Cocoa Butter Alternatives Market Share, Overview, Trends and COVID-19 Analysis, Forecast to 2023
Cocoa Butter Alternatives Market Overview
Cocoa butter alternatives are gaining traction globally due to
unavailability of the cocoa crop. Cocoa is the prime ingredient for chocolates,
foods, beverages, and personal care products. But unpredictable weather
conditions and lack of funds for farmers have led to manufacturers looking for
alternatives. The global cocoa butter alternatives market report by Market
Research Future (MRFR) states drivers, opportunities, threats, and weakness in
the market in a step-by-step manner.
Cocoa Butter Alternatives Market Outlook
The global cocoa butter alternatives market is expected
to flourish due to rising costs of cocoa butter and inclination towards healthy
foods. Its size can touch USD 1,255 million by 2023 at a CAGR of 9.07% from
2018 to 2023 (forecast period). The global consumption of chocolate is expected
to spur the market demand in order to keep up with the demand for these sweet
foods.
Rise in disposable income levels of consumers in India, China, and
Brazil is predicted to drive market demand exponentially thanks to a huge
hankering for chocolate. Low availability of cocoa and rise in confectionery
and bakery applications can present new growth opportunities for the market in
the coming years.
Cocoa Butter Alternatives Market Segmentation
The global COVID-19 analysis on cocoa
butter alternatives market size is
segmented by type and source.
By type, it is segmented into cocoa butter replacers (CBR), cocoa
butter substitutes (CBS), and cocoa butter equivalents (CBE). The cocoa butter
equivalents segment is anticipated to dominate the market owing to the high
compatibility of the substance with other ingredients in ice creams and
chocolate spreads. It can exhibit 9.31% CAGR over the forecast period to touch
a value of USD 993.8 million. For instance, mango butter is being used as an
emulsion in chocolate to improve the mouthfeel of the end product.
By source, it is segmented into kokum & mango kernel, illipe
& palm kernel stearin, sal, shea, and others. Among them, the shea segment
can lead the market till 2023 due to its utilization in confectionery,
chocolate, healthcare, and cosmetics industries. The segment can exhibit 9.64%
CAGR during the assessment period. On the other hand, kokum & mango kernel
segment can prove to be beneficial to the market. This can be credited to the
eco-friendly extraction process from kokum, a tree found in parts of India.
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Cocoa Butter Alternatives Market Regional Analysis
Geographically, the global cocoa butter
alternatives market report is segmented into Asia Pacific (APAC),
North America, Europe, and Rest-of-the-World (RoW).
The North America region is predicted to lead the market with a
CAGR of 9.42% during the forecast period. Inclination towards healthy foods and
consumption of cocoa butter alternatives are factors expected to push the
regional market valuation to USD 555.7 million by 2023.
The APAC region can showcase a CAGR of 9.85% CAGR throughout the
assessment period. This can be credited to manufacture of CBEs in India and
China due to penchant for chocolate and its derivatives. Moreover, changing
business models of cocoa manufacturing companies to manufacture cocoa butter
alternatives for saving on production overheads is likely to be lucrative for
the cocoa butter alternatives market.
Cocoa Butter Alternatives Market Competitive Outlook
Genteel names within the cocoa butter alternative market include
Fuji Oil Holdings, Inc., Bunge Ltd., Danisco A/S, Wilmar International Ltd.,
Cargill, Incorporated, 3F Industries Ltd., Felda IFFCO Sdn. Bhd., AAK AB,
Nisshin OilliO Group, Ltd., and others.
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NOTE: Our team of researchers are studying Covid19 and its impact
on various industry verticals and wherever required we will be considering
covid19 footprints for a better analysis of market and industries. Cordially
get in touch for more details.
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