Cocoa & chocolate fillings are majorly used in bakery and confectionery products in order to give the product sweetness, texture, and flavor. Fillings usually range from fat to water based fillings for diverse applications in bakery, confectionery and dairy industry to develop right formulation in terms of texture, taste, viscosity and mouth feel. Various food safety organizations in different regions has defined guidelines related to processing, puffing, freezing, and packaging which plays a crucial role in cocoa & chocolate fillings market. The fillings can be in various forms and the viscosity is controlled by the dry substance, crystals, and texturizing agents in the final product.
Competitive Analysis-
This report includes a study of strategies used in the market, mergers and acquisitions in cocoa fillings, multiple product launch by cocoa fillings market players. It further includes product portfolios and developments of leading major players which includes
The market players have started investing in research and development to identify the right formulations and to improve product functionality in order to capture lion’s share and create brand recognition in cocoa fillings market. Most of the companies operating in this market are focusing on expanding its operations across geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
With changing lifestyle and evolving dietary pattern, convenience food plays an important role in defining the consumers’ food choices in the modern world. The use of cocoa & chocolate fillings in various bakery, confectionery products began in Western countries and it spread to other regions rapidly. Looking at the economic development at global level and specifically for BRIC countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant. The increasing consumption of convenience food is driven by the desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and spend more time doing the things they value more. Consumers look for convenience foods as they are easily available, and possess nutritional value due to fortification, variety and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food a time & energy consuming chore. As a result, demand for chocolate flavored bakery & confectionery products has increased which has resulted in huge demand for cocoa & chocolate fillings.
These factors will play a key role in the growth of cocoa fillings market at the CAGR of 4.70% during 2017-2023
By Downstream Analysis
Among the ingredients type, cocoa beans is anticipated to retain its dominance throughout the forecast period of 2017-2023.The segment is projected to register an impressive growth rate of 4.48% during the forecast period. Among the application, bakery & confectionery is estimated to be the attractive segment among the manufacturers of cocoa fillings. The segment is estimated to reach USD 165.05 Mn by the end of 2023. However, personal care segment is projected to register a maximum CAGR of 5.37% during the forecast period. Store based segment is projected to hold maximum market proportion of more than 60% by the end of 2017 and it is estimated to retain its dominance throughout the forecast period.
The Global Cocoa Fillings Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Asia-pacific will register a massive growth during the forecast period of 2017-2023. High growth in emerging economies such as China, India, Japan and ASEAN countries is positively influencing the growth of cocoa fillings market during the review period. Also, Latin America and Middle East region find a lucrative opportunity in the global cocoa fillings market.
Market Segmentation
Global Cocoa Fillings Market is segmented by ingredients, application, distribution channel and region
