Amplified Development Expected in Cocoa Butter Alternatives Market

  • The market is likely to attain revenues worth $1.3 billion by 2023.
  • The North American region is projected to achieve $555.7 million in revenues by 2023.
  • Cocoa Butter Alternatives Market to Rise at a CAGR of 9.07% by 2023.

World Cocoa Butter Alternatives Market is projected to reach $1.3 billion by 2023 with a CAGR of 9.07% during the forecast period of 2017 to 2023. North America accounted for a major market share of 43.42% in the year 2017 and is projected to reach $555.7 million by 2023 with a growth rate of 9.42%. APAC will witness a higher growth rate of 9.85% during the forecast period.

The major contributing companies in the cocoa butter alternatives market globally are Fuji Oil Holdings, Inc. (Japan), Wilmar International Ltd. (Singapore), Nisshin OilliO Group, Ltd. (Japan), Bunge Ltd. (U.S.), Cargill, Incorporated (U.S.), Danisco A/S (Denmark), 3F Industries Ltd. (India), AAK AB (Sweden), and Felda IFFCO Sdn. Bhd. (Malaysia).

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The market for cocoa butter alternatives globally is segmented based on source and type. Since type, the market segmentation consists of Cocoa Butter Substitutes (CBS), Cocoa Butter Replacers (CBR) and Cocoa Butter Equivalents (CBE). The cocoa butter equivalent segment is leading the market, due to its noteworthy characteristic of being compatible with cocoa butter in almost any ratio without changing the properties of cocoa butter. This segment is predicted to expand at a CAGR of 9.31 percent during the forecast period. Moreover, the cocoa butter replacer segment is undergoing a high growth rate.

Robust economic growth, urbanization, explosion in the middle-class population coupled with cheap labor force, ease of doing business, and rising disposable income have attracted international retailers to enter and expand their business in the Asia Pacific and Latin American regions. Technological strides are also identified to be playing a major role and are helping manufacturers to increase their production capacities. Furthermore, the product of cocoa butter alternatives is majorly chocolates, which can be made available online, so that consumers can easily purchase from the available wide variety of products. All these factors directly or indirectly affect the growth of cocoa butter alternatives market.

The regional analysis of Cocoa Butter Alternatives Market is segmented into regions such as North America, Europe, Asia Pacific, and Rest of the world. Among these regions, the North American region is expected to maintain its domination through the forecast period, due to strong economic growth and growing consumption of cocoa butter alternatives. The North American region is projected to achieve $555.7 million in revenues by 2023. However, the Asia Pacific region is the most quickly rising region in terms of consumption of cocoa butter alternatives and is likely to increase at a CAGR of 9.85% in the forecast period.

Pradeep Z

Industry Analysts, Monitoring Trends in Market Sectors Such as Food and Beverage, Nutrition, Chemicals & Materials, Energy and Power. At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. Contact: sales@marketresearchfuture.com
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