Asia-Pacific Compound Chocolate Market - Growth, Trends and Forecast (2018 - 2023)
The Asia-Pacific compound chocolate market is projected to register an estimated CAGR of 5.8%, during the forecast period of 2018-2023. The consumers in the Asian region are increasingly opting for indulgence with added health benefits. Vegetable fats that are rich in monounsaturated fatty acids (MUFA) and polyunsaturated fatty acids (PUFA) are expected to fetch higher sales, due to their clean label traits, provided that the overall organoleptic properties of compound chocolates resembles that of its traditional counterparts, which have cocoa butter in their formulations.
Low Cost of Compound Chocolate – Fueling the Market Growth
The demand for chocolates in Asia-Pacific 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 industries a new moving trend of compound chocolate. However, the regulation on adding vegetable fats in chocolate, by various regulatory authorities, has restrained the growth of the compound chocolate market. 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.
Wide Range of Application of Compound Chocolate
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 compound chocolates’ popularity 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 Asia-Pacific compound chocolate market can be segmented into dark, white, milk, and others. White chocolate has found increasing consumer preference in bakery and confectionary applications, owing to its full cream flavor characteristic.
Asia-Pacific Remains a Hub for Compound Chocolate Production
Compound chocolate is mostly produced in developing regions, such as Asia-Pacific, which accounts for the highest production of compound chocolate. The countries in the region extensively export to developed countries, like the United States and Canada, among others. Increased advancement in technology and the chocolate crisis in the market have provided a great opportunity to the compound chocolate market. Asia-Pacific region accounts for major share, owing to its affordable cost, while the stringent regulatory barrier is being a big challenge for the market.
March 2017 - Cargill’s cocoa & chocolate had launched a new addition to its coatings and fillings range, thus catering to the trend “Healthy, Sustainable and Clean, and Indulgent” in terms of sugar reduction, natural colors, and flavors.
October 2016 - Barry Callebaut expanded chocolate manufacturing facility in Singapore in 2016, with a total investment of USD 18 million. The new chocolate chips/drops molding line cater to the production of different product shapes & sizes to fulfill market demand.
The major players include - CARGILL, PURATOS, CLASEN QUALITY CHOCOLATE, SANTA BARBARA CHOCOLATE, WILMAR INTERNATIONAL, THE BARRY CALLEBAUT GROUP, AALST CHOCOLATE, SEPHRA, CHOCOLEY, UNIGRA, PALSGAARD, AAK, FLANDERS FILINGS & COMPOUNDS (BACKED BY FUJI OIL EUROPE), AALST CHOCOLATE, KCG CORPORATION, amongst others.
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