Global cocoa butter alternatives market has witnessed repetitive growth over the last few years, and it is estimated to reach USD 1.25 billion with registering a healthy CAGR of 9% during the forecast period of 2017-2023.
Lower production of cocoa beans has highly affected their prices, thereby experiencing surge. Further, rise in cocoa butter prices have compelled the manufacturers to incline towards alternatives that are cheaper and more readily available and those that are derived from natural sources. Cocoa butter alternatives majorly comprise of fats that are further segmented into three types including cocoa butter replacer (CBRs), cocoa butter equivalents (CBEs) and as cocoa butter substitutes (CBSs). In addition to the lower prices, the fatty acid compositions of cocoa butter alternatives are like that of cocoa butter and, they can be processed in the similar way as that of the later. In conclusion, the similar properties of cocoa butter alternatives create a lucrative market scenario for the manufacturers involved in the production of fats as cocoa butter alternatives.
Declining cocoa butter production has created immense opportunities for the manufacturers to develop potential cocoa butter alternatives and generate revenue through their product offerings. Oils and fats manufacturers are identified to be investing hugely in the R&D sector to develop novel products and introduce their product-line in the global market. Extensive research is carried out on plant-based as well as animal-based oils as alternatives to cocoa butter. For instance, Malaysian researchers studied mango seed fat and palm stearin as cocoa butter alternatives which could be used in chocolates for tropical countries as they can withstand high temperatures.
The global cocoa butter alternatives market is segmented into North America, Europe, Asia Pacific & Rest of the world. North America region is estimated to account for the significant market proportion in the global cocoa butter alternatives market and the trend is expected to continue throughout the forecast period of 2017-2023. North America region is estimated to reach USD 555.7 million by the end of 2023 with registering a CAGR of 9.85% during the forecast period. Asia Pacific region is projected to expand at a high growth of 9.85% during the forecast period.
Cocoa butter alternatives market has been segmented on the basis of type which comprises of cocoa butter equivalents (CBE), cocoa butter replacers (CBR), and cocoa butter substitutes (CBS).
On the basis of source, the cocoa butter alternatives has segmented into shea, sal, kokum & mango kernel, illipe & palm kernel stearin, and others.
The leading market players in the global cocoa butter alternatives market primarily are Nisshin OilliO Group, Ltd. (Japan), Fuji Oil Holdings, Inc. (Japan), Cargill, Incorporated (U.S.), Bunge Ltd. (U.S.), Wilmar International Ltd. (Singapore), AAK AB (Sweden), Danisco A/S (Denmark), 3F Industries Ltd. (India), and Felda IFFCO Sdn. Bhd. (Malaysia)
• Food & beverages manufacturers
• Cocoa butter alternatives manufacturers
• Raw material suppliers
• End users (food & beverages industry)
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• Among the type, cocoa butter equivalents segment is expected to account for the major market proportion during the forecast period of 2017-2023. However, cocoa butter replacers is projected to expand at a substantial growth rate of 8.54% during the forecast period.
• Among the sources, shea segment is expected to witness growth rate of 9.64% during the forecast period of 2017-2023. Sal, Kokum & Mango Kernel segment is projected to expand a growth rate of 8.94% during the forecast period.
Regional and Country Analysis of Cocoa butter alternatives Market Development and Demand Forecast to 2023 Market:
As per the MRFR analysis, the global cocoa butter alternatives market is estimated to reach USD 1.25 billion during forecast period 2017 to 2023 with registering A CAGR of 9.07%
Table of Content: Key Points
2 Executive Summary
3 Market Dynamics
4 Global Cocoa Butter Alternatives Market, By Type
5 Global Cocoa Butter Alternatives Market, By CBE Sources
6 Competitive Landscape
7 Company Profiles
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