Market Scope
Market Research Future (MRFR) estimates that between 2023 and 2032, the cocoa fillings market will project a growth rate of 16.26% and is estimated to reach USD 407.9 billion. With the evolving consumer lifestyle and the changes in their dietary habits, the popularity of convenience food has burgeoned significantly in recent years. This has resulted in a higher use of cocoa fillings in a variety of bakery products, with the prominence first noted in Western countries and now in other regions as well. With the significant economic growth across the globe in line with the mounting purchasing capacity of the consumers, these convenience trends will continue to grow in the coming years.
The cosmetics and personal care sectors have emerged as significant end-use industries in the global market. Exhaustive RD activities being conducted by cosmetics firms to come up with effective and innovative products with cocoa filling to draw in a greater number of consumers, which can be quite favorable for the global industry. Apart from this, supportive government policies in Europe as well as guidelines that encourage the use of naturally derived ingredients in products could create an optimistic outlook for the cocoa fillings market insights during the analysis period.
Convenience food enjoys high demand among time-pressed consumers with little to no time to cook, and therefore prefer easily available products with high nutritional value. Thanks to the adoption of advanced technologies, new techniques of processing cocoa fillings have emerged, which help deliver different viscosities, tastes/flavors and textures. This helps cater to the evolving consumer tastes, for which they are more than willing to pay high amounts for, in view of rising disposable incomes.
Recent Updates
March 2021
Nestle is set to introduce Incoa bar, filled with cocoa fruit pulp in place of sugar, in view of the growing health consciousness worldwide. The company is currently focused on boosting revenues for cocoa farmers by selling both the beans as well as the pulp. The Incoa bar is sugar-free and will be available in supermarkets across the Netherlands and France, with other countries soon to follow.
May 2021
Cargill acquired Leman Decoration Group, a reputed cake decoration supplier in the bakery industry, including small industrial, home-baking and the artisanal, segments, as well as foodservice. This acquisition is expected to widen Cargill’s offerings within the decorations space, fostering the cocoa business across Europe.
Top Companies
Nestle S.A. (Switzerland), Alpezzi Chocolate (Mexico), Barry Callebaut (Switzerland), PURATOS (Belgium), Cargill Incorporated (U.S.) are the top companies profiled in the MRFR report.
Segmental Review
With the aim to present exhaustive details of the cocoa fillings market trends, the MRFR report has considered a few segments, such as ingredients, application, and distribution channels.
The key ingredients discussed in the report are unsweetened cocoa powder, cocoa beans, cocoa paste, cocoa liquid, cocoa butter, and other cocoa by-products. Cocoa beans are the most processed types and their by-products such as cocoa liquid, cocoa paste and cocoa butter can be blended with various sweeteners and sugars. These find exhaustive applications in most of the bakery goods and sweets.
The major applications of cocoa fillings are Pharmaceuticals, Dairy Products, Bakery Confectionery, Personal Care, Beverages, and others. The bakery confectionary industry is the leading application as cocoa fillings are key ingredients in majority of the candy bars as well as dairy products such as sorbets, ice creams and slush. In 2022, the bakery and confectionary industry constituted a share of 31.21% in the global market and is expanding at a decent pace.
The distribution channels in the market are either store-based or non-store based.
Regional Insight
Geographically, the market for cocoa fillings can be segmented depending on Europe, North America, and Asia Pacific (APAC) and RoW/rest of the world.
The Asia Pacific market will soar at the fastest rate between 2023 and 2032, thanks to the exploding middle-class population with mounting purchasing power. This is mostly the case in India and China, where the middle-class populace is increasingly witnessing a surge in their discretionary income, which bolsters the demand for premium bakery items. The surging influence of the Western culture, with rising popularity of gourmet foods including baked sweets and confectionaries also enhances the market size in the region.
The European market has been faring well, owing to the high consumer spending on premium cosmetic products with cocoa being the key ingredient. The high popularity of social networking sites and the burgeoning middle-class population with rising interest in online shopping can further elevate the market position. Evolving consumer tastes along with the mounting awareness about the health benefits of cocoa should also favor the European market in the following years.
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