Africa Compound Chocolate Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.23 Billion |
| Market Size (2029) | USD 1.61 Billion |
| CAGR (2024 - 2029) | 5.53 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Africa Compound Chocolate Market Analysis
The Africa Compound Chocolate Market size is estimated at USD 1.23 billion in 2024, and is expected to reach USD 1.61 billion by 2029, growing at a CAGR of 5.53% during the forecast period (2024-2029).
Consumption of confectionery products like chocolates, assortment boxes, and other chocolate products is increasing in the region owing to increasing disposable income and increasing innovation. The millennial population in the region is more attracted to the consumption of different types and flavors of chocolates. According to United States Department of Agriculture data from 2021, Morocco imported USD 79 trillion worth of chocolate from the world. The demand for compound chocolate is growing among manufacturers owing to its application in different food products like bakeries, icecreams, frozen desserts, chocolate beverages, and many more.
Compound chocolate like dark chocolate is used in different bakery products like cakes and pastries as toppings or as the main flavor ingredient. Also, dark chocolate products like choco chips and choco thins are used as decorating ingredients in frozen desserts and icecreams. The market players are preparing new compound chocolate products from good quality cocoa in order to have better consistancy and taste in the products. Additionally, the demand for compound chocolate is increasing among manufacturers due to its low cost and use of vegetable oils in it instead of cocoa butter which makes the products look shinier and attractive. Over the medium term, the demand for compund chocolate is expected to increase owing to the increasing consumption of chocolate products among consumers and product innovation in the market.
Africa Compound Chocolate Market Trends
Growing Demand for Chocolate in Various Applications
The rise in popularity of compound chocolate is due to its application in different food products, with forms such as coatings, drizzles, chunks, and drops. Chocolate chips/drops/chunks can be used in cookies, pancakes, cakes, and various pastries. They are also found in many other retail food products, such as granola bars, ice cream, and trail mix, which is increasing the application of the same in these widely consumed product types. Unlike chocolate, compounds, and inclusions may be colored. This not only helps to add flavor but also creates the opportunity for seasonal and limited-edition innovations. The market players have been innovating and launching new chocolate products with the incorporation of compound chocolate. For instance, in September 2022, a South African Company Cape Roasters launched chocolate-coated products such as peanuts, raisins, and shortcakes with the addition of sustainably sourced cocoa.
Bakery holding the Major Share for Utilization of Compound Chocolate
Compound chocolate is the most commonly used chocolate in the baking industry in different products like cakes, pastries, desserts, cookies, and other products. Increasing demand for convenience and innovative products among consumers is driving the market players for the use of chocolate in different food products. The recent trend of using compound chocolate for decoration purposes is also driving the demand for it in the market. The shelf life of fresh baked goods enrobed with compound coating does not get affected because hard fat is used to adjust the melting point and carries enough seed to make necessary tempering. The market players are launching different types of processed bakery products like cookies and biscuits in the market with the addition of healthy ingredients along with chocolate which is grabbing consumer attraction. For instance, in November 2022, Mondelez International launched a range of Cadbury Bournvita Biscuits in Nigeria.
Africa Compound Chocolate Industry Overview
The African compound chocolate market is consolidated with major players competing for the market share. The major players in the market are focusing on new product launches, expansion, mergers and acquisitions, and partnerships to gain a competitive advantage in the market and therefore strengthen their hold in the market. The key players in the market are Cargill, Puratos, The Barry Callebaut Group, and Aalst Wilmar Pte Ltd among others.
Africa Compound Chocolate Market Leaders
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Cargill Incorporated
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Puratos
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The Barry Callebaut Group
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Aalst Wilmar Pte Ltd
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The Bühler Holding AG
*Disclaimer: Major Players sorted in no particular order
Africa Compound Chocolate Market News
- In November 2022, Barry Callebaut announced a long-term agreement with Attelli SARL, a distributor and confectionery manufacturer based in Casablanca, Morocco. Under this agreement, the company took over the manufacturing assets of Attelli and established a production unit in Morocco.
- In October 2022, Puratos brand Belcolade launched its first-of-its-kind chocolate, So'Choc Cacao Trace. The company combined its fermenting expertise to create fermented cacao chocolate products in the market.
- In October 2022, Barry Callebaut introduces the second generation of chocolate. This chocolate can be used in different food products. The product is made from high-quality cocoa through the process of fermentation and roasting cocoa.
Africa Compound Chocolate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1 Market Overview
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Dark Chocolate
5.1.2 Milk Chocolate
5.1.3 White Chocolate
5.2 Form
5.2.1 Chocolate Chips/Drops/Chunk
5.2.2 Chocolate Slab
5.2.3 Chocolate Coatings
5.2.4 Other Types
5.3 Application
5.3.1 Bakery
5.3.2 Confectionery
5.3.3 Frozen Desserts and Ice-Cream
5.3.4 Beverages
5.3.5 Cereals
5.3.6 Others
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Cargill, Incorporated
6.3.2 Puratos
6.3.3 The Barry Callebaut Group
6.3.4 The Bühler Holding AG
6.3.5 Mondelez International
6.3.6 Ferrero International SA
6.3.7 Fuji Oil Holdings Inc
6.3.8 Nestle SA
6.3.9 Cocoa Processing Company
6.3.10 Lindt & Sprungli AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Africa Compound Chocolate Industry Segmentation
Compound chocolate is a product made from cocoa mass, cocoa butter, and some sweeteners. Compound chocolate is widely used in different food materials. The African compound chocolate market is segmented by type which includes dark chocolate, milk chocolate, and white chocolate. Based on form, the market is divided into chocolate chips/drops/chunks, chocolate slabs, chocolate coatings, and other products. By application, the market is classified into the bakery, confectionery, frozen desserts, and ice-cream, beverages, cereals, and others. For each segment, the market sizing and forecasts have been done on the basis of value (in USD).
| Type | |
| Dark Chocolate | |
| Milk Chocolate | |
| White Chocolate |
| Form | |
| Chocolate Chips/Drops/Chunk | |
| Chocolate Slab | |
| Chocolate Coatings | |
| Other Types |
| Application | |
| Bakery | |
| Confectionery | |
| Frozen Desserts and Ice-Cream | |
| Beverages | |
| Cereals | |
| Others |
Africa Compound Chocolate Market Research FAQs
How big is the Africa Compound Chocolate Market?
The Africa Compound Chocolate Market size is expected to reach USD 1.23 billion in 2024 and grow at a CAGR of 5.53% to reach USD 1.61 billion by 2029.
What is the current Africa Compound Chocolate Market size?
In 2024, the Africa Compound Chocolate Market size is expected to reach USD 1.23 billion.
Who are the key players in Africa Compound Chocolate Market?
Cargill Incorporated, Puratos, The Barry Callebaut Group, Aalst Wilmar Pte Ltd and The Bühler Holding AG are the major companies operating in the Africa Compound Chocolate Market.
What years does this Africa Compound Chocolate Market cover, and what was the market size in 2023?
In 2023, the Africa Compound Chocolate Market size was estimated at USD 1.17 billion. The report covers the Africa Compound Chocolate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Compound Chocolate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Africa Compound Chocolate Industry Report
Statistics for the 2024 Africa Compound Chocolate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Africa Compound Chocolate analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
