North America Compound Chocolate Market - Growth, Trends and Forecast (2018 - 2023)
The North America compound chocolate market is projected to register an estimated CAGR of 3.8%, during the forecast period of 2018-2023.
Low Cost of Compound Chocolate – Fueling the Market Growth
Increasing demand of low priced cocoa based products has increased the demand of compound chocolates globally. The major market drivers include, increased price of cocoa butter, limited supply of cocoa products in the market, cheaper price of compound chocolates, and increasing demand in industrial and bakery applications.
The technical advantage of non-requirement of tempering and easy manufacturing process has increased the industrial demand of compound chocolates. However, the regulation on addition of 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 include, unhealthy nature of cheap vegetable fats, along with consumer preferences for the pure chocolates, among others.
Versatile Application of Compound Chocolate in Bakery & Confectionery Segment
The compound chocolates are used in industrial applications of bakery and 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 on 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 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.
United States to Dominate Compound Chocolate Market
The countries in the region extensively export from developing countries of Asia-Pacific region. Increased advancement in technology and the chocolate crisis in the market has provided a great opportunity to the compound chocolate market in North America. The Canadian compound chocolate market is expected to register a CAGR of 4.2%,
during the forecast period.
January 2017 - Barry Callebaut launched a new range of fillings for confectionery & 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, BLOMMER CHOCOLATE COMPANY, THE BARRY CALLEBAUT GROUP, AALST CHOCOLATE, SEPHRA, CHOCOLEY, UNIGRA, amongst others.
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