-- North-American real and compound chocolate market: Drivers & Trends
Multiple factors have engaged with the growth and demand for global North-American real and compound chocolate market. Some of the market trends and elements in this market include, the mounting number of product offerings along with flavor innovations, easy availability of compound chocolates both in offline and online stores, the shift towards healthy eating habits, lower price of compound chocolates, mounting demand for fat-free food, innovative, creative and colorful packaging and unique festive additions.
On the other hand, the qualities of compound chocolate, such as its attractive price, compared to pure cocoa-based chocolates and its hardening are making it an excellent choice for food manufacturers in various segments, such as bakery, confectionery, ice creams, and frozen desserts. These factors are taking the global North-American real and compound chocolate market towards positive growth graph in the future timeframe.
On the flip side, factors such as the mounting health concerns related to overconsumption of sugar, calories and fat in chocolates are also foreseen to hamper the growth of the real and compound chocolate market in the years to come.
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Key Players
The leading market players in the North American real and compound chocolate market primarily are-
• Puratos
• Barry Callebaut
• Mars Inc.
• Nestle
• Mondelez International Inc
Market Insights
Market Research Future reports that the North-American real and compound chocolate market is expected to witness a continued demand and is projected to reach 6,246-kilo tons at a CAGR of 6.90% by 2022.
The rise of the market is evident owing to the increase in consumption of fat-free products. Real chocolate contains cocoa liquor and butter, which is one of the top flavoring choices in sweet bakery goods and patisserie. Real chocolate is simple to use for coating and pouring chocolate molds. It is highly flexible and widespread for its smooth texture and sophisticated rich taste.
On the other hand, compound chocolates contain a higher percentage of cocoa butter, which replaces other chocolate ingredients. Compound chocolate is imitation chocolate which looks and tastes like chocolate and broadly used for applications in bake-stable, flavoring, decorating, dipping and molding. Besides, it is also used in candies and biscuits as a filling, and as chips in biscuits and ice-cream coatings. These are having such immense applications is influencing the global North-American real and compound chocolate market rapidly.
Market Segmentation
The global North American real and compound chocolate market is segmented into type and application.
In terms of Type, milk chocolate segment is anticipated to hold its dominance throughout the forecast period. Also, this segment is projected to register a healthy CAGR of 2.61% for compound chocolate during the forecast period owing to mounting consumer demand for green label products as a preservative in packed and food frozen products.
In terms of Application, the seasonings segment is accounting for approximately 28.59% market share, followed by confectionery accounting for 20.72% of the global real & compound chocolate market.
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Region Analysis
The global real & compound chocolate market has covered regions of North America, Europe, Asia Pacific, and the rest of the world (ROW).
Among these, the European region is leading the market over the forecast period. The European, real & compound chocolate market is probable to grow at a CAGR of 1.94% & 2.83% respectively during the review period owing to the high consumption of chocolate and chocolate products in this region. Furthermore, Asia Pacific is also projected to observe the highest growth rate during the forecast period 2017-2023. In the Asia Pacific, China is dominating the market with a maximum market share. However, India in the Asia Pacific region is anticipated to witness the highest growth rate over the forecast period 2017-2023.
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