According to RationalStat estimates, the global industrial chocolate market size reached US$ 62 billion in 2022 and is projected to grow at a CAGR of 6% during the forecast period (2023-2028). The demand for industrial chocolate is forecasted to grow as it is used in the production of a wide range of chocolate confectionery, bakery products, ice creams, desserts, and other chocolate-based items.
The food and beverage industry, including the confectionery, bakery, and dairy sectors, plays a significant role in the demand for industrial chocolate. The expansion of these industries, both globally and regionally, fuels the need for industrial chocolate as a key ingredient in various food applications plus as the global population increases so does the increase in the people consuming it as industrial chocolate is one of the key basic ingredients in manufacturing many of the people’s favorite dishes.
The growth of organized retail and e-commerce channels has facilitated the availability and accessibility of chocolate products to a broader consumer base. Industrial chocolate manufacturers benefit from the increasing distribution channels and wider reach, supporting the growth of the market. Continuous innovation and product development in the chocolate industry also drive the demand for industrial chocolate.
Manufacturers are introducing new flavors, textures, and formats to cater to evolving consumer preferences. Industrial chocolate enables manufacturers to create innovative and customized chocolate products, including unique blends, fillings, and coatings.
The chocolate confectionery sector, including chocolate bars, pralines, truffles, and filled chocolates, is a significant driver of the industrial chocolate market. The rising popularity of chocolate confectionery, particularly premium and artisanal varieties, boosts the demand for industrial chocolate for production purposes.
Emerging markets, especially in Asia Pacific, Latin America, and Africa, are witnessing a significant increase in chocolate consumption. Factors such as urbanization, expanding middle-class population, and Western influence on consumer preferences contribute to the growing demand for industrial chocolate in these regions plus with the greater internet penetration the demand for the same is reaching places that were isolated earlier.
Technological advancements in chocolate processing technologies, including but not limited to refining, conching, and tempering, have improved industrial chocolate’s quality, consistency, and production efficiency plus this has also brought down the cost of production for the same making the secondary products making use of these chocolates even more accessible to the masses.
The globalization of the chocolate industry and trade liberalization have facilitated the exchange of cocoa and chocolate products across regions.
North America is a significant market for industrial chocolate, driven by a high consumption rate of chocolate products and a mature food and confectionery industry. The global industrial chocolate market is characterized by a preference for premium and high-quality chocolate products, increasing demand for organic and sustainable options, and a growing focus on health-conscious and clean-label formulations.
Europe has a well-developed industrial chocolate market driven by factors such as the need to monitor historical structures, transportation networks, and energy infrastructure. The global industrial chocolate market is characterized by a strong focus on asset management, safety regulations, and the integration of monitoring technologies into smart city initiatives.
Asia Pacific is a rapidly growing market for industrial chocolate, driven by factors such as increasing disposable incomes, changing consumer preferences, and the growth of the confectionery and bakery industries. The global industrial chocolate market is characterized by a shift towards premium and imported chocolate brands, the emergence of domestic chocolate manufacturers, and a growing demand for chocolate in gifting and festive occasions.
Latin America is a significant market for industrial chocolate, known for its rich cocoa production and heritage. The region is both a major consumer and exporter of cocoa and chocolate products. Brazil, Mexico, and Argentina are key contributors to the market, with a growing demand for chocolate confectionery and a focus on producing high-quality chocolates.
Market Structure and competition landscape
The global industrial chocolate market is highly competitive, with several players offering a wide range of services. Some of the key players, are Barry Callebaut, Mondelez India Foods Pvt. Ltd., ITC Limited, Petra Foods, Morinaga & Co., Meiji Co., Ltd., Lotte Confectionery, Cargill Inc, Mars, Incorporated, Nestlé, Guittard Chocolate Company, and Blommer Chocolate Company, among others.
Moreover, the dawn of technology and the growing advancements in the region of infrastructural development coupled with increasing demand for a hike in safety standards has been acting as the major force behind the growth in the sector of industrial chocolate.
- In May 2023, Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures (RRVL) completed the acquisition of a controlling stake in Lotus Chocolate Company Ltd.
- In January 2023, ITC Ltd, announced that it is set to acquire a 100% stake over a three-to-four-year period in Sproutlife Foods Private Limited which sells health bars and muesli under the Yoga Bar brand.
- In November 2022, Barry Callebaut announced the construction of its third factory in India at Neemrana, which is expected to commence operations in 2024. It will make India the company’s largest chocolate-producing market in the Asia Pacific region.
Key market segmentation
RationalStat has segmented the global industrial chocolate market based on product type, end use, and region.
- By Product Type
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
- By End Use
- Biscuits & Bakery Products
- Dairy & Desserts
- Ice Creams & Frozen Items
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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The report is intended for global pain management device manufacturers and producers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Key Questions Answered in the Industrial Chocolate Report:
- What will be the market value of the global industrial chocolate market by 2030?
- What is the market size of the global industrial chocolate market?
- What are the market drivers of the global industrial chocolate market?
- What are the key trends in the global industrial chocolate market?
- Which is the leading region in the global industrial chocolate market?
- What are the major companies operating in the global industrial chocolate market?
- What are the market shares by key segments in the global industrial chocolate market?