The APAC Chocolate Flavors market is showcasing significant potential in the mentioned forecast period. The market continues to build up momentum with the growing awareness about the variety of application of chocolates functional foods and pharmaceuticals as well.
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According to the report “APAC 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, APAC Chocolate Flavors Market has been estimated at USD 71.3 million in 2016 and is projected to reach USD 90.65 million by 2021, at a CAGR of 4.92% during the forecast period from 2016 to 2021.
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Chocolate flavors are one of the most important ingredients in various food and beverage production.
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They are generally known for their high cocoa content and are typically sweet. They have various health related benefits as well like reducing incidences of high blood pressure or cholesterol and also risks of strokes.
These are extensively used in bakery, dairy products.
The growing market of organic and Fairtrade chocolates has in turn resulted in the growth of chocolate flavors market. Other factors driving the market growth include variety of applications, health benefits related to chocolates, penetration in emerging economies.
Apart from them, there factors restraining the growth of the market as well. These include dependence on West African countries for raw material supply, unstable economies in cocoa producing countries, as well as changing preferences of the consumers.
These factors have been holding the market back from reaching its full potential.
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The APAC Chocolate Flavors Market is categorized on the basis of application and geography. The market segmentation based on application is done into bakery products, confectionery products, dairy products, frozen products, convenience products and other applications.
The market share is led by bakery products due to the extensive consumption of products around the globe. On the basis of geography, the APAC market is analysed under various regions namely China, India, Australia, Japan and South Korea.
The major companies dominating the APAC Chocolate Flavors Market:
- Archer Daniels Midland Company
- Blommer Chocolate Company
- Cargill, Incorporated
- Olam International Ltd.
- CEMOI Group
- Frutarom Industries Ltd
- Givaudan S.A
- Barry Callebaut
- International Flavors & Fragrances Inc.
- Puratos Group
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