The compound chocolate market will register a CAGR of nearly 5% by 2023
Apr 18, 2019, 17:05 ET
NEW YORK, April 18, 2019 /PRNewswire/ -- About this market
The versatile applications of compound chocolate will drive the market growth during the forecast period. Various candy manufacturers are using compound chocolates to attain flexibility while altering the formulation of making innovative products including ganache, chocolate syrup, chocolate candies, and dipping chocolate. Some of the key market players are also supplying compound chocolate to be used in confectionary coatings and flavors. As a result, such varying applications of compound chocolate will drive the compound chocolate market growth during the forecast period. Analysts have predicted that the compound chocolate market will register a CAGR of nearly 5% by 2023.
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Market Overview
Expansion of retail space in APAC
One of the growth drivers of the global compound chocolate market is the expansion of retail space in APAC. The exponential growth of the retail sector globally is expected to drive the growth of the market during the forecast period.
The growing incidence of obesity and related diseases among chocolate consumers
One of the challenges in the growth of the global compound chocolate market is the growing incidence of obesity and related diseases among chocolate consumers. The growing obesity epidemic globally is forcing consumers to cut down on the intake of chocolates, confectionery, and bakery products, which can have a negative impact on the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the compound chocolate market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately concentrated with the presence of a few market players. Various vendors in the market have launched a premium product range, exclusively to target elite customers. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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