Chocolate Flavors Market size is estimated to be 352.6 Million in 2019, growing at a CAGR of 4.8% during the forecast period 2020-2025. Chocolate flavors are well known for its cocoa content which contains nutritious flavonoids, which are antioxidants that provides several health benefits including “heart-protecting”, anti-inflammatory, brain boosting, mood lifting properties. Moreover, they are used as a flavoring agent in various beverage and food industry. Rising health benefits of chocolate flavors owing to its nutritional benefits to increase blood flow to the hearts and break up clumps of white blood cells that block arteries are further propelling its demand in the market. In addition, the flavonols found in dark chocolates are thought to support healthy blood vessel function. Furthermore, Harvard Medical School doctors suggested that it may decrease the risk of heart disease, stroke and heart failure and it may also lower (LDL) cholesterol. Moreover, The Food and Drug Administration does not have a standard of identity for dark chocolates as a type of chocolate. To be marketed, as milk chocolate, a product must contain at least 10 percent chocolate liquor, at least 3.39 percent milkfat and at least 12 percent milk solids. In March 2017 Firmenich officially started the construction of its new world-class manufacturing facility dedicated to flavors in Zhangjiagang, China.
By Application- Segment Analysis
By Application, the Chocolate Flavors is segmented into confectionary, dairy and hot drink, bakery product, frozen product, convenience product and others. Confectionary segment held the largest market share in the year 2019 owing to the increasing demand of candies, candied nuts, chocolates, chew gum and others. Product launches, acquisition and the trend of gifting confectionary products is further contributing to its market growth. Moreover, in December 2019, 3dChef partnered with a number of confectionary firms to develop next-generation candies, sweets and decorations for the pastry industry. Also, dairy and hot drink segment is projected to witness growth at fastest CAGR of 5.6% in forecast period 2020-2025. By adding flavors and formulating dairy products, producers around the world are reaching whole new consumer groups with tasty and healthy products. Formulations may involve extra vitamins, minerals, proteins and other ingredients like omega-3 or fibre to make a product even healthier. Other formulated product includes lactic acid drink (LAD), tea whitener and formulated cream.
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Geography- Segment Analysis
Europe contributed to the largest market share of more than 29% owing to the presence of large dominant players in the region including Nestle, Cadbury NZ and Givaudan S A. Increasing demand of natural chocolate flavors among consumers owing to its health benefits have highly supported its regional demand. Moreover, according to Barry Callebaut, caramel is the third most derived flavor in chocolate confectionary in Western Europe after hazelnut and almond. North America chocolate flavors market is another dominant market owing to the presence of Archer Daniel Midland Company. Moreover, in March 2019 Archer Daniel adds another natural citrus to the mix with Ziegler Group acquisition.
Drivers – Chocolate Flavors Market
Increasing Awareness Among Consumer Regarding Nutritional Benefits of Chocolate Flavors
Increasing awareness among consumers regarding nutritional benefits of Chocolate Flavors owing to the presence of flavonoids is a significant factor driving the Chocolate Flavors market during the forecast period 2020-2025. Moreover, the chocolates flavors are rich in fiber, iron, magnesium, copper and manganese. In addition, a chemical called epicatechin found in cocoa and green tea help prevent the brain against the formulation of sticky protein or amyloid plaques which develops in Alzheimer disease. Furthermore, the Journal of Nutrition suggested that the chocolate consumption might help reduce low-density lipoprotein (LDL) cholesterol levels also known as “bad cholesterol”.
Increasing Demand of Chocolate Flavors in Beverage Industry
Increasing demand of chocolate flavors in beverage industry is a major factor driving the Chocolate Flavors Market during the forecast period 2020-2025. Growing developments and product launches by major players is further contributing to its market growth. For instance, in April 2019 Flavorchem Corporation a leader in the manufacturing of flavor and color solutions, continues its commitment to innovation with its new-state-of-the art pilot plant using the latest in thermal processing capabilities. The fully automated, custom-designed thermal processing unit allows Flavorchem to stimulate HTST, UHT and aseptic conditions with both indirect heating and direct steam injection, allowing products to be tested prior to production.
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Challenges – Chocolate Flavors Market
Short-shelf life of chocolates are some of the factors that may impede the growth of Chocolate Flavors Market during the forecast period 2020-2025. Milk chocolate has a self-life range of six months to nine months owing to the milk fat part of the milk that oxidizes or goes rancid faster than cocoa butter. In addition, the higher milk content in chocolate the shorter the life span. Furthermore, adding nuts to chocolate eventually decrease the self-life in term of boom and rancidity. Nut oils migrate quickly to the surface of the chocolate causing bloom, and the oils behave similarly to milk fat in which they oxidize faster.
Chocolate Flavors Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Chocolate Flavors Market. Chocolate Flavors Market top 10 companies are Archer Daniel Midland Company, Barry Callebaut, Blommer Chocolate Company, Cargill Incorporated, Cemoi Group, Frutarom Industry Ltd, Givaudan S A, International Flavor and Fragrance Inc., Olam International Ltd and Puratos Group.
Confectionary segment held the largest market share in the year 2019 owing to the increasing demand of candies, candied nuts, chocolates, chew gum and others.
Europe contributed to the largest market share of more than 29% owing to the presence of large dominant players in the region including Nestle, Cadbury NZ and Givaudan S A.
Increasing awareness among consumers regarding nutritional benefits of Chocolate Flavors owing to the presence of flavonoids is a significant factor driving the Chocolate Flavors market during the forecast period 2020-2025.
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B. Bakery Product Market
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