The global industrial chocolate market is poised for substantial growth, with an estimated value of USD 57 billion in 2023, projected to reach USD 87.68 billion by 2033, at a CAGR of 4.4%. Increasing awareness about health benefits, rising demand for organic and vegan chocolates, and innovations in chocolate manufacturing are driving market expansion.
The demand for industrial chocolate is driven by several factors:
- Health Consciousness: Consumers are increasingly seeking healthier alternatives, such as sugar-free and organic chocolates, driving demand for products with beneficial health properties.
- Rising Popularity of Dark Chocolate: Dark chocolate, rich in antioxidants and flavonoids, is gaining popularity among consumers for its health benefits, leading to increased consumption and demand.
- Innovation in Product Development: Chocolate manufacturers are innovating to meet evolving consumer preferences, introducing new products like chocolate-flavored snack bars and energy bars, catering to changing lifestyle patterns.
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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.
Several factors contribute to the growth of the industrial chocolate market:
- Shift to Online Retail: The transition from brick-and-mortar to online retail channels presents opportunities for vendors to lower costs and expand margins, driving market growth during the short term.
- Demand for Organic Products: Increasing consumer preference for organic and health-promoting products fuels the demand for organic chocolates, creating growth opportunities in the medium term.
- Innovative Packaging Solutions: Chocolate manufacturers are expected to leverage innovative packaging, such as ecological packaging, to attract environmentally conscious consumers, contributing to market growth in the long term.
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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