Compound chocolate being a feasible alternative to cocoa butter is anticipated to propel the global compound chocolate market. In a report by Fortune Business Insights, titled, “Compound Chocolate Market Size, Share and Global Trend by Type (Chip, Slab, Coatings, Others), by Application (Confectionery, Bakery, Dairy, Others), and Geography Forecast till 2026,” the increasing popularity of artisanal chocolate offerings is likely to boost growth of the global compound chocolate market. Currently, the sales of the global compound chocolate market are fueled by the high demand for cost-effective coca-based products. Industries namely, dairy, bakery, and confectionary are contributing to the rising sales of compound chocolate. Compound chocolate is known by several terms, such as non-temper coatings, coating chocolate, baker’s chocolate, and confectionary coating.
Some of the leading players operating in the global market includes;
- Archer Daniels Midland Company
- Barry Callebaut Group
- Wilmar International
- Blommer Chocolate Company
Increasing Usage of Compound Chocolates to Boost Growth in Bakery Segment
The report classifies the global compound chocolate market on the bases of three segments, namely, by type, by application, and by geography. In terms on type, the market is further divided into stab, chip, coatings, and others. Out of these, the coatings segment is gaining impetus and growing rapidly. This is because it is used for numerous purposes. Chocolate-coated sweets, for instance, is popular across the globe.
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This in turn, has resulted in higher demand for the compound coating segment. By application, the market is grouped into bakery, dairy, confectionary, and others. Amongst these, bakery application is one of the largest sectors for compound chocolates. This is because the bakers have started replacing couverture chocolate with compound chocolate.
Rise in Demand for Premium Chocolates Likely to Favor Growth of Market in Europe
The global compound chocolate market is geographically divided into North America, the Middle East and Africa, Europe, Latin America, and Asia Pacific. South America and Asia Pacific are anticipated to witness growth in the compound chocolate market during the forecast period. This is mainly because of a rise in the number of production bases, increasing melting resistance, and high potential of exports to the western markets.
Reasonable rates and suitable production scenario for cocoa powder have in turn, resulted in the growth of compound chocolate market in these regions. Europe, on the other hand, is anticipated to exhibit notable growth of the compound chocolate market because of people’s shift towards premium range of chocolates. Premium chocolates in this region are made with compound chocolates.
Major Segmentation includes:
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The Middle East and Africa are projected to emerge as flourishing regions during the forthcoming years. This will occur due to the availability of abundant raw materials and promising consumption dynamics. Also, a rise in the demand for premium bakery products is predicted to contribute to the growth of compound chocolate market in the Middle East.
Barry Callebaut, Cargill Cocoa & Chocolate, and Other Prominent Market Players Aim to Increase Sales Through Innovative Product Launches
Barry Callebaut one of the largest producers and grinders of cocoa, headquartered in Switzerland, announced the launch of its range of premium chocolate compounds and couverture chocolates in August 2018, under Van Houten, a traditional European brand, in India. It was done to give the professional chefs and artisans access to the intensity of flavor and color of compounds and chocolates in their recipes.
Cargill Cocoa & Chocolate, a global supplier of high quality chocolate and cocoa products, unveiled the new additions to its fillings and coatings range for snacks and bakery. According to the company, these new products will broaden the manufacturers’ capabilities. This is because of the modern innovations that are created to respond to the customer preferences and key trends.
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