Market Overview:
Real chocolate contains cocoa butter and cocoa liquor extracted from the cocoa or cacao bean. Cocoa butter is an expensive ingredient, so it requires additional procedure viz. ‘tempering,’ to prevent blooming, or discoloration of chocolate. Compound chocolate contains cocoa butter replacer in higher percentage along with other chocolate ingredients. In the preparation of compound chocolates, cocoa powder is used as a substitute for cocoa liquor.
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Market Forecast:
The global market for real & compound chocolate has been experiencing high demand for the last few years and is projected to reach USD 136.99 billion by 2023. Rising demand for premium chocolate bars, and innovative chocolate products that use combinations of premium or healthy ingredients is majorly driving the growth of the real & compound chocolate market. Premium chocolates snacks are easily accessible at many convenience stores, as well as some international supermarkets. These premium products are not only popular in developed economies but also across the globe. The consumers also prefer salty chocolate snacks such as potato chips, popcorn, and others. Such healthy trends and innovative chocolate products are driving the growth of real & compound chocolate market at a global level.
Furthermore, rising demand for confectionery as well as exotic food products creates enormous opportunity for the manufacturers of real & compound chocolate to increase their production capacity of plant-based real & compound chocolate. Hence, the sector is projected to experience a boost during the review period. Additionally, the inclusion of creative product packaging has allowed the consumers to have better options to choose, further supporting the growth of real & compound chocolate market.
However, increase in the obese population is found to be a major hindrance to the market growth due to rising health concerns related to overconsumption of calories, fat, and sugar present in chocolate & chocolate products. Nevertheless, all these factors are boosting the global real & compound chocolate market to grow at the CAGR of 2.11% & 2.81% respectively during the forecast period of 2017-2023.
Downstream Analysis:
The global real & compound chocolate market is segmented into type and application.
Among the type, milk chocolate segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 2.61% for compound chocolate during the given period due to increasing consumer demand for green label products as a preservative in packed and food frozen products. Among application of real & compound chocolate, the seasonings segment is accounting for approximately 28.59% market share followed by confectionery accounting for 20.72% of the global real & compound chocolate market.
Competitive Analysis:
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launches by real & compound chocolate market players. It further includes product portfolios and developments of leading players, which includes
- Mars Inc. (U.S.)
- Mondelez International, Inc. (U.S.)
- The Hershey Co. (U.S.)
- Barry Callebaut AG (Switzerland)
- Nestle S.A. (Switzerland)
- Blommer Chocolate Company (U.S.)
- Foley’s Candies Ltd. (Canada)
- Guittard Chocolate Company
- PURATOS Group NV (Belgium)
- Ferrero SPA (Italy)
- Alpezzi Chocolate (Mexico)
- Ghirardelli Chocolate Company (U.S.)
- Valrhona Inc. (France)
- Republica del cacao (South America)
- TCHO (U.S.)
- Puratos Group NV (Belgium)
- Barry Callebaut AG (Switzerland)
- Meiji Co., Ltd. (Japan)
- Lindt & Sprüngli SpA (Italy)
- Fujian Yake Food Co., Ltd. (China)
- Aalst Chocolate Pte. Ltd. (Singapore)
- Beryl's Chocolate & Confectionery Sdn. Bhd.(Malaysia)
The real & compound chocolate market is competitive with major market players operating at the global level. The key industry players in the real chocolate market have adopted the strategies such as geographic expansion, new product launch, acquisitions, agreement, R&D to strengthen their business portfolio. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
Region Analysis:
The global real & compound chocolate market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, European region is dominating the market over the forecast period. The European real & compound chocolate market is projected to grow at a CAGR of 1.94% & 2.83% respectively during the review period due to the high consumption of chocolate and chocolate products in this region. Furthermore, Asia Pacific is projected to witness the highest growth rate during the forecast period 2017-2023. In the Asia Pacific, China is dominating the market with maximum market share. However, India in the Asia Pacific region is anticipated to witness the highest growth rate over the forecast period 2017-2023.
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