Cocoa Butter Substitutes Market Valued At $1,571.25 Million By 2028, Expanding At 6.91% CAGR

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The future of market research

Cocoa Butter Market Size and Trends by Type [Cocoa Butter Equivalents, Cocoa Butter Replacers, and Cocoa Butter Substitutes]Source (Shea, Sal, Kokum & Mango Kernel and Illipe & Palm Kernel Stearin), Application (Bakery & Confectionery, Dairy & Frozen Desserts, Sweet & Salty Snacks, Dips, Sauces & Gravy), Region (North America, Europe, Asia Pacific & Rest of the World) ) – expected until 2028

NEW YORK, US, September 29, 2022 (Globe Newswire) – Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Cocoa Butter Substitute Market Information by type, source, application and region – forecasts to 2028The market is estimated to capture a volume of over $1,571.25 million by the end of 2028. The report also predicts that the market will thrive at a compound annual growth rate of over 6.91% during the time frame of the review.

Market Scope:

The majority of vegetable fat mixtures used as cocoa butter substitutes in chocolate are based on different vegetable fats. These are alternatives to regular cocoa butter. These substitute fats are known as cocoa butter substitutes. It can be mixed without affecting the physical qualities of cocoa butter.

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Scope of the report:

Report feature

details

2028 Market Size

1,571.25 Million USD

compound annual growth rate

6.91% (2021-2028)

base year

2020

prediction period

2021-2028

Historical data

2019

forecasting units

Value (millions of dollars)

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

covered slices

By type, source, application and region

Covering geographic areas

North America, Europe, Asia Pacific and Rest of the World (RoW)

Main market drivers

Potential demand for chocolate from various industries

Decreased production of cocoa beans

Competitive dynamics:

The main players in the market are

  • Nisshin OilliO Group, Ltd. (Japan)

  • Fuji Oil Holdings, Inc. (Japan)

  • Cargill, Incorporated (USA)

  • Bunge Ltd. (United State)

  • Wilmar International Ltd. (Singapore)

  • AAK AB (Sweden)

  • 3F INDUSTRIES LIMITED (India)

  • Felda IFFCO Sdn. Bhd. (Malaysia)

  • Musim Mas (Singapore)

  • Mewah Group (Singapore)

USP Market:

Market Drivers

The demand for and consumption of chocolate is gradually rising on a global scale. There always seems to be a need for chocolate to be used in baking and confectionery applications. The rise in disposable income supported by the emerging economies of countries such as India, China and Brazil is expected to increase the demand for chocolate. However, there is a great demand for cocoa butter substitutes in order to meet consumer demands and to overcome the current shortage of cocoa available for making cocoa butter. A large number of industries, including bakery, confectionery, personal care products, confectionery, spices, etc., make heavy use of chocolate. All of these industries offer significant growth potential for cocoa butter substitute production, with a high compound annual growth rate (CAGR) expected for the forecast period.

Manufacturers now have ample opportunities to design potential substitutes for cocoa butter and increase sales of their products as a result of reduced cocoa butter production. Manufacturers of oils and fats make significant investments in research and development in order to create unique goods and launch their product line on a global scale. Both vegetable and animal oils are subject to extensive research as potential alternatives to cocoa butter.

Investments in research and development can also help develop efficient and large-scale extraction methods for cocoa butter substitutes. In addition, a strong focus should be placed on research globally in order to address some of the initial limitations of cocoa butter substitutes, such as the propensity to flourish and rheological stability.

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market limits

Lauric fatty acids are found in coconut oil and palm oil, which are frequently used as substitutes for cocoa butter. Certain countries have imposed strict guidelines on use and labeling to control consumption of cocoa butter substitutes. For example, in the United States, the only use of cocoa butter as a source of fat is required for items labeled as chocolate. In addition, if substitutes for cocoa butter are used in products, the name of the product must be changed and it still cannot be called chocolate.

COVID-19 Analysis

The outbreak of the COVID-19 pandemic and the accompanying implementation of lockdown measures in many countries reduced the amount of labor that was available to carry out the industrial process. In addition, the transportation sector was also affected by the shutdown, which hampered the supply of vital raw supplies. However, lockdown measures caused by COVID-19 have disrupted global shipping networks.

Marketing department

by type

In 2020, the cocoa butter equivalents segment captured the largest market share and is expected to experience the highest compound annual growth rate of 7.14% throughout the forecast period.

by source

The Chia segment held the largest market share by value in 2020 and is expected to witness the highest compound annual growth rate of 7.30% over the forecast period.

According to the application

The frozen dairy and confectionery category is expected to register the largest compound annual growth rate of 7.23% over the forecast period, while the bakery and confectionery segment captured the largest market share of 65.55% in 2020.

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Geographical analysis:

In 2020, North America captured the largest market share with 40.99% in the global market for cocoa butter substitutes. During the forecast period, this area is expected to grow at a rate of 7.00% CAGR. In 2020, North America dominated the global market for cocoa butter substitutes, and is expected to continue to do so during the forecast period. By the end of 2028, the region is expected to generate $648.70 million in revenue, up from 40.99% revenue share in 2020. The development of application segments, including food, beverage and personal care, is a major factor driving the cocoa butter substitute market in America North. Sales of cocoa butter substitutes are increasing due to the increasing demand for chocolate and baked goods because they are less expensive and widely available. Market players in North America are being pushed to choose different substitutes for cocoa butter such as shea butter, palm oil, coconut oil, etc. due to lower production of cocoa beans, which has resulted in reduced supply of cocoa butter.

In 2020, the Asia Pacific region held the second largest market share for cocoa butter substitutes, with a share of 28.82%. During the forecast period, the regional market is expected to grow at a compound annual growth rate of 7.25 percent. Several emerging and developed countries, including Australia, India, Japan, China and South Korea, are included in the APAC market. Regional market sales are expected to increase as a result of the expansion of several food, beverage and personal products producers in the region. The three largest national markets affecting regional market growth are China, Japan and India. These countries captured a combined market share of 76.81% of the Asia Pacific market for cocoa butter substitutes in 2020. The market for cocoa butter substitutes is growing in the Asia Pacific region due to the rising prices of cocoa butter. The regional market is expanding as a result of the lax regulatory framework regulating the use of cocoa butter substitutes in the application sectors.

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