The global industrial chocolate market is estimated to be valued at US$ 62.4 billion in 2023 and reach US$ 97 billion by 2033, expanding at a CAGR of 4.5% from 2023 to 2033.
Due to their rising popularity, it is anticipated that sales of several chocolate products, including dark, sweet, and milk chocolate, will soar over the ensuing ten years. To increase brand awareness, manufacturers are likewise making significant investments in advertising. Additionally, the trend of delivering luxury chocolate goods and the adoption of visually appealing packaging strategies to draw consumers are anticipated to produce lucrative opportunities for the chocolate business.
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The belief among consumers in the excellence of single-origin and bean-based chocolates over bar chocolates has resulted in increased investments by industry players to manufacture such products. Additionally, the growing preference for the bean-to-bar approach is driving the demand for premium and specialty chocolate products. Furthermore, the trend of single-origin cocoa is fueling innovation and the creation of new products.
Some health experts claim that moderate consumption of cocoa can increase levels of serotonin, which can work as an antidepressant to calm the human brain. Furthermore, cocoa is also responsible for the release of endorphins in the human body, which can quickly improve mood.
- According to data provided by the World Population Review, 3.5% of the global population suffers from depression.
Thus, the growing prevalence of mental illnesses, including depression and anxiety, can promote the demand for industrial chocolate-based products. Consumption of chocolate can reduce the release of cortisol, a stress hormone. The inclusion of chocolates in regular diets can help avoid reliance on medication and mitigate health issues.
Sales of chocolates are estimated to increase through 2033 due to their ability to induce happiness and relax the mind. Increasing awareness regarding preventative healthcare is expected to create profitable prospects for industry participants.
The global industrial chocolate market is also expected to be influenced by the growing awareness of the health benefits associated with consuming dark chocolate.
- A study conducted by Cleveland Clinic demonstrated that dark chocolate can enhance blood circulation and reduce the risk of heart disease.
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.
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.
- 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
- By Region :
- North America
- 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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