Cocoa Fillings Market Information- by Type (Syrups, Pastes, Sprinkles), Form (Solid, Liquid, Foam), Application (Bakery, Confectionery, Convenience Food), Distribution Channel (Store-Based and Non-Store Based) and Region - Forecast to 2023.
Pune, India -- (SBWIRE) -- 11/02/2017 -- Market Overview
Cocoa and chocolate market has witnessed substantial innovation in flavors and textures, including blended flavors which are used as fillings are capturing consumer attention. Flavors and textures in superior products have been modified by manufacturers and processors by adding sweet and salty, unique flavors, and textures to make the final product crunchy and crispy. According to the Australian Food News, seasonal products have been a major part of chocolate confectionery innovation in the U.S. About 42% of new product launches were classified as seasonal – largely comprising of new innovations on familiar products. There has been fall in the plain/unflavored chocolates, while products comprising of nuts and nut flavors have higher demand. The increased adoption in new flavors and forms are boosting higher demand for cocoa and chocolate fillings.
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With changing lifestyle and evolving dietary pattern, convenience food plays an important role in defining the consumers' food choices in the modern world. The use of cocoa & chocolate fillings in various bakery, confectionery products began in Western countries and it spread to other regions rapidly. Looking at the economic development at global level and specifically for BRIC countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant. The increasing consumption of convenience food is driven by the desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and spend more time doing the things they value more. Consumers look for convenience foods as they are easily available, and possess nutritional value due to fortification, variety and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food a time & energy consuming chore. As a result, demand for chocolate flavored bakery & confectionery products has increased which has resulted in huge demand for cocoa & chocolate fillings.
These factors will play a key role in the growth of cocoa fillings market at the CAGR of 4.70% during 2017-2023
This report includes a study of strategies used in the market, mergers and acquisitions in cocoa fillings, multiple product launch by cocoa fillings market players. It further includes product portfolios and developments of leading major players which includes
- Barry Callebaut (Switzerland)
- PURATOS (Belgium)
- Cargill Incorporated (U.S.)
- Nestle S.A. (Switzerland)
- Alpezzi Chocolate (Mexico)
The market players have started investing in research and development to identify the right formulations and to improve product functionality in order to capture lion's share and create brand recognition in cocoa fillings market. Most of the companies operating in this market are focusing on expanding its operations across geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
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Global Cocoa Fillings Market is segmented into North America, Asia Pacific, Europe and rest of the world (ROW). Among these, Europe region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Asia-pacific will register a massive growth during the forecast period of 2017-2023. High growth in emerging economies such as China, India, Japan and ASEAN countries is positively influencing the growth of cocoa fillings market during the review period. Also, Latin America and Middle East region find a lucrative opportunity in the global cocoa fillings market.