LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial chocolate market to grow to 8.51 MT by the end of the period 2018-2022, according to their latest market research report.
The increasing support from key players for sustainable production of cocoa is one of the major trends being witnessed in the global industrial chocolate market. Cocoa farmers in cocoa producing regions of Africa were suffering from difficult working conditions ranging from child slavery to misrepresentation of prices by middlemen. Many key players in the industry have initiated sustainable cocoa production programs such as Cargill’s sustainability program to source fully traceable farm-to-factory cocoa.
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In this report, Technavio analysts highlight the increase in consumption of seasonal and premium chocolates during the festive season as a key factor contributing to the growth of the global industrial chocolate market:
Global industrial chocolate market: Increase in consumption of seasonal and premium chocolates during the festive season
Chocolates have become a popular choice for gifting in the corporate world. They have also become an important part of festivals such as Easter and Christmas. Consumers are willing to pay a premium to purchase premium and seasonal chocolates as a treat, gift, or add-on gift for loved ones during festivals and holidays. The global premium chocolate market is expected to grow at a CAGR of more than 7% during the forecast period. The increase in demand for seasonal and premium chocolates will lead to a proportionate increase in demand for industrial chocolates.
According to a senior analyst at Technavio for automotive components, “Key market players such as Lindt and Ferrero are increasingly offering seasonal and premium chocolates at various price ranges which makes consumers choose this category as an impulse purchase item or an unplanned gift.”
Global industrial chocolate market: APAC’s dominance to go through 2022
This market research report segments the global industrial chocolate market into the following applications (confectionary, biscuits and bakery products, dairy and desserts, ice-creams and frozen items, and cereals and other industrial chocolate applications), market entity (open industrial chocolate market and integrated industrial chocolate market), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
EMEA dominated the global industrial chocolate market in 2017, accounting for a market share of around 48%, followed by the Americas and APAC. The APAC region is expected to post the highest growth over the forecast period.
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