Industrial chocolate market to grow by 3 percent
London-based firm Technavio says demand of organic, sugar-free chocolate continues to grow.
The global industrial chocolate market is expected to grow by 3 percent over the next five years, according to a new report by London-based research firm Technavio.
Industrial chocolate is primarily used by manufacturers, bakers and chefs to create finished chocolate products, such as ice cream, beverages and bakery and confectionery items. The report, “Global Industrial Chocolate Market,” discusses major producers, including Barry Callebaut, Blommer Chocolate, Cargill and CEMOI, and categories including confectionery, dairy, cereals, bakery and biscuits.
Technavio says the chocolate confectionery segment occupied the largest market share in 2016, and it’s expected to rise at a steady rate. With expanding awareness of ingredient sourcing and caloric intake, demand for organic and sugar-free products continues to grow.
Large manufacturers continue to innovate their production processes to generate new business ventures and collaborations, Technavio says. The research firm pointed to Barry Callebaut’s Choc37.9 line, which is designed to resist melting in warmer temperatures. The company also announced the practice of producing milk chocolate with 25 percent fat.
Regionally, Europe accounted for the largest share of the market last year, with Western Europe being the major revenue contributor. Technavio says much of the region’s growth may be attributed to a high concentration of chocolate manufacturers and processing companies. Other regions addressed include North and South America, Africa, the Middle East and Asia-Pacific.