Cocoa Butter Alternatives Market Overview
Cocoa butter alternatives are gaining traction globally due to unavailability of the cocoa crop. Cocoa is the prime ingredient for chocolates, foods, beverages, and personal care products. But unpredictable weather conditions and lack of funds for farmers have led to manufacturers looking for alternatives. The global cocoa butter alternatives market report by Market Research Future (MRFR) states drivers, opportunities, threats, and weakness in the market in a step-by-step manner.
Cocoa Butter Alternatives Market Outlook
The global cocoa butter alternatives market is expected to flourish due to rising costs of cocoa butter and inclination towards healthy foods. Its size can touch USD 1,255 million by 2023 at a CAGR of 9.07% from 2018 to 2023 (forecast period). The global consumption of chocolate is expected to spur the market demand in order to keep up with the demand for these sweet foods.
Rise in disposable income levels of consumers in India, China, and Brazil is predicted to drive market demand exponentially thanks to a huge hankering for chocolate. Low availability of cocoa and rise in confectionery and bakery applications can present new growth opportunities for the market in the coming years.
Cocoa Butter Alternatives Market Segmentation
The global COVID-19 analysis on cocoa butter alternatives market size is segmented by type and source.
By type, it is segmented into cocoa butter replacers (CBR), cocoa butter substitutes (CBS), and cocoa butter equivalents (CBE). The cocoa butter equivalents segment is anticipated to dominate the market owing to the high compatibility of the substance with other ingredients in ice creams and chocolate spreads. It can exhibit 9.31% CAGR over the forecast period to touch a value of USD 993.8 million. For instance, mango butter is being used as an emulsion in chocolate to improve the mouthfeel of the end product.
By source, it is segmented into kokum & mango kernel, illipe & palm kernel stearin, sal, shea, and others. Among them, the shea segment can lead the market till 2023 due to its utilization in confectionery, chocolate, healthcare, and cosmetics industries. The segment can exhibit 9.64% CAGR during the assessment period. On the other hand, kokum & mango kernel segment can prove to be beneficial to the market. This can be credited to the eco-friendly extraction process from kokum, a tree found in parts of India.
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Cocoa Butter Alternatives Market Regional Analysis
Geographically, the global cocoa butter alternatives market report is segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
The North America region is predicted to lead the market with a CAGR of 9.42% during the forecast period. Inclination towards healthy foods and consumption of cocoa butter alternatives are factors expected to push the regional market valuation to USD 555.7 million by 2023.
The APAC region can showcase a CAGR of 9.85% CAGR throughout the assessment period. This can be credited to manufacture of CBEs in India and China due to penchant for chocolate and its derivatives. Moreover, changing business models of cocoa manufacturing companies to manufacture cocoa butter alternatives for saving on production overheads is likely to be lucrative for the cocoa butter alternatives market.
Cocoa Butter Alternatives Market Competitive Outlook
Genteel names within the cocoa butter alternative market include Fuji Oil Holdings, Inc., Bunge Ltd., Danisco A/S, Wilmar International Ltd., Cargill, Incorporated, 3F Industries Ltd., Felda IFFCO Sdn. Bhd., AAK AB, Nisshin OilliO Group, Ltd., and others.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.