Chocolate consumption has seen and upward growth tick ever since it was discovered. Its uses span far and wide in many industries and many forms. Market Research Future, which focusses on market reports associated to Food, Beverages & Nutrition sector among others, have lately made available a report on this market. The sector is estimated to attain USD 25,321 Million at the summation of the forecast period and is projected to develop at a CAGR of 5.45% from the year 2019 to 2022.
Industrial chocolate has been utilized in many sectors such as the bakery products industry in various forms which has been influential in the expansion of the market significantly. Usage of chocolates has spread too many non-conventional sectors like cosmetics, textiles to name a few. These sectors have used chocolate in some of their products to create a cutting edge effect in the product. These diverse applications and the demand thereby created will drive the market in the forecast period.
Companies are trying to harness a substantial portion of the market division as early as possible with effective business plans that can fill this gap and confirm control of the dynamics of the rivalry in the market. With the entrance of business players, a trend of volume-driven growth has been perceived in the market with the increase of different selections of product types. The best growth opportunities for the long term in this sector can be captured by warranting ongoing process improvements and financial elasticity to capitalize on optimal strategies. Covid-19 Analysis on North-American Industrial Chocolate Market comprises of prime players like Mondelez, Barry Callebaut, Blommer, Mars, Puratos, Cargill, Foley’s Candies LP, Hershey, Nestle SA to name a few of the contenders in the market.
Latest Industry News
Jan 2019 Barry Callebaut is planning to construct an added chocolate factory in China as its present 30,000-suqare-meter site in the Suzhou Industrial Park is operating already at near packed capacity. The chocolate dealer, who constructed their main facility in China around ten years ago by investing $20m in the deal. The company in recent years has experienced development in double-digits over the last three years. Several of the largest western brands like Ferrero, Mars, and Nestlé who have the bulk share in China’s market for chocolate are competing with the company for the major share.
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Jan 2019 Nestle which is a food giant in many sectors including chocolate, has planned to select a purchaser for its US chocolate business as soon as possible. Ferrero which is an Italian chocolate brand is touted as a favorite, according to several other sources. It is also been said that the creator of the Nutella spread was ardent on boosting its existence in the US.
Feb 2019 Chocolaterie de Bourgogne has been undertaken by the Lacasa Group. The acquisition of the assets will lead to a significant rise in its manufacturing capacity in all chocolate types and also to enter the world of cereal bars. The move will also mark its consolidation in international markets from France. The acquisition was undertaken by Chocolates Lacasa, through its subsidiary Ibercacao SA.
The industrial chocolate market comprises of divisions on types and applications. The segment on types is divided into dark, milk and white. The milk chocolate category has been a popular segment, while dark and white chocolate are also garnering a significant market share. The application category of the industrial chocolate market is divided into chocolate bars and flavoring ingredients. Chocolate bars and flavoring agents are both significantly generating an equal demand level.
Detailed Regional Analysis
North-American industrial chocolate market had been projected to grow at USD 18,434 Million in 2019. The U.S controls a maximum share in the industrial chocolate market in North America followed by Canada and Mexico, accounting for USD 14,756 million and is anticipated to develop over USD 20,200 million by 2022, and is projected to propagate at a CAGR of 5.34 % correspondingly from 2019 to 2022.
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