The global industrial chocolate market is poised to display promising growth prospects due to the increased awareness regarding the health benefits of eating superior-quality chocolates. According to Fact.MR, a market research and competitive intelligence company, industrial chocolate sales are set to touch a market value of USD 97 billion by 2033 end, growing at a CAGR of 4.5% during the decade.
International demand for vegan, sugar-free, gluten-free, and organic chocolates has been consistently growing over the last few years due to the rise in demand for healthier and environmentally friendly food items. Moreover, during the time of the COVID-19 pandemic, chocolate consumption increased as more people used it as a method of improving mood and lowering stress levels.
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The consumers' perception of the superiority of single-origin and bean-based chocolates compared to bar chocolates has led to more investments by industry players to produce such items. The preference for the bean-to-bar process is also boosting demand for high-end and specialty chocolate products. Moreover, the single-origin cocoa trend is boosting innovation and product development.
A few health professionals assert that consumption of cocoa in moderation can enhance serotonin levels, which can act as an antidepressant to soothe the human brain. In addition, cocoa also triggers the secretion of endorphins in the human body, which can enhance mood rapidly.
•\tBased on statistics presented by the World Population Review, 3.5% of the world population experiences depression.
Therefore, the increasing incidence of mental illnesses such as depression and anxiety can drive the demand for industrial products made of chocolate. Chocolate consumption can lower the release of cortisol, a stress hormone. Introducing chocolates in normal diets can prevent dependency on medication and lower the health problems.
Chocolate sales are projected to grow up to 2033 because chocolates have the power to make people happy and ease the mind. Growing awareness of preventative healthcare will create lucrative opportunities for industry players.
The industrial chocolate market globally is also anticipated to be impacted by growing awareness of the health benefits that come with eating dark chocolate.
• A Cleveland Clinic study proved that dark chocolate helps to improve blood flow and prevent heart disease.
Moderate intake of dark chocolate also enhances cognitive function and blood pressure reduction, thanks to the availability of essential minerals like iron, zinc, copper, phosphorus, and magnesium.
Finally, the use of striking packaging solutions and upgrading chocolate-based products to premium levels to grab consumers' attention are expected to yield profitable opportunities for industrial chocolate suppliers.
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.
Competitive Landscape:
Major industrial chocolate manufacturers are investing in research and development to become competitive in the global market.
For example:
In March 2022, Barry Callebaut revealed the expansion of its Campbellfield, Melbourne, Australia unit. This strategic move is intended to reinforce the company's position in Asia Pacific by concentrating on the production of safe and high-quality products.
Blommer Chocolate Company is a subsidiary of Fuji Co., Ltd. In January 2022, the company announced the launch of its R&D laboratory in Chicago. The facility will be used to boost the company's R&D capabilities and allow it to look into new and better ways of serving its business.
In January 2021, Mars Inc. introduced two vegan chocolates under the 'Veganuary' trend since many people tend to go on a purely vegan diet for the whole month of January. The two new chocolate bars introduced are the vegan counterparts of Bounty and Topic and are called Bounty Vegan and Topic Vegan, respectively.
More Valuable Insights on Offer
Fact.MR in its latest offering provides an unbiased report of the global industrial chocolate market from the years 2023 to 2033.
The report reveals vital insights into the industry based on product (cocoa butter, cocoa liquor, cocoa powder) and end use (confectionery products, biscuits & bakery products, dairy & desserts, ice creams & frozen items, cereals, others), in the 5 primary regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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