The global industrial chocolate market is poised for substantial growth, with an anticipated value of US$ 57 billion in 2023, marking a robust CAGR of 4.4%. By 2033, the market is forecasted to hit an impressive US$ 87.68 billion. The shift in consumer behavior towards healthier and sustainable products is driving this surge. The market is responding to the rising demand for certified and ethical chocolate products, emphasizing the need for responsible sourcing and production practices.
Innovations are key in this evolving landscape, as companies strive to create differentiated experiences and meet changing consumer demands. The market’s response to environmental costs and ethical concerns is evident, with an increasing focus on health-promoting products, such as dark chocolate with high cacao content. The rise of single-origin cocoa components and the growing popularity of dark chocolate further contribute to the market’s dynamism.
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The demand for industrial chocolate is multifaceted, with a notable increase in the consumption of dark chocolate attributed to its health benefits. Consumers are seeking sugar-free and organic chocolates, contributing to the market’s growth. The introduction of innovative chocolate-flavored snack bars and confectionery products, coupled with a rising preference for high-quality and pure black chocolate, further fuels the demand. The market is witnessing a paradigm shift in behavior, with health-conscious consumers driving the demand for healthier and sustainable chocolate options.
Beneficial health properties are a key growth factor propelling the industrial chocolate market. The market is witnessing a surge in demand for sugar-free and organic chocolates, reflecting changing consumer preferences. Additionally, the popularity of dark chocolate, enriched with antioxidants and lower sugar content, contributes to its growth. The market is responding to the increasing demand for high-quality and pure black chocolate, aligning with the growing awareness of health benefits associated with specific chocolate types.
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.
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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.
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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