Industrial Chocolate Market Outlook: Consumer Preferences and Market Developments
Industrial Chocolate Market Poised for Significant Growth Amidst Regional Developments
The global industrial chocolate market is experiencing robust growth, with projections indicating a rise from USD 65.30 billion in 2023 to approximately USD 93.74 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period. This surge is driven by increasing consumer demand for chocolate-flavored products and innovations in the confectionery sector.
United States: Growth and Consolidation
In the United States, the industrial chocolate sector is projected to be valued at $15 billion by 2023, capturing a 26.95% share of the global market. The market's expansion is attributed to the rising popularity of premium and organic chocolates among health-conscious consumers. Notably, industry giants are exploring consolidation opportunities to strengthen their market positions. For instance, Mondelez International, known for brands like Oreo, is reportedly considering the acquisition of Hershey Co., aiming to enhance its competitive stance in the snack industry.
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Asia Pacific: Opportunities and Trends
The Asia Pacific region is witnessing rapid growth in the industrial chocolate market, propelled by urbanization and evolving consumer preferences. China, as the world's second-largest economy, is expected to reach a market size of US$17.3 billion by 2030, with a CAGR of 8.7%. The increasing demand for chocolate products has attracted significant investments and strategic partnerships. Companies are focusing on introducing innovative products tailored to regional tastes, capitalizing on the burgeoning middle-class population and their growing disposable incomes.
Middle East and Africa: Growth and Opportunities
The Middle East and Africa region presents significant growth opportunities for the industrial chocolate market, driven by urbanization and a young demographic. Manufacturers are exploring untapped markets, introducing products that cater to local tastes and preferences. Strategic partnerships and investments are on the rise, aiming to establish a strong foothold in this emerging market. The region's expanding retail sector further facilitates the distribution and availability of chocolate products, contributing to market growth.
Industrial Chocolate Market segmentation :
by Product type
Cocoa Butter
Cocoa Powder
Cocoa Liquor
The market is divided into three segments based on the kind of product: cocoa powder, cocoa liquor, and cocoa butter. Throughout the forecast period, cocoa butter grew at a compound annual growth rate (CAGR) of 6%, dominating the global industrial chocolate market. Such a high demand for high-quality products is driving the demand for cocoa butter among producers in the Global Chocolate Industry study. Over the course of the projection period, the Bakery Products segment is expected to grow at a revised 4.9% CAGR. Currently, this market segment accounts for 24.7% of the global industrial chocolate market. in 2023 due to growing health benefits, reduced caloric intake, and shifting attitudes on the product. Customers are favoring darker chocolate varieties over other varieties, which has caused a shift in the chocolate market.
by Application
Bakery Products
Dairy products
Ice Cream
Others
The market is divided into categories such as bakery goods, dairy products, ice cream, and others based on the application. With a compound annual growth rate (CAGR) of 5% throughout the forecast period, the dairy products market is expanding at the quickest rate. The expansion of this dairy products market is being fueled by by the growing desire for chocolate flavors in recently developed yoghurts, creamers, and milk products. Chocolate has a position in flavors that will last forever because of its emotive appeal. Because of these qualities, alkalized cocoa powders are highly sought after. To help these products be utilized more extensively, companies such as Olam Cocoa are providing a mild cocoa powder with an enhanced fruity flavor that is lower on the bitterness scale. The variety of cocoa powder colors available, from dark brown to
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Learn about the top players driving innovation in the Industrial Chocolate Market :
1. Barry Callebaut AG
2. Cargill Inc
3. CEMOI Group
4. Lindt and Group
5. Clasen Quality Coatings Inc
6. Fuji Oil Co Ltd
7. Mars Inc
8. Mondelez International Inc
9. Nestle SA
10. The Hershey Co
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