Industrial Chocolate Market Size, Share, Growth and Industry Analysis By Type (Cocoa Powder, Cocoa Liquor, Cocoa Butter, And, Compound Chocolate) By Application (Chocolate Bars, And, Flavouring Ingredient), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Industrial Chocolate Market Report Overview

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The global industrial chocolate market size was USD 63402.05 million in 2021 and is projected to touch USD 109150.29 million by 2031 with a CAGR of 5.58% during the forecast period.

Industrial chocolate can be defined as the raw material from which the consumer chocolate is made up of. Industrial chocolate is made up of cocoa liquor as well as cocoa butter. Industrial chocolate will have undergone conching and is mixed with other ingredients such as sugar. 

Chocolate is produced from cocoa and has amazing health benefits. The anti-oxidant property of chocolates will improve the health of the consumers. This can be identified as the latest trend in the market.

For festivals and occasions chocolates are one of the most important and widely bought sweets.  Premium and specialty chocolates ae high on demand. All of these factors have resulted in the increase in industrial chocolate market growth.

COVID-19 impact: Problems Regarding Quantity and Certification decreased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic of COVID-19 created a lot of disruptions in the functioning of several sectors. Many problems were faced by manufacturers of the industries as lockdowns were declared, raw materials were not easily available, and people were also not available to work. The same problems were faced by the industrial chocolate market. 

Low sales were the main reason for the downfall of the market during the pandemic. Another problem that the market faced was the quantity of chocolates that had to be manufactured. Due to low demand, the volume of manufacturing has to be reduced. Food products like chocolates must be certified in order to consider them fit for consumption. Obtaining certification became a major challenge to most of the manufacturers. All of these resulted in the disruption of the market during pandemic.

LATEST TRENDS

"Growing Awareness About Health Benefits of Industrial Chocolates to Increase Market Growth"

Cocoa and its derivatives like industrial chocolates have several health benefits. The various health benefits provided by industrial chocolate is getting popular among people. With the increasing awareness, the demand for the product also has gradually increased. 

Chocolate has a very good history of being a medicine for certain diseases from a long time. Along with many food items like blueberries, apples, and yogurt chocolate also has anti-oxidant properties. Oxygen Radical Absorbance Capacity or ORAC is a measure which is used for antioxidizing capacity of food items. Chocolate is considered as one of the best food items according to the ORAC student. Several other health related problems like stress, is reduced from consumption of chocolate as it prevents the release of hormones like cortisol. All of the tremendous health benefits provided by industrial chocolate has increased the market growth.

Industrial Chocolate Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Cocoa powder, cocoa liquor, cocoa butter, and, compound chocolate. The cocoa powder segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Chocolate bars, and, flavoring ingredient. The chocolate bars segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Use of Chocolates as Traditional Gifts During Special Gifts to Accelerate Market Growth"

Chocolates are one of the most important and widely bought sweets for special occasions. For festivals and occasions like Christmas, easter, valentine’s day, Halloween, and thanks giving people give chocolates as gifts. The seasonal increase in demand for chocolates is accelerating the industrial chocolates market growth.

Keeping this in mind chocolate manufacturing companies provide several discounts as well as offers very frequently. Numerous other marketing strategies like colorful packaging, various sizes, and different flavors have been introduced. All of this has attracted a lot of consumers to the market. Increase in the disposable income of people all over the world, is yet another factor propelling the development of the market.    

"Rising Demand for Specialty and Premium Chocolates to Propel Market Growth "

Recently there has been a lot of demand for premium, high-quality and specialty chocolates. This demand is more in regions like Germany, France, Italy, United States, United Kingdom and Belgium. Premium quality chocolates are very popular as they provide great quality and taste.

Some people are vegan and lactose intolerant. Chocolates can contain ingredients which might be allergic to certain health conditions. Hence people insist on knowing the ingredients used. Manufacturers are taking special steps to produce clean-label and organic products. This has helped in increasing industrial chocolate market share.

RESTRAINING FACTOR

"Fluctuating Prices of Raw Materials Like Cocoa and Sugar to Decrease Market Growth"

Two primary raw materials are very crucial for the manufacturing of chocolates. However, the price of these raw materials can fluctuate creating disruption in the production of the required product. This can become a major disadvantage for the market development.  

The reports produced by International Cocoa Organization show that Africa, Ghana, and Ivory Coast account for the majority of cocoa beans produced. As, all the chocolate manufacturers are heavily dependent on these countries for primary raw materials any uncertainty can cause delay in producing the product. Also, these countries are facing several problems like environmental issues, tax imposed by government, and increasing labor cost. All of these can lead to the downfall of industrial chocolate market share.   

Industrial Chocolate Market Regional Insights

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"North America to Dominate Market Share in Upcoming Years"

North America can be identified as the largest market share holder of the industrial chocolate sector. Establishment of many chocolates manufacturing companies in this region has fueled the growth of the market. Canada is a major consumer of premium chocolate.

Several countries in North America prominently use chocolate as a traditional gift for many festivals like Christmas, and Halloween. Increasing quality, and taste of the chocolates manufactured is drawing more customers to the market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Nestle SA (Switzerland)
• Puratos (Belgium)
• Mars (U.S.)
• Cémoi (France)
• FUJI OIL (Japan)
• Valrhona (France)
• Barry Callebaut (Switzerland)
• Blommer Chocolate Company (U.S.)
• Cargill (U.S.)
• Alpezzi Chocolate (Mexico)
• Kerry Group (Ireland)
• Hershey (U.S.)
• Foley's Candies LP (Canada)
• Guittard (U.S.)
• Irca (India)
• Ferrero (Italy)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations