According to the report “Chocolate Flavors Market by Application (Confectionery, Bakery Products, Frozen Products, Dairy Products, Convenience Products, Others), and by Region – Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)” published by Market Data Forecast, The Global Chocolate Flavors Market was worth USD 310 million in 2016 and estimated to be growing at a CAGR of 5.15%, to reach USD 398 million by 2021.
The Chocolate Flavors market is showing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rising awareness about the application of chocolates in functional foods and pharmaceutical products.
Chocolate flavors are one of the most important ingredients in various food and beverage production. They are generally known for their high cocoa content and are typically sweet. They have various health-related benefits as well like reducing incidences of high blood pressure or cholesterol and also the risks of strokes. These are extensively used in bakery, dairy products etc.
The growing Chocolate Flavors Market of organic and Fairtrade chocolates has, in turn, resulted in the growth of chocolate flavors market. Other factors driving the market growth include health benefits related to chocolates, a variety of applications and penetration in emerging economies. Apart from these, there are factors restraining the market growth as well. These include unstable economies in cocoa producing countries, dependence on West African countries for raw material supply as well as changing preferences of the consumers. These factors have been holding the market down from reaching its full potential.
The Global Chocolate Flavors Market is segmented on the basis of application and geography. The market segmentation on the basis of the application is done under confectionery, frozen products, bakery products, dairy products, convenience products and other applications. Based on segmentation by application, the market is dominated by bakery products due to their extensive usage all around the globe. On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Chocolate Flavors market was dominated by Europe, with the overall market share of over 33% globally. Europe was followed by Europe and Asia-Pacific. Europe market is expected to be fastest growing one as well in the coming few years.
Some of the major companies dominating the Chocolate Flavors Market, by their products and services include:
- Archer Daniels Midland Company
- Barry Callebaut
- Blommer Chocolate Company
- Cargill Incorporated
- CEMOI Group
- Frutarom Industries Ltd
- Givaudan S.A
- International Flavors & Fragrances Inc.
- Olam International Ltd.
- Puratos Group
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