North America Compound Chocolate Market - Growth, Trends and Forecast (2018 - 2023)
North America Compound Chocolate Market Insight
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.
North America Compound Chocolate Market Key Development
Compound chocolates are considered to be low-grade imitations of chocolate, but they are used not as final products but mostly for coating other products. Recently, there has been another class of compound chocolates, which are considered premium, such as Purato’s ‘Carat’ compound chocolate
North America Compound Chocolate Market Competitive Landscape
The major competitors prefer investment in new product development with more functional properties and marketing strategy for maintaining their market position.
Major Players: Cargill Incorporated U.S, Puratos, Barry Callebaut, Nestle, Meji Co., Ferrero, ADM, Lindt, yake china co., Ltd, Aalst Chocolate, Beryl's chocolate and confectionery, Goteborgs, Benns
Reasons to Purchase this North America Compound Chocolate Market Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics, which essentially consider the factors which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including, qualitative & quantitative research incorporating the impact of economic & non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
Customization of the North America Compound Chocolate Market Report
Value chain analysis
Volume of Compound Chocolate Market
Consumer behavior analysis at country level
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