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Chocolate Ingredients Market: By Product Type (Cocoa, Lecithin, Flavors, Milk), By Category (Milk Chocolate, Dark Chocolate, Sweet Dark Chocolate, White Chocolate), By Application (Confectionary Products, Dairy and Baked Products, Beverages), And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[170+ Pages Research Report] Chocolate Ingredients Market 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.
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.
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.
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.
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.
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.
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.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
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.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 11.8 billion |
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Revenue forecast in 2031 |
USD 17.7 billion |
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Growth Rate |
CAGR of 4.2% from 2021 to 2031 |
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Base year for estimation |
2021 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2030 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product Type, Category, Application, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Britannia Industries Limited, Cargill, Friesland Campina Kievit BV, Godiva Chocolatie, Hershey's Food, JBCOCOA Sdn. Bhd., Kerry Group, Lake Champlain Chocolates, Nestle S.A., Petra Foods Limited, and Other Prominent Players. |
Chocolate Ingredients market size was estimated at USD 11.8 billion in 2021 and is expected to reach USD 17.7 billion in 2031.
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.
The Cocoa segment accounted for the largest Chocolate Ingredients market share.
Key players in the Chocolate Ingredients market include Britannia Industries Limited, Cargill, Friesland Campina Kievit BV, Godiva Chocolatie, Hershey's Food, JBCOCOA Sdn. Bhd., Kerry Group, Lake Champlain Chocolates, Nestle S.A., Petra Foods Limited, and Other Prominent Players.
Increasing demand in the food and beverage industry and Health benefits of consuming chocolate are the factors driving the Chocolate Ingredients market.
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