IMARC Group, a leading market research company, has recently releases report titled “Industrial Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global industrial chocolate market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the Industrial Chocolate Market?
The global industrial chocolate market size reached US$ 8.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.01% during 2024-2032.
Factors Affecting the Growth of the Industrial Chocolate Industry:
- Rising Demand for Chocolate Confectionery:
The increasing appetite for chocolate confectionery is a significant factor boosting the industrial chocolate market growth. This demand surge is propelled by the widespread popularity of chocolate as a favored treat across diverse demographics. The versatility of chocolate, allowing it to be consumed in various forms, such as bars, candies, truffles, and more, ensures its universal appeal. Additionally, the emotional and sensory experience provided by chocolate consumption, often associated with pleasure, indulgence, and even stress relief contributes to its steady demand. Besides this, confectionery manufacturers are continuously innovating, introducing new flavors, textures, and combinations, which captivate consumers and maintain high-interest levels.
- Growth in the Bakery Industry:
The expanding bakery industry is positively impacting the industrial chocolate market growth, driving increased demand for various chocolate ingredients. Chocolate is a fundamental component in a wide range of bakery products, including cakes, pastries, cookies, muffins, brownies, and croissants. As the bakery industry continues to expand, the requirement for high-quality chocolate, in forms such as chips, coatings, fillings, and powders, also rises. Additionally, busy schedules and the rising trend of on-the-go snacking have propelled the consumption of bakery products, which often feature chocolate as a key ingredient for enhancing flavor and appeal. Moreover, the innovation in the bakery sector, with the introduction of novel products and unique flavor combinations, has further amplified the demand for chocolate.
- Innovative Product Launches:
Innovative product launches are a crucial factor driving the growth of the industrial chocolate market. Chocolate manufacturers are continually striving to differentiate their products through innovation. This involves the introduction of new flavors, textures, and forms of chocolate that cater to diverse consumer preferences and emerging trends. One of the primary areas of innovation is the development of unique flavor profiles. Additionally, manufacturers are experimenting with unconventional ingredients such as exotic fruits, spices, herbs, and even savory elements to create distinctive chocolate products that stand out in the market. This not only attracts adventurous consumers seeking novel experiences but also caters to the growing segment of connoisseurs looking for gourmet and artisanal chocolates.
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Global Industrial Chocolate Market Trends:
The rising disposable incomes in developing countries, leading to increased consumption of premium and luxury chocolate products, are boosting the market growth. Additionally, the widespread product utilization in cosmetics, pharmaceuticals, and personal care products is driving the market growth. Besides this, the heightened awareness about the health benefits associated with dark chocolate, such as antioxidants and flavonoids, which increase its popularity and consumption, is fueling the market growth. Furthermore, the significant growth of e-commerce platforms, facilitating easier access to a wide variety of chocolate products, is acting as another growth-inducing factor.
Industrial Chocolate Market Report Segmentation:
Market Breakup by Product Type:
- Cocoa Powder
- Cocoa Liquor
- Cocoa Butter
- Compound Chocolate
Cocoa butter holds the majority of the market share because it is a critical ingredient in chocolate production, providing the smooth texture and rich flavor that are highly valued in chocolate confectionery.
Market Breakup by Application:
- Bakery Products
- Confectionery
- Bakery Premixes
- Beverages
- Frozen Desserts and Ice Creams
- Others
Based on the application, the market has been divided into bakery products, confectionery, bakery premixes, beverages, frozen desserts and ice creams, and others.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Europe's dominance in the market is attributed to its long-standing chocolate consumption culture, presence of major chocolate manufacturers, and high demand for premium and artisanal chocolate products.
Who are the key players operating in the industry?
The report covers the major market players including:
- Berry Callebaut AG
- Campco Chocolates
- Cargill Incorporated
- Cemoi Chocolatier
- Clasen Quality Chocolate
- Foleys Candies LP
- Fuji Oil Co. Ltd.
- Guittard Chocolate Company
- Kerry Group PLC
- Natra SA
- The Hershey Company
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