in the developing countries, due to emerging economy and the limited supply of cocoa ingredients. Scarcity and high cost of cocoa butter have given chocolate industry a new moving trend of compound chocolate. Other than the regulation on vegetable fats, major factors restraining the market growth includes, unhealthy nature of cheap vegetable fats, along with consumer preferences for the pure chocolates, among others. The food manufacturers, and other food industries prefer compound chocolate, over other chocolate products or intermediates, because of its high melting point, as it suits well with region’s hot climate.
Versatile Application of Compound Chocolate in Bakery & Confectionery Segment
The compound chocolates are used in industrial applications of bakery & confectionery products, as direct chocolate end-consumers, and in ice creams. The increased demand of coatings & coverings for the bakery products has raised popularity of compound chocolates among bakery applications. The market is sub-segmented by the product type, as compound chocolate chips, coatings, slabs, and others. The chocolate chips are used in products, such as ice cream, biscuits, and cookies. Chocolate slabs are utilized commercially by manufactures for industrial applications, where it is melted and further processed into final product.
By flavor, the African compound chocolate market can be segmented into dark, white, milk, and others. White chocolate has found increasing consumer preference in bakery & confectionary applications, owing to its full cream flavor characteristic.
Kenya, Nigeria, and South Africa - the Growth Drivers
Increased advancement in technology and the chocolate crisis in the market have provided a great opportunity to the compound chocolate market. Chocolate remains one of the top-selling confectionery items, after sugar confectionery. There is scope for improvement and steady development in the compound chocolate market, in terms of better penetration in several countries, like Kenya, Nigeria, and other African markets.
January 2017 - Barry Callebaut launched a new range of fillings for confectionery and bakery creations at ISM trade fair in Cologne. The company claims the fillings to contain 40% less calorie, compared to fat-based fillings, as they are made without any added vegetable fats or preservatives.
The major players include - CARGILL, PURATOS, CLASEN QUALITY CHOCOLATE, SANTA BARBARA CHOCOLATE, WILMAR INTERNATIONAL, THE BARRY CALLEBAUT GROUP, AALST CHOCOLATE, GARDEN MORRIS PACKAGING AND FOOD, AALST CHOCOLATE, FLANDERS FILINGS & COMPOUNDS (BACKED BY FUJI OIL EUROPE), PALSGAARD, AAK, WILMAR INTERNATIONAL, amongst others.
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Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
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