In 2023, the industrial chocolate market should reach $57 billionwith an annual growth rate of 4.4%By 2033, the market is expected to grow at $87.68 billion.
In the food and beverage sector, increased awareness of food brands is driving decision-making. With this awareness comes a heightened sense of responsibility for sourcing, production practices and the treatment of relevant stakeholders. There is an increasing focus on creating unique experiences, which is driving companies to launch innovative products.
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The environmental costs and ethical concerns associated with chocolate are increasing the demand for certified products. Suppliers are responding to this demand through a variety of approaches, such as multi-sensory and shared experiences. In addition, increasing regulation and legislation are influencing how food products are purchased and delivered.
To meet the ever-changing needs of consumers, market players are constantly innovating. This innovation aims to improve consumer satisfaction and health while ensuring responsible practices in cocoa bean cultivation and chocolate production.
Key Takeaways from the Market Research
- Cocoa butter is expected to dominate the total industrial chocolate market in 2023 with a CAGR of 3.5%.
- The United States, a major market for industrial chocolate, is expected to reach $15.2 billion.
Competitive landscape
The global industrial chocolate market is highly concentrated, with the top four players accounting for over 90% of total revenue. Major suppliers are expanding their capacities in cocoa-producing countries to better protect themselves from unbalanced climatic and economic conditions in the market.
As companies focus more on enhancing discovery across a variety of cultural influences and novelties and refine the products they offer, they may be able to attract new consumers around the world.
The major players operating in the global industrial chocolate market include:
- Alpezzi Chocolat SA de CV
- Barry Callebaut AG
- Cargill Inc.
- CEMOI Group
- Chocoladefabriken Lindt and Sprungli AG
- Clasen Quality Coatings Inc.
- Davis Chocolate
- Ferrero International SA
- Foleys Candies LP
- Guittard Chocolate Co.
- IRC Spa
- Lotus Chocolate Co. Ltd.
- Mars Inc.
- Meiji Holdings Co. Ltd.
- Mondelez International Inc.
RECENT DEVELOPMENTS:
- In June 2022, PRONATEC, a supplier of fair trade and environmentally friendly ingredients, inaugurated its new 100% organic cocoa processing plant in Beringen, Switzerland. In addition to producing organic cocoa paste, cocoa butter and cocoa powder, this facility is the first of its kind in Switzerland. Around 15,000 tonnes 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 factory into a cocoa and chocolate factory.
- A partnership with a local manufacturer in India in 2020 allowed Cargill to open its first chocolate manufacturing plant in mid-2021. The plant produced 10,000 tons of chocolate compounds in its first year.
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Market segmentation
By product, the industrial chocolate market is segmented as follows:
- Cocoa butter
- Cocoa liqueur
- Cocoa powder
By application, the industrial chocolate market is segmented as follows:
- Bakery
- Ice cream and frozen dessert
- Milkman
- Cereals
- Others
By type, the industrial chocolate market is segmented as follows:
- Confectionery
- Cocoa and other products
By region, the industrial chocolate market is segmented as follows:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East AsiaFooter
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