The increased number of product offerings coupled with flavor innovations has retained the growth in demand for real and compound chocolates. Furthermore, the easy availability of real and compound chocolates across online and offline stores is expected to maintain the real and compound chocolate market growth over the next couple of years. A paradigm shift to healthy food habits has opened avenues for chocolate manufacturers to innovate products by adding healthy ingredients. The developments in products have propelled real and compound chocolate market growth and are likely to continue during the assessment period.
Market Research Future (MRFR) has revealed in its latest report that the real and compound chocolate market is estimated to witness steady growth and reach a valuation of USD 136.99 Bn. MRFR further reveals that the real chocolate market will thrive at 2.11% CAGR while the compound chocolate will exhibit a relatively higher growth rate of 2.81% during the forecast period 2017 to 2023.
The lower cost of compound chocolates without compromising the taste and quality is the key driver of the market proliferation and is expected to continue the trend over the projection period. Other factors responsible for propelling the demand for compound chocolates are increasing awareness about fat-free food, the addition of healthy ingredients, etc. The colorful, creative, and innovative packaging also contributes towards demand generation of real and compound chocolates. The festive editions of special packaging of chocolates are likely to accelerate revenue creation for market participants over the next couple of years.
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Major Key Players
Some of the key players profiled by MRFR in its report are
- Aalst Chocolate Pte. Ltd. (Singapore)
- Beryl’s Chocolate & Confectionery Sdn. Bhd. (Malaysia)
- Foley’s Candies Ltd. (Canada),
- The Hershey Co. (U.S.),
- Barry Callebaut AG (Switzerland),
- Ferrero SPA (Italy),
- Alpezzi Chocolate (Mexico),
- Ghirardelli Chocolate Company (U.S.),
- Mars Inc. (U.S.),
- Mondelez International, Inc. (U.S.),
- Nestle S.A. (Switzerland),
- Guittard Chocolate Company,
- PURATOS Group NV (Belgium),
- Blommer Chocolate Company (U.S.),
- Puratos Group NV (Belgium),
- Barry Callebaut AG (Switzerland),
- Meiji Co., Ltd. (Japan),
- Lindt & Sprüngli SpA (Italy),
- Valrhona Inc. (France),
- Republica del cacao (South America),
- TCHO (U.S.),
- Fujian Yake Food Co., Ltd. (China)
The market players strategize initiatives such as product innovation, expansion of product portfolio, research & development, acquisition & merger, etc. for garnering control over the global market.
In March 2018, Nestlé, a leading food & beverage company, launched Milkybar Wowsomes, the first chocolate using Nestlé’s new structured sugar for reducing the sugar by 30%.
By type, the global real and compound chocolate market has been segmented into real chocolate and compound chocolate. The real chocolate segment is further sub-segmented into dark, milk, and white. The compound chocolate segment has further been sub-segmented into dark, milk, white, and others.
By application, the real and compound chocolate market is segmented into bakery, confectionery, desserts, syrups, seasoning, spreads, and others. Among these, the seasoning segment is projected to dominate the global real and compound chocolate market during the forecast period.
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By region, the real and compound chocolate market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is the largest market for real and compound chocolate and is projected to retain its dominance through the review period. Real and compound chocolate market in Europe is estimated to reach a valuation of USD 58,809 Mn by 2023. The growth in this region is primarily attributable to the increasing consumption of chocolates.
Asia Pacific is the fastest growing market for real and compound chocolate. The increasing application of chocolates in confectionery is one of the key drivers of demand in the region. The presence of key players in North America is likely to favor the growth and expansion of real and compound chocolate market in the region.
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