The North America Chocolate Flavors market published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape.
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According to the report “North America Chocolate Flavors Market by Application (Confectionery, Bakery Products, Frozen Products, Dairy Products, Convenience Products, Others), and by Region - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)” published by Market Data Forecast, the North America Chocolate Flavors Market is expected to reach USD 98.25 million by 2021 from USD 77.5 million in 2016, growing at a CAGR of 4.86%.
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The Chocolate Flavors market is forecasted to show great potential over the mentioned period. The market has continued to gain momentum with the rising people’s awareness about the benefits of chocolate as well as its application across various industries.
Chocolate flavors are one of the most important ingredients in various food and beverage production.
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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.
The rising market of organic as well as Fairtrade chocolates has in turn led to the growth of chocolate flavors market. Other such factors driving the growth of market include health related benefits of chocolates, variety of applications and also the penetration in emerging economies.
On the other side, there are factors which are responsible for restraining the market growth as well. These are unstable economies in countries producing cocoa, dependence on Western African countries for supply of raw material and lastly the changing consumers’ preferences.
These factors are holding the market back from reaching its actual potential.
The North America Chocolate Flavors market is segmented by application and geography. The market segmentation based on application is done into Bakery Products, Frozen Products, Confectionery, Convenience Products, Dairy Products, Others.
The market share was dominated by the bakery products because of the higher consumption of baked products compared to other segments. On the basis of geography, the North America market is analyzed under various regions namely United States and Canada.
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Some of the leading companies in the market are:
- Archer Daniels Midland Company
- Barry Callebaut
- Cargill Incorporated
- CEMOI Group
- Blommer Chocolate Company
- Frutarom Industries Ltd
- International Flavors & Fragrances Inc.
- Givaudan S.A
- Olam International Ltd.
- Puratos Group
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