According to Market Research Future (MRFR), the global real and compound chocolate market is anticipated to acquire a significant market value of USD 136.99 billion while thriving at a CAGR of 2.11% during the projection period from 2019-2024.
The real and compound chocolate market is anticipated to acquire considerable expansion due to its numerous application in beverages, bakery and confectionery, and syrups and spreads during the projection tenure. The scarcity and high price of cocoa butter is likely to give a significant opportunity to the real and compound chocolate manufacturers to strengthen their market in the coming period. Furthermore, the rising demand for innovative chocolate products is anticipated to augment the real and compound chocolate revenue considerably during the forecast period.
On the other hand, an increase in the obese population is anticipated to obstruct the market growth during the assessment tenure. However, the rising demand for confectionaries and exotic chocolate products is likely to counter the impeding factor that can actuate the real and compound chocolate revenue.
Eminent players of the real and compound chocolate market are Mars Inc. (the US), Ferrero SPA (Italy), Mondelez International, Inc. (the US), Guittard Chocolate Company (the US), Alpezzi Chocolate (Mexico), The Hershey Co. (the US), and Blommer Chocolate Company (the US).
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The segmental analysis of the global real and compound chocolate market is done by application and type.
The application-based segments of the global real and compound chocolate market are beverages, dairy & frozen desserts, bakery & confectionery, syrups & spreads, and others. Among all segments, the seasonings segment is likely to witness a CAGR of 28.59%, followed by the confectionery segment thriving at a CAGR of 20.72% during the review period.
The type-based segments of the global real and compound chocolate market are white, dark, and milk. Among all segments, the milk chocolate segment is expected to dominate the global market during the forecast period. The segment is likely to record a CAGR of 2.61% owing to the increasing demand for green label products as a preservative in processed food.
Based on the region, the global market for the real and compound chocolate market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis on real and compound chocolate market by MRFR, the global market is expected to be dominated by Europe during the review period owing to the increasing consumption of chocolate and chocolate products.
APAC is anticipated to record the highest CAGR during the projection period owing to the rising demand for confectionaries and exotic chocolates. The increasing disposable income is likely to play a significant role in augmenting the regional market during the review period. Furthermore, the presence of emerging economies like India, China, and Japan is anticipated to strengthen the regional market during the review period. India is expected to witness the highest growth rate during the evaluation tenure.
North America is expected to acquire significant market value during the evaluation period owing to the growing demand for chocolates. The US and Canada are projected to augment the regional market in the coming tenure. Furthermore, the presence of key players is likely to be another potential factor that can boost the regional market during the review period.
The Rest of the World (RoW) is anticipated to acquire a smaller amount of market share during the review period. The presence of underdeveloped countries is likely to hamper the market growth in the forthcoming period.
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