Technavio, a tech-focused market research firm, has published a new report on the global industrial chocolate market, which is expected to grow at a CAGR of more than 3% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global industrial chocolate market into the following key regions: the Americas, APAC, Europe, and MEA.
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Top three contributors for the global industrial chocolate market are elaborated below
Global industrial chocolate market in Europe: The presence of various established chocolate manufacturers and high per capita consumption of chocolate in Europe contributes to the growth of the market in this region. The market is also witnessing the entry of various private labels that sell a wide range of products, and these labels are gaining immense popularity in the European market. Countries like Germany, Italy, France, Spain, and the UK will emerge as the highest revenue generators in the European market during the forecast period.
According to Manjunath Reddy, a lead analyst at Technavio, specializing in research on food, “The increasing demand for low-fat, anti-allergic, lactose-free, and organic products are high in demand in the European market. The vendors in the market are also focusing on developing products with premium ingredients and different flavors to meet the consumer requirements and increase their profitability.”
Global industrial chocolate market in the Americas: The rising demand for dark chocolate will fuel the growth of the American market. The vendors in the market are launching single-origin, value-added, and premium products to meet the growing demand for the consumers and increasing their sales and revenues. The manufacturers are shifting facilities to Latin America to be closer to cocoa-growing areas. Cocoa producers in Latin America are taking advantage of better farming practices and resources, and focusing on enhancing cocoa production to meet the global demand, resulting in the growth of the region.
Global industrial chocolate market in APAC: The vendors in the market are focusing on the cultivation of cocoa and plans to curb import duties on cocoa imports. The government is also planning to reduce tax implications that will create a favorable environment for industrial chocolate manufacturers in the region. Such initiatives will attribute to the growth of the region during the forecast period. India and China are the highest consumers and producers of industrial chocolate in the APAC region.
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The top vendors operating in the global industrial chocolate market are:
- Barry Callebaut
- Blommer Chocolate
- Cargill
- CÉMOI
Other prominent vendors in the market include Clasen Quality Chocolate (CQC), FUJI OIL, Guittard Chocolate Company, Irca, Mondelēz International, Nestlé, Petra Foods, and Puratos Group.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Chocolate Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Chocolate Market 2016-2020
- Global Sweet Spreads Market 2016-2020
- Confectionery Market in the US 2016-2020
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