The global industrial chocolate market is expected to exhibit promising growth opportunities because of the rising awareness about the health advantages of consuming high-quality chocolates.
As per Fact.MR, a provider of market research and competitive intelligence, sales of industrial chocolate are projected to reach a market valuation of USD 97 billion by the end of 2033, increasing at a CAGR of 4.5 per cent over the next ten years.
Global demand for sugar-free, vegan, gluten-free, and organic chocolates has been steadily rising in recent years because of the increasing preference for healthier and more sustainable food options.
Additionally, during the COVID-19 pandemic, many people turned to chocolate as a means of boosting their mood and reducing stress levels.
The belief among consumers in the excellence of single-origin and bean-based chocolates over bar chocolates has resulted in increased investments by industry players to manufacture such products.
Additionally, the growing preference for the bean-to-bar approach is driving the demand for premium and specialty chocolate products. Furthermore, the trend of single-origin cocoa is fueling innovation and the creation of new products.
Some health experts claim that moderate consumption of cocoa can increase levels of serotonin, which can work as an antidepressant to calm the human brain. Furthermore, cocoa is also responsible for the release of endorphins in the human body, which can quickly improve mood.
- According to data provided by the World Population Review, 3.5 per cent of the global population suffers from depression.
Thus, the growing prevalence of mental illnesses, including depression and anxiety, can promote the demand for industrial chocolate-based products. Consumption of chocolate can reduce the release of cortisol, a stress hormone. The inclusion of chocolates in regular diets can help avoid reliance on medication and mitigate health issues.
Sales of chocolates are estimated to increase through 2033 due to their ability to induce happiness and relax the mind. Increasing awareness regarding preventative healthcare is expected to create profitable prospects for industry participants.
The global industrial chocolate market is also expected to be influenced by the growing awareness of the health benefits associated with consuming dark chocolate.
- A study conducted by Cleveland Clinic demonstrated that dark chocolate can enhance blood circulation and reduce the risk of heart disease.
Moderate consumption of dark chocolate can also improve brain function and lower blood pressure, owing to the presence of crucial minerals such as iron, zinc, copper, phosphorus, and magnesium.
Last but not least, the implementation of eye-catching packaging solutions and the advancement of chocolate-based products to premium status to attract consumers’ attention are projected to create 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 per cent 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 LandscapeKey manufacturers of industrial chocolate are investing in innovation to gain a competitive edge in the global market.
For instance:
- In March 2022, Barry Callebaut announced the expansion of its unit in Campbellfield, Melbourne, Australia. This strategic initiative is aimed at strengthening the company’s presence in Asia Pacific by focusing on the development of safe and high-quality products.
- Blommer Chocolate Company is a subsidiary of Fuji Co., Ltd. In January 2022, the company announced the opening of its R&D laboratory in Chicago. This facility is expected to enhance the company’s R&D capabilities and enable it to explore innovative and improved ways to support its business.
- In January 2021, Mars Inc. launched two vegan chocolates as part of the ‘Veganuary’ trend, as many people generally commit to following only a vegan diet throughout January. These newly launched chocolate bars are the vegan versions of Bounty and Topic and are named Bounty Vegan and Topic Vegan, respectively.
These insights are based on a report on Industrial Chocolate Market by Fact.MR.