Chocolate Flavors Market Size Forecast to Reach $527.5 million by 2027
Chocolate Flavors Market Overview
The Chocolate Flavors Market size is estimated to reach $527.5 million by 2027. Furthermore, it is poised to grow at a CAGR of 5.40% over the forecast period of 2022-2027. Chocolate flavors are well-known for their cocoa content, which contains healthy flavonoids. The Chocolate Flavors are antioxidants with a variety of health advantages, including “heart-protecting,” “anti-inflammatory,” “brain stimulating,” and “mood-lifting” capabilities. They’re also employed as a flavoring agent in a variety of beverages and foods. Chocolate flavours’ rising health benefits, owing to their nutritional benefits of increasing blood flow to the heart and breaking up clumps of white blood cells that obstruct arteries, are driving higher demand in the market. Furthermore, dark chocolate flavones are known to assist healthy blood vessel function. Additionally, as doctors at Harvard Medical School believe it could reduce the risk of heart disease, stroke, and heart failure, as well as lower (LDL) cholesterol. Chocolate Flavors are fundamentally food constituents or flavouring agents that are extensively utilized in the making of different foods and beverages. These constituents are recognized for their soaring cocoa content that is regarded as advantageous for health. Cacao nibs are chocolate in its purest form, prior to any additional constituents being included. They are cocoa beans that have been dried and fermented. The raw organic cacao nibs have a composition comparable to roasted coffee beans. They have an abundant chocolate taste that is somewhat bitter and nutty in character. Organic Cacao Beans are the purest form of chocolate found. It causes whole cacao beans to be one of the most excellent sources of antioxidants that prevail. Mint chocolate is a recognized assortment of flavored chocolate, prepared by including a mint flavoring, like peppermint, spearmint, or crème de menthe, to chocolate. Organic cacao powder developed by Alovitox is prepared from premium organic Criollo cacao beans which is clearly the purest and rarest of beans, hailed for their delicious chocolate flavor and aroma. With its intensified chocolate flavor, unsweetened cocoa powder is a basic necessity for nearly all bakers’ pantries. Cacao nibs are broken, coarse cacao beans. Cacao bites may be prepared with constituents like Medijool Dates, unsalted raw almonds, walnuts and cacao. White chocolate is a good catalyst for additional flavors to come through owing to its milky taste and fatty profile.
Besides this, as a form of chocolate, the Food and Drug Administration does not establish a criterion of identity for dark chocolates. A product must contain at least 10% chocolate liquor, at least 3.39 percent milkfat, and at least 12 percent milk solids to be promoted as milk chocolate. However, in the projected period of 2022-2027, the market’s growth would be restrained by a high reliance on Africa for cocoa supply and unstable cocoa-producing countries, as well as strict food safety rules and standards.
Chocolate Flavor Market Segmentation Analysis – By Application
The Chocolate Flavor market based on application can be further segmented into confectionary, dairy and hot drink, bakery product, frozen product, convenience product and others. Confectionery held a dominant market share in the year 2021. Owing to the sheer rising demand for sweets, candied nuts, chocolates like mint chocolate and white chocolate, chew gum, and other confectionary items, the confectionary market is expected to dominate. Product launches, acquisitions, and the gifting of confectionery items are all contributing to the market’s expansion. Further from that, chocolate confectionery is consumed by people of all ages to fulfil their taste senses. The market for chocolate has been driven by an increase in economic affluence, particularly in emerging countries. Furthermore, chocolate is the most consumed confectionary product per capita (kg) in various nations, which is expected to fuel the demand for chocolate flavour. Moreover, consumers have identified that consuming chocolates can help in ramifying certain medical conditions like eliminating heart disease risk by a significant percentage. Intake of white chocolate can offer a good dose of calcium. In a study conducted on 470 older participants, cocoa had an important contribution (close to 50%) in reducing the chances of death from heart disease.
