North American Industrial Chocolate Market is a sweet, food prepared from roasted and ground seeds of Theobroma cacao in a variety of forms such as liquid, paste, solid. Industrial chocolate differs from craft chocolate in its use. Industrial chocolate is utilized by manufacturers of finished foods products such as confectionery, ice cream, beverages and others as a flavoring agent. The North American Industrial Chocolate Market is projected to grow at a CAGR of 5.45 % during the forecast period of 2017 to 2022.
Traditional and growing popularity of chocolate coupled with the prosperity of complimentary industries and applications are the prime drivers of the market. The growing popularity of packaged food industry and convenience foods is another driver of the market. Innovations in food industry such as development of specialized and variety of flavors and additives such as milk, coffee etc. Are driving the popularity and the consecutive demand of the industrial chocolate. The emergence of western celebration trends, such as Easter, Valentine's Day, are other drivers of the market and so is the innovative use of media.
Major Key Players
The prominent players profiled in North American Industrial Chocolate Market Report are Barry Callebaut, Blommer, Cargill, Guittard Chocolate Company, Puratos, Mondelez, Foley’s Candies LP, Hershey, Nestle SA, Valrhona, Alpezzi Chocolate, Ghirardelli, Ferrero, Republica del Cacao, Scharffen Berger, Mars, and others.
Bitter dark chocolate to displace the milk chocolate products owing to health concerns
The bitter dark chocolate was long perceived to be a favorite of niche consumers with odd tastes. Although milk chocolate products still reign supreme with more than 50 % percent of market share dark chocolate products sales grew at a healthy 9 percent.
Boutique chocolate manufacturers and small players will gain market share at the expense of large players. According to the Fine Chocolate Industry Association, boutique chocolate registered the fastest growth at 17 percent revenue during the last few years.
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The North American industrial chocolate market is segmented on the basis of types and application, to satisfy the exigency of a detailed understanding of the market forces.
Based on types, the market is segmented into dark, milk and white.
Based on application, the market is segmented into chocolate bars and flavoring ingredients.