Cocoa Butter Alternatives Market Worth USD 1,571.25 Million by 2028 Expanding at 6.91% CAGR - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Cocoa Butter Alternatives 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 & Savory Snacks, and Dips, Sauces, & Dressings), and Region (North America, Europe, Asia-Pacific, and Rest of the World) —Forecast till 2028
New York, US, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cocoa Butter Alternatives Market Information by Type, Source, Application and Region- Forecast till 2028”, the market is estimated to acquire a size of over USD 1,571.25 Million by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 6.91% during the review timeframe.
Market Scope:
The majority of the plant fat blends used as cocoa butter substitutes in chocolate are based on different vegetable fats. These are substitutions for regular cocoa butter. These substitute fats are known as cocoa butter substitutes. They can be blended without affecting the physical qualities of the cocoa butter.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
by Type, Source, Application, and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
potential demand of chocolate from various industries
declining production of cocoa beans
Competitive Dynamics:
The key players of the market are
Nisshin OilliO Group, Ltd. (Japan)
Fuji Oil Holdings, Inc. (Japan)
Cargill, Incorporated (US)
Bunge Ltd. (US)
Wilmar International Ltd. (Singapore)
AAK AB (Sweden)
3F INDUSTRIES LIMITED(India)
Felda IFFCO Sdn. Bhd. (Malaysia)
Musim Mas (Singapore)
The Mewah Group (Singapore)
Market USP:
Market Drivers
Demand and consumption of chocolate are rising gradually on a global scale. It seems like there is always a need for chocolate for use in baking and confectionery applications. It is projected that rising disposable income supported by emerging economies in nations like India, China, and Brazil will increase demand for chocolate. However, there is a great demand for cocoa butter substitutes in order to meet consumer demands and get around the current lack of cocoa available to make cocoa butter. A vast number of industries, including bakery, confectionery, personal care goods, desserts, seasoning, and others, heavily utilize chocolate. All of these industries offer significant growth potential for the production of cocoa butter substitutes, with a high CAGR predicted for the projected period.
The manufacturers now have a wealth of chances to design possible cocoa butter substitutes and boost sales of their products as a result of the decline in cocoa butter output. Manufacturers of oils and fats are making significant investments in R&D in order to create unique goods and launch their product line on a worldwide scale. Both plant-based and animal-based oils are the subject of extensive research as possible substitutes for cocoa butter.
Investments in R&D can also aid in the development of effective and widespread extraction methods for cocoa butter substitutes. Additionally, a strong emphasis on research should be made globally in order to address some of the primary limitations of cocoa butter substitutes, such as a tendency to bloom and rheological stability.
Lauric fatty acids are present in coconut oil and palm oil, which are frequently used as substitutes for cocoa butter. Certain nations have imposed strict usage and labeling guidelines to control the consumption of cocoa butter substitutes. For instance, in the US, the sole use of cocoa butter as the fat source is required for items to be classified as chocolate. Additionally, if substitutes for cocoa butter are used in the products, the name of the product must be changed and it cannot still be called chocolate.
Analysis of COVID-19
The COVID-19 pandemic outbreak and the accompanying implementation of lockdown measures in numerous nations reduced the pool of labor that was available to carry out the industrial process. Additionally, the transportation sector was also impacted by the lockdowns, which hindered the supply of vital raw supplies. However, the COVID-19-induced lockdown measures caused the world's shipping networks to be disrupted.
Marketing division
By Type
In 2020, the cocoa butter equivalents segment held the greatest market share, and throughout the forecast period, it is anticipated to see the highest CAGR of 7.14%.
By Source
The Shea segment held the greatest market share in terms of value in 2020 and is anticipated to experience the highest CAGR of 7.30% over the course of the forecast period.
By Application
The dairy & frozen desserts category is anticipated to post the greatest CAGR of 7.23% throughout the projected period, while the bakery & confectionery segment held a bigger market share of 65.55% in 2020.
In 2020, North America held the greatest market share of 40.99% in the global market for cocoa butter substitutes. During the forecast period, this region is expected to grow at a 7.00% CAGR. In 2020, North America dominated the global market for cocoa butter substitutes, and it is anticipated that it would continue to do so during the forecast period. By the end of 2028, the region is anticipated to generate revenues of USD 648.70 million, up from a revenue share of 40.99% in 2020. The development of application sectors including food and beverage and personal care is a key factor propelling the market for cocoa butter substitutes in North America. Sales of cocoa butter substitutes are increasing as a result of the booming demand for chocolate and baked goods because they are less expensive and widely available. The market players in North America are being pushed to choose different cocoa butter substitutes such shea butter, palm oil, coconut oil, and others due to the fall in cocoa bean output, which is leading to the supply of cocoa butter declining.
In 2020, the Asia-Pacific region held the second-largest market share for cocoa butter substitutes, with a share of 28.82%. During the projection period, the regional market is anticipated to grow at a CAGR of 7.25 percent. Several emerging and developed nations, including Australia, India, Japan, China, and South Korea, are included in the APAC market. Sales of the regional market are anticipated to increase as a result of the expansion of various food, beverage, and personal product producers in the area. The three biggest national markets that affect the growth of the regional market are China, Japan, and India. These nations held a combined market share of 76.81% of the Asia-Pacific market for cocoa butter substitutes in 2020. The market for cocoa butter substitutes in Asia-Pacific is being boosted by rising cocoa butter prices. 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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