However, dairy and hot drink is estimated to be the fastest-growing, with a CAGR of 6.1% over the forecast period of 2022-2027. It is owing to the fact that producers throughout the world are reaching new consumer groups with tasty and healthful dairy products by adding flavours and modifying them. Lactic acid drink (LAD), tea whitener, and formulated cream are examples of other formulated products. Furthermore, chocolate flavours are frequently combined with other distinguishing dairy and hot beverage flavours to create a fresh and distinct taste in the finished product. White chocolate nearly consistently includes dairy in the form of milk and milk by-products. Given the rising customer desire for organic and natural flavours, current market developments have prompted manufacturers to shift their focus to developing new dairy-based flavours.
Chocolate Flavor Market Segmentation Analysis – By Product Type
The Chocolate Flavor market based on product type can be further segmented into Bitter Chocolate, Bittersweet Chocolate, Milk Chocolate and Others. Bitter Chocolate of the product type held the highest market share in the year 2021. Bitter chocolate is chocolate that has no milk solids added to it, and it has a stronger chocolate flavour than milk chocolate. As a result, black chocolate is more likely to have a dry, chalky texture and a bitter aftertaste than milk chocolate. In addition, greater disposable income and changes in eating habits in developing countries have resulted in increased demand for bitter chocolate. Furthermore, with rising demand for mint chocolate with health advantages of mint like better digestive health, the bitter chocolate for global chocolate flavour business is experiencing a perception problem, and rising cocoa prices could be one of the primary restraints on the market’s growth in the next years.
However, milk chocolate is estimated to be the fastest-growing, with a CAGR of 6.3% over the forecast period of 2022-2027 as manufacturers have been blending milk chocolate with other foods such as orange, caramel, biscuits, and nuts to create new milk chocolate varieties. Aside from that, they’ve released items in a variety of shapes and sizes, including bars, chips, cubes, and wafers. The availability of these varieties has increased overall milk chocolate consumption. Milk chocolate flavour is also increasingly being utilised in the formulation of a variety of beverages and confectionary goods, including as cakes, milkshakes, croissants, and hot chocolate, contributing to the worldwide milk chocolate demand for market’s rise. Montezumas offers a mint chocolate to everyone from the exemplar integration of creamy milk chocolate with peppermint to 100% cocoa bar inserted with peppermint oil. Furthermore, as per the recent strategy revelation by Hershey’s which allowed it to uptick its sales figure by $70 million, which were predominantly up ducked by milk chocolate sales, as consumers are heavily liking the taste.
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Chocolate Flavor Market Segmentation Analysis – By Geography
The Chocolate Flavor market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Europe held a dominant market share of 37% in the year 2021 as compared to the other counterparts. It is owing to the increased demand for chocolates like mint chocolate and cocoa due to their health benefits, as well as rising seasonal and festive demand in this region, Europe will lead the chocolate flavours market as the largest and fastest expanding region during the forecast period of 2020 to 2027.
Furthermore, the UK and German chocolate flavours are considered as the two major markets for chocolate-flavoured products like mint chocolate in Europe owing to which the region would grow at lucrative pace in the projected period of 2022-2027. The presence of significant dominant firms such as Nestle, Cadbury NZ, and Givaudan S A in the region increased consumer desire for natural chocolate varieties, owing to its health benefits, has boosted regional demand. As per the recent company’s report of (Nestle), the company registered an organic sales growth of 7.61% in the first nine months of 2021, which stood ahead of the company’s own forecast of 6.6% thereby showing resilient demand and potential for chocolates.
Chocolate Flavor Market Drivers
An increasing consumer awareness of the nutritional benefits of chocolate flavours have readily aided the market growth
A prominent driver driving the Chocolate Flavours market during the forecast period 2022-2027 is rising consumer awareness of the nutritional benefits of Chocolate Flavours due to the presence of flavonoids. In addition, chocolate has a lot of fibre, iron, magnesium, copper, and manganese. Furthermore, a molecule called epicatechin, which can be found in chocolate and green tea, protects the brain from the formation of sticky protein or amyloid plaques, which can lead to Alzheimer’s disease. The health advantages of mint leaves like promoting superior digestive health have resulted in the development of mint chocolate. Additionally, according to the Journal of Nutrition, chocolate consumption may help lower levels of low-density lipoprotein (LDL) cholesterol, generally known as “bad cholesterol.” Moreover, around 50% of the US population now suffers from high-cholesterol, which can be evidently controlled by consuming bitter chocolates.
