The global industrial chocolate market is projected to grow by $2.76 billion between 2025 and 2029, according to Technavio. This information was reported by Interfax-Kazakhstan.
The compound annual growth rate (CAGR) during this period is expected to be 5%, as stated in the press release from the analytical company. Notably, Europe will contribute 38% of this expansion.
The market growth will be driven by increasing consumer awareness of the health benefits of dark chocolate, Technavio notes.
Demand for chocolate is also spurred by mental health issues such as anxiety and depression. Consuming chocolate leads to the production of serotonin and endorphins, which help combat these conditions.
Additionally, consumers are showing interest in sugar-free chocolate and processed products.
However, the market faces risks associated with fluctuations in cocoa bean and sugar prices, which, along with dry milk, are used in the production of industrial chocolate.
It is anticipated that a decrease in cocoa bean harvests in West Africa will result in a widening gap between demand and supply, which in turn will push prices upward, Technavio reports.
Key players in the industrial chocolate market include Barry Callebaut AG, Bonn Nutrients Pvt. Ltd., Cargill Inc., Cemoi, Chocoladefabriken Lindt and Sprungli AG, Dunkin Brands Group Inc., Ferrero International S.A., Fuji Oil Holdings Inc., General Mills Inc., Guittard Chocolate Co., Mars Inc., Mondelez International, NATRA SA, Nestle SA, Parle Products Pvt. Ltd., Puratos, Hershey Co., UNIBIC Foods India Pvt. Ltd., and Unilever PLC.