Real & Compound Chocolate Market Research Report by Type (Real- Dark, Milk, White; Compound- Dark, Milk, White, Others), Application (Bakery, Confectionery, Desserts, Syrups, Seasoning, Spreads, Others) and Region – Forecast Till 2023
Pune, India -- (SBWIRE) -- 07/13/2018 -- Market Overview:
Premium chocolates and other innovative chocolate products involve a combination of high-quality chocolate and healthy ingredients. Premium chocolate snacks are easily accessible at many convenience stores, as well as some international supermarkets. Such healthy trends and innovative chocolate products will drive the real chocolate market at a global level.
Additionally, the inclusion of attractive colors and materials in packaging during numerous festivities helps in bringing out the creativity for a specific product, further supporting the growth of the real chocolate market.
The compound chocolate delivers the flavor of cocoa at a reduced cost owing to the lower cost of vegetable oil. Tempering is not required for many cocoa butter alternatives; as it is easier to the attain desired glossy texture. Such factors are anticipated to drive the compound chocolate market growth over the forecast period.
Moreover, increase in the preferences for the fat-free and healthy food products by the consumers has encouraged chocolate manufacturers to include healthy ingredients in chocolates in addition to the traditional cocoa as the main ingredient and thereby encouraging compound chocolate market.
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Nowadays, consumers are very conscious about their health which enables them to question about the nutritive content present in compound chocolate products. They are also inquisitive to know about the amount of nutrition essentially derived from the consumption of such items. Such factors have led to increased production of fortified protein products, especially by the manufacturers, which has uplifted the global compound chocolate market.
The global real & compound chocolate market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Among these, Europe is projected to retain its dominance throughout the forecast period owing to healthy economic growth and increasing consumption of real & compound chocolate in various food products. The European region is estimated to reach USD 58,809.00 million by 2023. However, Asia pacific region including countries China, Japan, India, Australia & New Zealand, and Rest of APAC is the fastest growing region in consumption of real & compound chocolate and is projected to expand at a CAGR 2.53% & 3.49% respectively, during the forecast period 2017-2023. The growing CAGR can be attributed to increase in the demand for confectionery and chocolate as an additive in food products.
The global real & compound chocolate market is segmented into type, and application.
On the basis of the type, it is segmented into real chocolate; further sub-segmented into dark, milk, white, compound chocolate; further sub-segmented into the dark, milk, white, and others. Among all the types, the milk segment is dominating the market owing to its higher use in the food & beverage product preparation. This segment is projected to grow at CAGR of 2.61% during the forecast period. Additionally, the dark chocolate segment is experiencing a high growth rate owing to a large number of health benefits associated with the consumption.
On the basis of the application, it is segmented into the bakery, confectionery, desserts, syrups, seasoning, spreads, others. The seasonings segment is dominating the market due to increasing demand for real & compound chocolate in the food products. This segment is projected to grow at CAGR of 2.42% during the forecast period. Increasing consumption of exotic food products is the major driver for the growth of real & compound chocolate market in this area.
Major Key Players:
Some of the key players profiled in the global real & compound chocolate market: Mars Inc. (U.S.), Mondelez International, Inc. (U.S.), The Hershey Co. (U.S.), Barry Callebaut AG (Switzerland), Nestle S.A. (Switzerland), Blommer Chocolate Company (U.S.), Foley's Candies Ltd. (Canada), Guittard Chocolate Company, PURATOS Group NV (Belgium), Ferrero SPA (Italy), Alpezzi Chocolate (Mexico), Ghirardelli Chocolate Company (U.S.), Valrhona Inc. (France), Republica del cacao (South America), TCHO (U.S.), Puratos Group NV (Belgium), Barry Callebaut AG (Switzerland), Meiji Co., Ltd. (Japan), Lindt & Sprüngli SpA (Italy), Fujian Yake Food Co., Ltd. (China), Aalst Chocolate Pte. Ltd. (Singapore), and Beryl's Chocolate & Confectionery Sdn. Bhd.(Malaysia)
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Global real & compound chocolate market is projected to reach USD 136.99 billion by 2023 at a growth rate of 2.11% & 2.81% respectively
The European region is estimated to retain its dominance throughout the forecast period and will grow at a substantial CAGR of 2.83%. Furthermore, among the European countries, Germany is projected to witness a substantial growth of 2.61% for compound chocolates during the forecast period of 2017-2023
Global real & compound chocolate manufacturers find massive opportunity in India owing to the huge demand for confectionery products and also increasing demand for chocolate as an additive in food & beverage products among the population
Application of real & compound chocolate in seasonings is witnessed to be the fastest growing segment over the forecast period