The growing beverage application demand has benefitted the consumption of Chocolate Flavor as an ingredient
During the forecast period 2022-2027, increasing demand for chocolate tastes in the beverage industry will be a prominent factor driving the Chocolate Flavours Market. Growing developments and product launches by major companies are also helping to propel the market forward. Beverages involving white chocolate or mint chocolate may be prepared. Flavorchem Corporation, a leader in the manufacturing of taste and colour solutions, for example, continued its commitment to innovation in April 2019 with the launch of a new state-of-the-art pilot plant with the most advanced thermal processing capabilities. Flavorchem can stimulate HTST, UHT, and aseptic conditions with both indirect heating and direct steam injection using the fully automated, custom-designed thermal processing facility, allowing goods to be evaluated prior to manufacturing.
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Chocolate Flavor Market Challenges
Short shelf-life coupled with strict food safety rules are some of the factors impeding the market growth
The limited shelf life of chocolates is one factor that may hamper the growth of the Chocolate Flavours Market during the projected period 2022-2027. Owing to the milk fat component of the milk, which oxidises or becomes rancid faster than cocoa butter, milk chocolate has a self-life of six to nine months. Furthermore, the shorter the life lifetime of chocolate with a higher milk content. Adding nuts to chocolate also diminishes the chocolate’s self-life in terms of boom and rancidity. Nut oils get to the surface of the chocolate quickly, causing it to bloom, and they degrade faster than milk fat. Furthermore, the market’s growth would also be restrained by a high reliance on Africa for cocoa supply and unstable cocoa-producing countries, as well as strict food safety rules and standards. As per a new market report, farmers at the Ivory Coast could face a back-lash of up to 21% of the period 2021-2022.
Chocolate Flavors Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Chocolate Flavors top 10 companies include:
Archer Daniels Midland Company
Barry Callebaut AG
Blommer Chocolate Company
Cargill, Inc.
Cemoi Group
Frutarom Industries Ltd.
Givaudan SA
International Flavors & Fragrances, Inc.
Olam International Ltd.
Puratos Group NV
Recent Developments
In September 2021, Darrell Lea launched a new white chocolate raspberry bullet block. It’s the first time the company has done a white block of chocolate and it promises to create waves among fans. The chocolate also includes pieces of crunchy raspberry candy, making the texture extremely raunchy, crunchy, and tasty. Additionally, the company announced that their peanut butter milk chocolate block would also join the line-up. The block would cost close to $5. Additionally, the company would make the product 100% palm-free, by also using sustainably obtained cocoa.
In August 2021, Chocolate liquorice beer was launched by two market participants -> Darrell Lea and Nomad Brewing Co. The product has been named as Darrell Lea Batch 37 Dark Chocolate Liquorice Stout. The product contains 440 ML, packed in a tin can thereby managing the environment impact, and having alcohol content of 6%. Company further regarded that chocolate and brewing works really well, and products can be elongated on these lines.
In June 2021, Nestle announced the much waited Plant Based Kit-Kat. The product entered the Australian demography and had hit shelves by July 26. The vegan-based chocolate bars are made from rice, instead of milk and had been developed by chocolatiers and food scientists in Nestle Research and Development Centre in the UK. The product was launched in Australia after gaining immense market traction in UK, and would hit shelves of Woolworths Metro Stores and KitKat Chocolatery.
Key Takeaways
Geographically, Europe held a dominant market share in the year 2021. It is owing to the presence of robust manufacturing players such as Givaudan SA, MANE Group, which facilitate the overall end-user industries such as those listed above. Moreover, westernization and premiumization trends have given the much-needed push for using such flavours including European specialties of premium white chocolate.
The robust growth in the application sectors such as confectionery involving white chocolate, dairy & hot drinks, bakery products, frozen products are some of the factors driving the Chocolate Flavor Market. However, as the global chocolate flavours industry is going through a perception crisis, with demand for healthy products witnessing an increase the market growth is poised to have a downward spiral.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Chocolate Flavor Market Report.
Relevant Titles
Chocolate Confectionery Market – Forecast (2022 – 2027)
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