Forecasts suggest that the global industrial chocolate market could reach USD 57 billion by 2023, growing at a 4.4% CAGR. By 2033, the market is anticipated to expand to USD 87.68 billion.
Rising awareness of food brands is driving change in the food and beverage industry. Companies are increasingly focusing on creating unique experiences by launching innovative products. This heightened awareness is also fostering a greater sense of responsibility regarding sourcing, production practices, and the treatment of all stakeholders involved in the supply chain.
The growing number of regulations and legislation is affecting the sourcing and delivery of food products. Consumers are increasingly demanding certified products due to environmental and ethical concerns. Vendors are responding by offering diverse forms of satisfaction, from multisensory experiences to shared engagements.
Market leaders are creating products to address consumers’ rapidly changing needs, aiming to enhance their satisfaction and health while ensuring that cacao bean cultivation and chocolate production meet the highest quality standards.
The rising demand for healthier and more sustainable products is driven by a shift in consumer behavior and increased awareness of health and obesity issues. Many companies are adapting to the evolving marketplace by adjusting to changing tastes and consumer expectations to remain relevant.
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:
The global industrial chocolate market is highly concentrated, with over 90% of total revenues generated by the top four companies. To mitigate risks associated with fluctuating climatic and economic conditions, these leading vendors are increasing their production capacity in cocoa-producing countries.
As companies enhance discovery by incorporating diverse cultural and novelty influences and refining their product offerings, they have the potential to attract new consumers globally.
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.
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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Given Below are the Industrial Chocolate Market Segments
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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