North America Compound Chocolate Market
The North America Compound chocolate market was estimated to be USD XX billion in 2018 and expected to reach USD XX billion by 2023 growing at a CAGR of 4.5% during the forecasted period 2018-2023. Compound chocolates commonly known as imitation chocolates are made up of cocoa or carob with vegetable fat and sweeteners. These are not pure chocolate as Cocoa butter in chocolate is replaced by cheaper cocoa butter substitutes in the product.
The North America compound chocolate industry is very small with respect to other regions. The compound chocolate are less preferred by consumers due to addition of vegetable fat and is mainly used for other industrial purposes. Generally the chocolates are produced in the form of large slabs, chips and coverings. Compound chocolate are majorly applied to the confectionery, cereals and bakery products as an outer covering.
The major drivers includes increased applications of compound coatings and chips in the bakery and confectionery products, increased price of cocoa butter and cocoa powder, limited and tight supply of cocoa products in the market, cheaper price of compound chocolates. In North America compound chocolate cannot be marketed as a chocolate due to strict regulation which is affecting the market. The consumer preference to pure chocolate in the region, low quality of compound chocolate as compare to pure chocolate are the other restraints for the market growth.
Chocolate substitute market segmentation is done on the basis of applications, Type of products, and by the geography. In the application type the imitation chocolates are used in industrial applications of bakery and confectionery products, as a direct chocolate end consumers, and in ice creams. The increased demand of coatings and coverings for the bakery products has raised its popularity among bakery applications. The market is sub segmented on the product type as compound chocolate chips, coverings, slabs and chocolate bars. The chocolate chips are used in ice cream, biscuits and cookies products. Chocolate slabs are commercially manufactures for industrial applications where it is melted and further processed into final product.
Continuously increasing cost of cocoa butter in the market has limited the pure chocolate production and increased the demand for cocoa butter substitute giving an opportunity for compound chocolate market. Whereas the stringent regulatory product and labelling issue is being a big challenge for the market. The established market of pure chocolate is a big challenge for the compound chocolate market. The key players in the market are Cargill Incorporated (U.S), ADM, Puratos (Belgium), Barry Callebaut (Switzerland), Nestle (USA), Lindt , Meji Co., (Japan), and Ferrero Rocher among others. The major competitors prefers investment in new product development with more functional properties and marketing strategy for maintaining their market position.
Market analysis for the North America Compound Chocolate Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the North America compound chocolate market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped