The report published by Market Research Future (MRFR) states that the global cocoa fillings market is anticipated to expand moderately at a CAGR of 4.70% during the forecast period of 2017-2023 and reach the market valuation of USD 523.45 Mn by the end of 2023. The food products made from cocoa and chocolate are witnessing substantial innovation in flavor, texture, and utilization. With changing food habits and increasing consumer demand for cocoa filled bakery and confectionery products, the global cocoa fillings industry is set to experience high growth potential in the coming years. Changing lifestyle and increasing demand for ready to consume food products, majorly in the urban population, are propelling the growth of the global cocoa fillings during the assessment period.
The prime market players profiled by MRFR that are operating in the global cocoa fillings Industry are Nestle S.A. (Switzerland), Alpezzi Chocolate (Mexico), Barry Callebaut (Switzerland), PURATOS (Belgium), and Cargill Incorporated (the U.S.).
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The global market for cocoa fillings has been segmented on the basis of ingredients, application, and distribution channel. Based on ingredients, the global cocoa fillings market has been segmented into cocoa beans, unsweetened cocoa powder, cocoa butter, cocoa paste, cocoa liquid, and others. The cocoa beans segment commanded the major market share of 31.21% in the global cocoa fillings market during the year 2017 and is anticipated to retain dominant market position over the assessment period. Based on application, the global cocoa fillings market has been segmented into bakery and confectionery, dairy products, beverages, personal care, pharmaceuticals, and others. Among these, the bakery and confectionery segment commands the maximum market share of the global cocoa fillings industry and is anticipated to reach the market valuation of USD 161.34 Mn by the end of the review period. Based on distribution channel, the global cocoa fillings industry has been segmented into store based and non-store based.
Geographically, the global cocoa fillings market has been segmented into four major regions such as North America, Asia Pacific (APAC), Europe, and the rest of the world. The Europe region commands the major share of the global cocoa fillings industry and is anticipated to retain the dominant position in the global cocoa fillings market during the assessment period. Rapid urbanization, high demand for bakery products and confectioneries and increased production of cocoa-based products are propelling the growth of the cocoa filling industry in the Europe region. The Asia Pacific region commanded the significant share of 20% of the global cocoa fillings market in the year 2017 and is anticipated to expand at a CAGR of 4.99% during the assessment period. Increasing disposable income, rise in popularity of the concept of comfort food, rising urbanization in the emerging economies and changing dietary habits are leading to the growth of cocoa fillings market in this region. Inclination of the urban population towards to bakery products and snacks and high demand for food items that are filled with cocoa fillings such as sandwich cookies, lava cakes, doughnuts, and others are fueling the expansion of the cocoa fillings market in the North America region.
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