Global Compound Chocolate Market 2019-2023 | Growing Trend of Premiumization to Boost Growth | Technavio

LONDON–(BUSINESS WIRE)–lt;a href=”” target=”_blank”gt;#Researchlt;/agt;–The global compound chocolate market is expected to post a CAGR close to
5% during the period 2019-2023, according to the latest market research
report by Technavio.

The exponential growth of the retail sector is one of the factors that
is expected to drive the growth of the global compound chocolate market
during the forecast period. The retail market in APAC is growing faster
than that in Europe and North America due to the strong economic growth
witnessed in the countries in the region. Therefore, global players in
the retail market are opening new stores in APAC to take advantage of
the growing opportunities. The most common distribution channels used
for compound chocolate are supermarkets and hypermarkets, convenience
stores, discount stores, and online portals. E-commerce is gaining
popularity as a sales medium for compound chocolate and is expected to
contribute to the growth of the market during the forecast period.

As per Technavio, the growing trend of premiumization will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
compound chocolate market 2019-2023
research report also
analyzes other important trends and market drivers that will affect
market growth over 2019-2023.

Global compound chocolate market: Growing trend
of premiumization

The preference for premium chocolate products is increasing among
consumers as they perceive premium products to have better quality,
specific origin, finer flavors, and ethnically sourced ingredients. The
improving lifestyles of consumers as a result of the increase in
disposable incomes and growing health consciousness will also drive the
demand for premium and luxurious confectionery items. Various vendors in
the market have launched a premium product range, exclusively to target
elite customers. Moreover, these premium chocolate products use 100%
cocoa butter and not compound chocolate as an ingredient, which might
hamper the growth of the market during the forecast period.

“Another major factor driving the global compound chocolate market is
the rise in the price of cocoa butter. The increasing price of cocoa
butter is encouraging players in the baking industry to switch to
compound chocolate, which does not contain cocoa butter, and hence, is
priced much lower than real chocolate. The average price of compound
chocolate is about USD 0.25 per oz., while the average price of cocoa
butter is about USD 1.25 per oz. Thus, players are switching from cocoa
butter to lower-priced compound chocolate. Thus, the rising price of
cocoa butter will turn out to be favorable for the growth of the global
compound chocolate market during the forecast period,”
says a senior
analyst at Technavio.

Global compound chocolate market: Segmentation

This market research report segments the global compound chocolate
market by product (milk compound chocolate, dark compound chocolate, and
white compound chocolate), and geographical regions (Europe, North
America, APAC, South America, and MEA).

The European region led the market in 2018, followed by North America,
APAC, South America, and MEA respectively. However, during the forecast
period, the APAC region is expected to register the highest incremental
growth due to the growing popularity of chocolate such as dark chocolate
and gourmet chocolates.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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