According to forecasts, the global industrial chocolate market may reach US$ 57 billion by 2023, recording a 4.4% CAGR. By 2033, the market is expected to reach US$ 87.68 billion.
An elevated level of awareness around food brands is driving resolution in the food and beverage industry. A growing focus on creating a differentiated experience is encouraging companies to launch innovative products. This awareness is accompanied by an increased sense of responsibility regarding sourcing, production, and how those involved in the output are treated.
The increasing number of regulations and legislation is impacting the sourcing and delivery of food products. Consumers seek certified products because of environmental costs as well as ethical concerns. Vendors deliver satisfaction in a variety of ways, from multisensory experiences to shared experiences.
The market leaders are developing products to meet consumers’ rapidly evolving needs. This may improve their happiness and health, and ensure the cultivation and manufacture of cacao beans and chocolate are of the highest quality. It is becoming increasingly evident that the demand for healthier and sustainable products is fueled by a paradigm shift in behavior and an awareness of health and obesity. Several companies are working to stay relevant in the changing marketplace, changing tastes, and changing consumer demands.
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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.
There are several top players in the global industrial chocolate market, including Barry Callebaut Group, Cargill, Fuji Oil, and Cémoi, who compete based on product innovation, quality, and price.
Several prominent companies dominate this market, including 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., and others.
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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.
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 Asia
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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