Cocoa Fillings Market Information- by Ingredients (Cocoa Beans, Unsweetened Cocoa Powder, Cocoa Butter, Cocoa Paste, Cocoa Liquid others), by Application (Bakery & Confectionery, Dairy Products, Beverages, Personal Care, Pharmaceuticals and others),by Distribution Channel (Store Based and Non-Store Based) and Region (North America, Europe, Asia Pacific and Rest of the World) - Forecast to 2023
Market Synopsis of Global Cocoa Fillings Market:
Global cocoa fillings market is growing at a CAGR of 4.70% to reach to reach USD 523.45 million by 2023.
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With changing lifestyle and evolving dietary pattern, convenience food plays an important role in defining the consumers’ food choices in the modern world. The use of cocoa & chocolate fillings in various bakeries, confectionery products began in Western countries and it spread to other regions rapidly.
Looking at the economic development at global level and specifically for BRIC countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant.
The increasing consumption of convenience food is driven by this desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and spend more time doing the things they value more. Consumers look for convenience food as they are easily available, and possess nutritional value due to fortification, variety and product appeal.
Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food at home as a chore and is time & energy consuming. Disposable income includes the personal income of households left after income taxes and which is available for spending as well as for saving.
Increasing disposable income increases will boost consumer buying power and increases their willingness to pay.
Asia-Pacific and other developing regions serve as the engine of global growth and exhibit an excellent further growth prospects for the global cocoa & chocolate fillings market. Healthy growth and climbing income levels will continue to boost demand for cocoa flavored products which will indirectly support the cocoa filling market.
Rising middle class population in emerging markets such as Asia-Pacific and Latin America are raising the customer expectations resulting in resetting strategic imperatives for industrial manufacturers in these regions.
The cocoa fillings market is competitive with major market players operating at the global level. The key industry players in the bio stimulant market have adopted the strategies such as joint venture, collaboration, agreement and partnership.
Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
The leading market players in the global cocoa fillings market primarily are Nestle S.A. (Switzerland), Alpezzi Chocolate (Mexico), Barry Callebaut (Switzerland), PURATOS (Belgium), Cargill Incorporated (U.S.)
- The global cocoa fillings market is expected to reach USD 523.45 million by 2023
- Regionally, Europe dominated the market and is projected to reach USD 192.79 million by 2023 at a CAGR of 4.45% from 2017 to 2023 in terms of value.
- Asia Pacific is also considered to be one of the attractive markets for the global cocoa fillings manufacturers and is projected to grow at the CAGR of 4.99% from 2017 to 2023.
- On the basis of ingredients, cocoa beans segment will dominate the global cocoa fillings market and is projected to reach USD 161.34 million by 2023 at a CAGR of 4.48% in terms of value.
- On basis of application, bakery & confectionery segment dominated the global cocoa fillings market and is projected to reach USD 165.05 million by 2023 and will register a healthy CAGR of 4.46% during the forecast period.
- On basis of distribution channel, store-based segment dominated the global cocoa fillings market and is projected to reach USD 328.10 million by 2023 and will register a healthy CAGR of 4.54% during the forecast period.
The report covers brief analysis of geographical region includes
- North America: U.S., Canada and Mexico
- Europe: Germany, France, Italy, U.K, Spain and Rest of Europe
- APAC: China, India, Japan, Australia & New Zealand, Indonesia and Rest of Asia-Pacific
- Rest of the World: Latin America, Middle East and Others
Study Objectives of global cocoa fillings Market
- To study detail of global cocoa fillings market by ingredients, by application, by distribution channel and by region in forecasted period 2023.
- To identify the market dynamics of global cocoa fillings market dynamics by drivers, restrains, opportunities and challenges.
- To analyze various factors like value chain analysis and porters five forces model.
- To provide historical and forecast revenue of market segment with respect to North America, Europe, APAC and RoW.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track mergers and acquisitions, strategic alliances, new product development of specified company.
- Cocoa fillings manufacturers
- Raw material suppliers
- End users
- Retailers and wholesalers
- E-commerce companies
- Traders, importers and exporters
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