Innovations in chocolate manufacturing push market growth
The global chocolate market is forecast to grow at CAGR of 5.3% during 2016-2020, with innovations in chocolate manufacturing being a key trend for market growth, according to Research and Markets (researchandmarkets.com)
Commenting on the report, an analyst from the research team says that innovations in chocolate manufacturing will be a key trend for market growth. Researchers at Temple University in Philadelphia, PA, have found a new process to produce low-fat chocolate by the application of an electric field charge in the direction of the flow of liquid chocolate.
This lowers the viscosity of the liquid and enables manufacturers to reduce the minimum amount of melted fat required to maintain proper flow in the pipeline. In February 2015, Barry Callebaut announced that it has devised a new method to produce milk chocolate with only 25% fat. The new process has also received a patent from the European Patent Office.
According to the report, premiumization will be a key driver for market growth. The demand for premium chocolates is growing around the world, particularly in countries such as the US and Brazil. Players are positioning their premium chocolates as gifting options. For instance, In India, Mondelez has positioned its Toblerone and Bournville brands as suitable for gifting.
As part of the drive toward premiumization, players are also offering single-origin chocolate products. These chocolates are made from one variety of cocoa harvested in one region. In July 2015, Harald and Nugali, two Brazilian chocolate companies, launched their single origin chocolate products in the U.S. market. In May 2016, Haigh's Chocolates launched four new single-origin chocolates from Ecuador, Madagascar, Papua New Guinea, and the Dominican Republic.
Further, the report states that the increasing incidence of obesity among consumers worldwide is a challenge faced by the global chocolate market. In 2014 nearly 26% of the total world population were overweight and of that nearly 32% were obese.