The increasing preference for vegan food products over dairy alternatives is driving the surge in chocolate sales within the country. Moreover, there is a notable uptick in demand for products enriched with fiber and protein, contributing to the growing need for industrial chocolate. Projections indicate that sales of industrial chocolate in the United States are poised to reach a substantial US$ 15 billion by the conclusion of 2033.
On a global scale, the industrial chocolate market is currently estimated to be valued at US$ 62.4 billion in 2023. This figure is expected to grow significantly, reaching a market valuation of US$ 97 billion by 2033. This growth trajectory is marked by a steady Compound Annual Growth Rate (CAGR) of 4.5% from 2023 to 2033. Notably, several chocolate product categories, including dark, sweet, and milk chocolate, are anticipated to experience a surge in sales over the next decade.
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Multiple elements are driving the growing consumption of industrial chocolate:
The Rise in Health-conscious Consumer Preferences Fueling High-quality Industrial Chocolate Sales
The increasing consumer inclination towards health-promoting food products is expected to play a pivotal role in driving the sales of high-quality industrial chocolate. This shift in consumer preferences is exemplified by the growing popularity of organic and sugar-free chocolates, with expectations of their sales surging in the coming years.
Furthermore, a notable surge in demand for chocolate-flavored snack bars, particularly among the younger demographic and busy professionals constantly on the move, is anticipated to further boost the demand for these products in the forthcoming decade.
The Industrial Chocolate Market Capitalizing on the Surge in Dark Chocolate Consumption:
A notable component of this trend is the rising consumption of dark chocolates, which have garnered increased attention for their potential health benefits. Dark chocolates, rich in cocoa content and thus abundant in health-promoting flavonoids, notably contain epicatechin, a powerful antioxidant. Among chocolates, those with at least 70% cocoa content are hailed as the most beneficial.
Research indicates that individuals who incorporate chocolate into their diets, particularly dark chocolate, at least once a week exhibit a reduced likelihood of developing diabetes.
Key Takeaways from Market Study:
- The industrial chocolate market is predicted to advance at a CAGR of 4.5% from 2023 to 2033.
- Sales of single-origin chocolates are estimated to reach US$ 62.4 billion in 2023.
- Demand for industrial chocolate is projected to reach US$ 97 billion by 2033.
Competitive Landscape:
Manufacturers of industrial chocolate are making significant investments to expand their operations worldwide. These providers are strengthening their supply chain management systems to meet the growing demand for dark chocolate. They are committed to delivering high-quality products to end-users while adhering to environmental regulations imposed by governing bodies.
Prominent manufacturers of industrial chocolate are involved in mergers and acquisitions, product developments, and other effective strategies to gain a competitive edge in the industry.
For instance:
- In March 2022, Barry Callebaut announced the expansion of its unit in Campbellfield, Melbourne, Australia. This strategic initiative is aimed at strengthening the company’s presence in Asia Pacific by focusing on the development of safe and high-quality products.
- Blommer Chocolate Company is a subsidiary of Fuji Co., Ltd. In January 2022, the company announced the opening of its R&D laboratory in Chicago. This facility is expected to enhance the company’s R&D capabilities and enable it to explore innovative and improved ways to support its business.
Aalst Chocolate Pte Ltd., Nestle SA, Mondelez International, Inc., Lotus Chocolate Co. Ltd., The Hershey Company, Guittard Chocolate Company, Fuji Oil Co. Ltd., and Clasen Quality Chocolate are key providers of industrial chocolate.
Segmentation of Industrial Chocolate Industry Research:
By Product :
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
By End Use :
- Confectionery Products
- Biscuits & Bakery Products
- Dairy & Desserts
- Ice Creams & Frozen Items
- Cereals
- Others
By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Questionnaire answered in the Market Outlook Report of Industrial Chocolate include:
- What is the key strategy deployed by large players to maximize Industrial Chocolate Market growth?
- What are the main challenges faced by players in the Industrial Chocolate Market Demand?
- With the advent of technological advancement, how will the Industrial Chocolate market landscape change over the forecast period?
- What does player bring to the table, which is unique as a strategy, and is easy to emulate for new investors in the Industrial Chocolate market size?
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