The global real and compound chocolate market size it slated to reach USD 35.62 billion by 2026, registering a CAGR of 4.97% during the forecast period. Increasingly favorable conditions for economical variety of chocolates in developing nations is likely to drive the growth of this market in the approaching decade. The per capita spending in these economies is still relatively low compared to the developed nations. For example, according to the International Monetary Fund, India’s Purchasing Power Parity was at $7,874 in 2018, while that of the US was at $62,606.
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List of prominent companies that are operating in the Real and Compound Chocolate Market are:
- Cargill Incorporated
- CEMOI Group
- The Hershey Company
- Barry Callebaut AG
- Nestlé S.A.
- Mars Incorporated
- Mondelez International
- Puratos Group
- Fuji Oil Company Limited
These differences are expected to create lucrative opportunities for market players to develop more affordable chocolate products which will be widely consumed in these fledgling economies. Low-cost chocolate products made by the likes of Nestle and Cadbury are already popular in countries like India. Introduction of newer compound chocolate varieties would broaden the sales horizons of these companies further.
According to the new Fortune Business Insights™ report, titled “Real and Compound Chocolate Market Size, Share & Industry Analysis, By Type (Real Chocolate and Compound Chocolate), By Form (Chips, Slabs, Coatings, and Others), By Application (Confectionery, Bakery, Dairy and Frozen Products, Beverages, and Others), and Regional Forecasts, 2019 – 2026”, the value of the market stood at USD 24.25 billion in 2018. The report additionally provides a comprehensive overview of the overall industry outlook that will play a major role in shaping the future of this market. Moreover, the report contains an in-depth analysis of the various drivers, factors, prospects, trends, and other dynamics that influence the share, size, and revenue, among other aspects, of the market during the forecast period.
Real chocolate consists of cocoa butter that is derived from the cacao bean and needs to undergo the process of tempering. Compound chocolate contains vegetable oil and tempering is not required.
Growing Demand for Premium Chocolate Offerings to Boost the Market
One of the leading real and compound chocolate market trends is the rising preference for specialty chocolate products, especially from the developed nations such as Germany and the US. As these countries have high disposable incomes, the demand for premium and indulgent confectionery items is persistently high. This demand is given an impetus by the growing awareness of the health benefits associated with chocolates. For instance, dark chocolate is rich with fibre and minerals along with large amounts of antioxidants. The demand for premium chocolate is also showing a positive trend in India and China where incomes are increasing.
Europe to Hold Lion’s Share; Asia-Pacific to Show Healthy Growth Trajectory
Europe is anticipated to lead the real and compound chocolate market share owing to the presence of some of the finest chocolate makers in the region. Moreover, climate in Europe supports the cultivation of high-quality cocoa beans which will provide an additional thrust to the market there. Readiness of consumers to splurge on premium chocolate products will drive the market in North America, which generated a revenue of USD 5.46 billion in 2018. Asia-Pacific will soar at a CAGR of 8.38%, making it the fastest growing region within this market. This will be a result of increasing demand for both real and compound chocolate products in the region.
Adoption of Environmentally-safe Processes to Stimulate Competition
According to the real and compound chocolate market analysis, major companies are undertaking measures that will be less harmful to the environment. Besides this, many players are investing in R&D to launch novel products to diversify their offerings.
Key Industry Developments:
- July 2019: Nestle came out with a first-of-its-kind specialty chocolate that is made entirely from the cocoa bean and its pulp, thereby eliminating the need to add refined sugar. The company plans to launch the first product in Japan by October 2019.
- December 2018: Cargill Incorporated released its “Protect Our Planet” action plan for achieving full cocoa bean traceability. The core of the plan involves stopping any further conversion of forests in Ghana and the Ivory Coast for cocoa cultivation.
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