In 2023, the global industrial chocolate market is projected to reach USD 57 billion, with an annual growth rate of 4.4%. By 2033, the market is anticipated to grow to USD 87.68 billion.
In the food and beverage industry, heightened awareness of food brands is prompting a resolution. This awareness is coupled with a stronger sense of responsibility towards sourcing, production practices, and the treatment of stakeholders involved. There is a rising emphasis on creating unique experiences, which is driving companies to introduce innovative products.
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The environmental costs and ethical concerns associated with chocolate are increasing the demand for certified products. Vendors are meeting this demand through diverse approaches, such as multisensory and shared experiences. Additionally, growing regulations and legislation are influencing how food products are sourced and delivered.
To address the rapidly changing needs of consumers, market players are innovating continuously. This innovation aims to enhance consumer satisfaction and health while ensuring responsible practices in cacao bean cultivation and chocolate production.
Key Takeaways from Market Study
- Cocoa butter is expected to dominate the total industrial chocolate market in 2023 with a CAGR of 3.5%.
- The United States, a leading industrial chocolate market, is expected to reach US$ 15.2 billion.
Competitive Landscape
There is a high concentration of industrial chocolate in the global market, with over 90% of total revenues accounted for by the top four players. Leading vendors are expanding their capacity into cocoa-producing countries to stay better protected from unbalanced climatic and economic conditions in the market.
As companies focus more on enhancing discovery through a variety of cultural and novelty influences and refine the products they offer, they may be able to attract new consumers around the world.
Key players operating in the global industrial chocolate market include:
- Alpezzi Chocolate SA de CV
- Barry Callebaut AG
- Cargill Inc.
- CEMOI Group
- Chocoladefabriken Lindt and Sprungli AG
- Clasen Quality Coatings Inc.
- Davis Chocolate
- Ferrero International S.A.
- Foleys Candies LP
- Guittard Chocolate Co.
- IRCA Spa
- Lotus Chocolate Co. Ltd.
- Mars Inc.
- Meiji Holdings Co. Ltd.
- Mondelez International Inc.
Recent Developments:
- In June 2022, PRONATEC, a supplier of fair-trade, eco-friendly ingredients, opened its new factory to process 100% organic cocoa in Beringen, Switzerland. In addition to producing organic cocoa mass, cocoa butter, and cocoa powder, this facility is the first of its kind in Switzerland. Around 15,000 tons of cocoa beans can be processed each year by small cooperatives.
- It was announced in February 2022 that a Malaysian cocoa manufacturer had signed a contract with Clegg Food Projects to convert a former Philips Avent facility into a cocoa and chocolate factory.
- A partnership with a local manufacturer in India in 2020 resulted in Cargill opening its first chocolate manufacturing facility in mid-2021. The facility produced 10,000 tons of chocolate compounds in its first year.
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Market Segmentation
By Product, the Industrial Chocolate Market is Segmented as:
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
By Application, the Industrial Chocolate Market is Segmented as:
- Bakery
- Ice cream and Frozen Dessert
- Dairy
- Cereals
- Others
By Type, the Industrial Chocolate Market is Segmented as:
- Confectionery
- Cocoa and Other Products
By Region, Industrial Chocolate Market is Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East AsiaBottom of Form
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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