Market Dynamics
Global Covid-19 Analysis on Real and Compound Chocolate Market Reported revenue of USD 73,856 million in 2020 and is estimated to register a CAGR of 2.11% from 2020 to 2024 (forecast period), whereas, the global compound chocolate market recorded revenue of USD 13,078 million in 2020 and is projected to register a CAGR of 3.21% from 2020 to 2024 (forecast period).
Real chocolate and compound chocolate are different products used in a variety of food and beverage applications, such as frozen desserts, dairy products, bakery and confectionery, beverages, chocolate-based syrups and spreads, and others. The difference between the products is based solely on the ingredients used. Real chocolate consists of milk powder, sugar, cocoa butter, and cocoa mass, while in compound chocolate, cocoa butter and cocoa mass are substituted by vegetable oils and cocoa powder.
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The market for compound chocolate is anticipated to witness a higher CAGR over the forecast period due to the affordable cost of compound chocolate and its growing use in less expensive chocolate-based products. In addition, the ability of compound chocolate to harden without tempering helps facilitate its use in ice creams, confectionery products, bakery products, and a few other frozen desserts. Compound chocolate effectively replicates the functional qualities of real chocolate at a lower price, which in turn boosts the growth of the compound chocolate market relative to the real chocolate market.
Key Players
Some of the leading participants in the Global Covid-19 Analysis on Real and Compound Chocolate Market are Mars Inc. (US), Ferrero SPA (Italy), Mondelez International, Inc. (US), The Hershey Co. (US), Blommer Chocolate Company (US), Barry Callebaut AG (Switzerland), Nestle S.A. (Switzerland), Foley’s Candies Ltd (Canada), Guittard Chocolate Company (US), Alpezzi Chocolate (Mexico).
Major industry players in the Covid-19 Analysis on Real and Compound Chocolate Market have adopted strategies such as global expansion, new product releases, acquisitions, agreements, and R&D to improve their business portfolio & presence. Many companies operating in this sector are focused on extending their operations into new geographies, growing their capacities, and investing in research and development to deliver products with enhanced functionality.
Segmentation
Global Covid-19 Analysis on Real and Compound Chocolate Market has been segmented based on type and application.
By type, the global market for real chocolate has been classified as dark, white, and milk.
Based on application, the global market for real chocolate has been segmented into bakery & confectionery, dairy & frozen desserts, syrups & spreads, beverages, and others.
The global compound chocolate market has been segmented based on type and application.
By type, the global market for compound chocolate has been classified as dark, white, and milk.
By the application, the global market for compound chocolate has been segmented into, bakery & confectionery, dairy & frozen desserts, syrups & spreads, beverages, and others.
Regional Analysis
Region-wise, the global Covid-19 Analysis on Real and Compound Chocolate Market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
In both, global real chocolate market and global compound chocolate market, Europe gained the largest revenue share of about 42% in 2020. Due to its health benefits, the strong demand for dark chocolate in Europe is one of the significant factors of the expansion of the regional market. Belgium, Germany, the United Kingdom, Italy, and Switzerland are major country-level markets that lead to the growth of the real & compound chocolate market in Europe.
However, the Asia Pacific is projected to have the highest CAGR in the forecast period 2020-2024 due to the growing expansion of market players in the region and the growth of application industries in the Asia Pacific.
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