Chocolate Ingredients Market

Chocolate Ingredients Market Size

[170+ Pages Research Report]  to surpass USD 17.7 billion by 2031 from USD 11.8 billion in 2021 at a CAGR of 12.6% throughout the forecast period 2021-31

Chocolate is a food item that is made from cocoa beans by the process of fermenting, roasting, and grounding after removing the shells. Chocolate ingredients consist of cocoa liquor, cocoa butter, cocoa powder, and other ingredients. Different categories of chocolate, such as dark chocolate, milk chocolate, white chocolate, etc. are available in the market. It is widely used in confectioneries and bakeries, for flavoring in beverages and candies and has various other applications.

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Market Highlights

Chocolate Ingredients market is expected to project a notable CAGR of 4.2% in 2031.

Chocolate Ingredients to surpass USD 17.7 billion by 2031 from USD 11.8 billion in 2021 at a CAGR of 4.2% in the coming years, i.e., 2021-31. The increasing application of chocolate ingredients in different food items and beverages, rising trends of chocolate consumption, health benefits of chocolate ingredients and rising production of cocoa are the major factors driving the market growth of Chocolate Ingredients.

Figure - Market Analysis of Chocolate Ingredients Market

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Chocolate Ingredients: Segments

The Cocoa segment to grow with the highest CAGR during 2021-31

Chocolate Ingredients market is classified on the basis of Product Type into Cocoa, Lecithin, Flavors, Milk, and Others. During the forecast period, the Cocoa segment is expected to lead the market. Premium products are made using cocoa in the forms of premium cocoa liquor and cocoa butter. Globally robust sales from widespread use are anticipated to propel the market for these cocoa-based products. The food processing industry has adopted the term "snacking," and cocoa ingredient producers are taking advantage of this trend to create products that are ideal for applications involving healthful snacks.

The Confectionary Products segment to grow with the highest CAGR during 2021-31

Based on Application, Chocolate Ingredients market is fragmented into Confectionary Products, Dairy and Baked Products, Beverages, and Others. The category for confectionery products is anticipated to expand at the greatest CAGR throughout the forecast period. Due to the fact that cocoa is the primary component used in confectionery chocolates, the segment dominates other segments in terms of the usage of chocolate ingredients.

Figure - Market Analysis of Chocolate Ingredients Market

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Market Dynamics

Drivers

Increasing demand in the food and beverage industry

Chocolate is a popular food item consumed all over the world. Due to the popularity and high demand from consumers, manufacturers are incorporating chocolate ingredients in different range of food items and products. Chocolate confectionery products are witnessing huge sales along with the bakery sector and owing to the trend of chocolate flavoring in food and beverage industry. Rapidly growing demand for chocolate ingredients, cocoa producers are increasing their production rate which will create huge opportunities in the chocolate ingredients industry. Further, cocoa butter is widely used in different skin-care and beauty products which is boosting the market growth significantly.

Health benefits of consuming chocolate ingredients

Chocolate ingredients are loaded with several nutritional and medicinal benefits which make them good for consumption. They offer various health benefits, such as improving blood flow, reducing blood pressure, improving vascular health, reducing the risk of cardiovascular diseases, and are good for skin health. Chocolate ingredients are rich in soluble fibers, antioxidants, bioactive compounds and minerals due to which they are highly preferred by health conscious people. Also, rising awareness regarding health benefits of consuming chocolates and increased application in pharmaceutical industry is driving the market growth of Chocolate Ingredients.

Market Restraints:

Fluctuating Prices and High Cost of Premium Chocolates

Fluctuating prices of cocoa due to unfavorable weather conditions, changes in supply and demand, etc. are impeding the market growth. Also, the high costs of premium chocolates along with the health risks due to overconsumption of chocolates are further restraining the market growth.

Recent Developments

• In April 2022, Bayer Callebaut made an announcement that to extend its North American footprint, it would build a new specialty chocolate factory in Ontario, Canada.
• In April 2022, Barry Callebaut and Group Bimbo entered into a long-term agreement to supply chocolate and compounds.
• In November 2021, Cargill Incorporated completed a US$ 100 Mn expansion of its cocoa processing facility in Cote d'Ivoire.

Chocolate Ingredients: Key Players

• Britannia Industries Limited

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Cargill
• Friesland Campina Kievit BV
• Godiva Chocolatie
• Hershey's Food
• JBCOCOA Sdn. Bhd.
• Kerry Group
• Lake Champlain Chocolates
• Nestle S.A.
• Petra Foods Limited
• Other Prominent Players

Chocolate Ingredients: Regions

Chocolate Ingredients market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is expected to grow with the maximum CAGR during the forecast period. The growth is attributed to the rising awareness regarding the health benefits of dark chocolates and the increasing import of cocoa for chocolate confectioneries. Further, Asia Pacific is expected to hold significant share in the market owing to rising food processing industries and increasing demand for chocolate ingredients.

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Impact of Covid-19 on Chocolate Ingredients Market

Covid-19 pandemic has adversely affected the global economies and industries across the globe. With strict imposition of lockdowns and travel bans have resulted in the shutdown of many businesses. The unprecedented problems due to coronavirus have disrupted the procurement of raw materials and the global supply chain. There has been a huge delay in delivery of many products. COVID-19 had a negative impact on Chocolate Ingredients Market. However, with lifting up of restrictions and travel bans, and economies recovering from the pandemic, chocolate ingredients market is expected to grow steadily during the forecast period.

Chocolate Ingredients is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of Asia Pacific
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of Middle East and Africa

Chocolate Ingredients report also contains analysis on:

Chocolate Ingredients Segments:

• By Product Type 
  • Cocoa
  • Lecithin
  • Flavors
  • Milk
  • Others 
• By Category
  • Milk Chocolate
  • Dark Chocolate
  • Sweet Dark Chocolate
  • White Chocolate
  • Others
• By Application
  • Confectionary Products
  • Dairy and Baked Products
  • Beverages
  • Others 
• Chocolate Ingredients Dynamics
• Chocolate Ingredients Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Chocolate Ingredients Market Report Scope and Segmentation

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