Will APAC be the Largest Consumer in the Global Industrial Chocolate Market by 2024?
Arizton’s recent market research report on the global industrial chocolate market identifies Barry Callebaut Group, Cargill, Fuji Oil, and Cémoi as the leading vendors that are likely to dominate the market during the forecast period. This research report along with detailed competitive analysis provides a detailed analysis of market segmentation by products (cocoa butter, cocoa liquor, and cocoa powder), by application (bakery, ice-cream and frozen dessert, dairy, cereals, and others), by market entity (open and integrated), by type (chocolate confectionery and cocoa and other chocolate products), and by geography (North America, Europe, APAC, and ROW).
The global industrial chocolate market is estimated to ship over 9500 thousand tons by 2024, growing at a CAGR more than 3% during 2018-2024.
The chocolate sales are expected to rise with the increase in the average GDP per capita in countries such as Mexico, China, India, Indonesia, and Turkey.
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The global industrial chocolate market is divided into five major segments that consist of product, application, market entity, type, and geography.
The cocoa butter segment dominated the global industrial chocolate market
The demand for cocoa butter is particularly prevailing in developed countries. The consumers are beginning to realize that all types of fats are not bad, unsaturated fats and in general pure butter (which has a natural halo) has found acceptance. All these factors have created a demand for cocoa butter among the manufacturers. Players such as Mars have begun to claim that their products have 100% pure cocoa butter – something that has been a regular with artisan shops. However, the high price of cocoa butter often leads the chocolate makers to look for alternatives. The market is witnessing a trend of using cocoa butter equivalents that generally blend such as sal and shea mixed with palm oil products and used in place of cocoa butter in chocolates. These equivalents are cheaper and improve functionality such as hardness, melting point, and bloom reduction.
The chocolate confectionery segment is expected to have incremental growth
The global chocolate confectionery market accounts for the highest share in the snack category accounting for about 20% of the total snack sales. The chocolate confectionery manufacturers term them as cacao-rich, natural, and single-origin. This segment is likely to have the highest incremental growth in the global industrial chocolate market. China is witnessing increased dynamism and new product development in functional confectionery. The global sugar controversy has led to the growth of super value-added confectionery products, where good fats and added protein are being leveraged. Organic products are expected to grow at a rate of almost double than regular chocolate confectionary. Gluten- and lactose-free products have also found greater relevance and demand in the spaces of confectionery and bakery. The usage of alternatives to milk such as coconut milk is being witnessed in the confectionery industry.
APAC to grow at a lucrative CAGR in the global industrial chocolate market
Milk chocolates account for a dominating share in the APAC and MEA regions due to better heat resistance. The consumption of chocolate is growing in these markets due to the presence of high population. New Zealand and Australia have the highest chocolate consumption per person. The growth in middle-class incomes is driving appetite for luxury products and is creating the perfect storm in the sale of industrial chocolates in the APAC region. Indonesia, being the third largest cocoa producer and entry of players such as Barry Callebaut, spells increased activity and significant growth potential. The largest consumers of chocolate are also the biggest countries - China and India. Thailand is mostly about the taste with nearly 80% of consumers prioritizing it. Price consideration is also among the top priorities in several other countries with more than 60% Japanese, Indonesians, and Taiwanese looking for economical products.
Aalst Chocolate, Baronie, Chocoley, ClasenQuality Chocolate, Ferrero, Guittard, IRCA, Mars, Nestlé, Olam International, Puratos, Santa Barbara Chocolate, Sephra, The Hershey Company, Unigrà, and Valrhona are the other prominent vendors in the global industrial chocolate market.
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The complete overview of the latest market research report on the global industrial chocolate market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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