Covid-19 Analysis on North American Industrial Chocolate Market | Size, Share and Forecast to 2022
Market Overview
Growing cultivation especially in African nations of Ghana, Ivory Coast and others have resulted in satisfying the growing demand as Western Africa produces almost two-thirds of the world's cocoa. Rise in disposable incomes, developments in global supply chains, and development of innovative products such as organic and sugar-free chocolates, and chocolate products formulated to withstand high temperature are aiding the market growth. For instance, Barry Callebaut introduced the Choc37.9 line of products with greater thermo tolerance.
Traditional and growing popularity of chocolate coupled with the prosperity of complimentary industries and applications are the prime drivers of the market. The growing popularity of packaged food industry and convenience foods is another driver of the Covid-19 Analysis on North American Industrial Chocolate Market. Innovations in food industry such as development of specialized and variety of flavors and additives such as milk, coffee etc. Are driving the popularity and the consecutive demand of the industrial chocolate. The emergence of western celebration trends, such as Easter, Valentine’s Day, is other drivers of the market and so is the innovative use of media. Chocolate is a sweet, food prepared from roasted and ground seeds of Theobroma cacao in a variety of forms such as Paste, Liquid and Solid. Industrial Chocolate differs from Craft Chocolate in its use. Industrial chocolate is utilized by manufacturers of finished foods products such as Confectionery, Ice Cream, Beverages and others as a flavoring agent. The North American industrial chocolate market is expected to grow at a CAGR of 5.45% during the forecast period of 2017 to 2022.
Restraints
Rising stringency of labelling, and safety standards such is the gravest restraint facing the market reflected by the growing stringency of European standards which are more stringent than the UNECE standards. The increasing standards parameters such as moisture content, quality class, preservatives and content, and others are other restraints hampering the growth of the market.
Major Key Players Updates
The prominent players profiled in Covid-19 Analysis on North American Industrial Chocolate Market report are Cargill, Foley’s Candies LP, Hershey, Guittard Chocolate Company, Puratos, Mondelez, Barry Callebaut, Blommer, Nestle SA, Valrhona, Alpezzi Chocolate, Ghirardelli, Ferrero, Republica del Cacao, Scharffen Berger, Mars and others.
Segmentation
Covid-19 Analysis on North American Industrial Chocolate Market is segmented based on types and application, to satisfy the exigency of a detailed understanding of the market forces.
Based on types, the market is segmented into dark, milk and white.
Based on application, the market is segmented into chocolate bars and flavoring ingredients.
Regional Analysis
The U.S. dominates the Covid-19 Analysis on North American Industrial Chocolate Market owing to its large economy, higher income, and larger demand generated. The U.S. is followed by Canada and Mexico, which account for USD 14,756 million and which is expected to generate USD 20,200 million by 2022, at a 5.34 % CAGR during the forecast period.
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Trends
Bitter Dark Chocolate to displace the milk chocolate products owing to health concerns
The bitter dark chocolate was long perceived to be a favorite of niche consumers with odd tastes. Although milk chocolate products still reign supreme with more than 50 % percent of market share dark chocolate products sales grew at a healthy 9 percent.
Boutique chocolate manufacturers and small players will gain market share at the expense of large players. According to the Fine Chocolate Industry Association, boutique chocolate registered the fastest growth at 17 percent revenue during the last few years.