Industrial Chocolate Market size to increase by USD 2.85 billion between 2023 and 2028, Milk Chocolate to be the major contributing segment – Technavio

NEW YORK, Jan. 8, 2024 /PRNewswire/ — The industrial chocolate market size is expected to grow by USD 2.85 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 5.08% during the forecast period. Growing consumer awareness about the health benefits of dark chocolate is notably driving the industrial chocolate market. However, factors such as fluctuations in the prices of cocoa and sugar may impede market growth. The market is segmented by Application (Milk chocolate, Dark chocolate, and White chocolate), End-user (Confectionery, Biscuits and bakery products, Dairy and desserts, Ice creams and frozen items, and Cereals and others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Key Segment Analysis
The milk chocolate segment will be significant during the forecast period. This kind of chocolate is made with milk and generally contains 10%-20% cocoa solids and dried milk solids in the form of milk powder. It has a smoother and creamier taste than dark chocolates because of the mixing of cocoa solids with milk solids, sugar, and cream during manufacturing. However, health-conscious people are trying to reduce the consumption of milk chocolate. This is because of the rising awareness of health problems caused by conditions such as obesity and heart disease. To know additional highlights and key points on various market segments and their impact in coming years, View a PDF Sample Report

Market Dynamics

Key Driver – Technological innovations within the industrial chocolate supply chain significantly drive the market growth. Chocolate manufacturers leverage advanced processes for cocoa beans, refining cocoa liquor, and cocoa butter extraction. These innovations cater to diverse consumer tastes in the confectionery industry, offering an array of dark, milk, and white chocolate options. Couverture chocolate, a prime example, combines superior cocoa and sugar blends, reflecting the industry’s pursuit of innovation as a key driver in the thriving Industrial Chocolate Market.

Leading Trend – Personalization and mass customization of industrial chocolate is an emerging trend shaping the market growth. This trend revolutionizes products such as chocolate bars, chocolate chips, and chocolate coatings, integrating flavor additives and organic ingredients. The market embraces innovative packaging solutions to accommodate these personalized offerings. Advancements in cocoa processing techniques and the integration of dairy ingredients further elevate this trend, reflecting evolving consumer preferences and shaping the future trajectory of the chocolate industry’s market trends.

Significant Challenge – The Industrial Chocolate Market faces a critical challenge because of the unpredictable price fluctuations of cocoa and sugar. These variations affect Fair Trade chocolate initiatives, hampering efforts toward sustainable cocoa farming. Moreover, regulatory environments, food safety standards, and supply chain intricacies are impacted, necessitating adaptations in chocolate machinery and gear ratios. These fluctuations reverberate through global trade, impacting economic stability and the operations of BB chocolate suppliers, highlighting the market’s vulnerability to economic shifts.

Geographical Market Analysis 

Europe is estimated to account for 37% of the market’s growth during the forecast period. Rising consumer awareness about the health benefits associated with the consumption of chocolate is the key factor driving the growth of the regional market. In addition to this, the rising demand for dark chocolate and the introduction of dairy-free options are contributing to the growth of the industrial chocolate market in Europe.

Company Insights 
The industrial chocolate market is fragmented, and companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including:
Barry Callebaut AG, Bonn Nutrients Pvt. Ltd., Cargill Inc., Cemoi, Chocoladefabriken Lindt and Sprungli AG, Dunkin Brands Group Inc., Ferrero International S.A., Fuji Oil Holdings Inc., General Mills Inc., Guittard Chocolate Co., JI NATURALS LLC, Mars Inc., Mondelez International Inc., NATRA SA, Nestle SA, Parle Products Pvt. Ltd., Puratos Group NV, The Hershey Co., UNIBIC Foods India Pvt. Ltd., Unilever PLC

View a PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The Global Premium Chocolate Market size is estimated to grow at a CAGR of 8.79% between 2022 and 2027. The market size is forecast to increase by USD 17.65 billion.

The organic chocolate market size is expected to rise to USD 137.54 million by 2026, and the market’s growth momentum will accelerate at a CAGR of 2.71%.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio