Market Size of Africa Compound Chocolate Industry
| 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 "Africa Compound Chocolate Market Major Players"){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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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 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 Size Summary
The Africa Compound Chocolate Market is experiencing a notable expansion, driven by increasing consumer demand for confectionery products and innovative chocolate offerings. The rising disposable income and the millennial population's preference for diverse chocolate flavors are significant factors contributing to this growth. Compound chocolate, particularly dark chocolate, is gaining popularity due to its versatile applications in various food products such as bakeries, ice creams, and chocolate beverages. The use of vegetable oils instead of cocoa butter in compound chocolate enhances its appeal by providing a shinier and more attractive finish. This trend is further supported by the growing demand for cost-effective chocolate solutions that do not compromise on quality or taste.
The market is characterized by a surge in product innovation and the introduction of new chocolate products by key players. The application of compound chocolate in baking and decoration is expanding, with its use in cookies, cakes, and pastries becoming more prevalent. The ability to color compound chocolate offers opportunities for seasonal and limited-edition products, further driving market growth. Major industry players, including Cargill, Puratos, and The Barry Callebaut Group, are actively engaging in strategic initiatives such as mergers, acquisitions, and partnerships to enhance their market presence. These companies are also focusing on launching new products, like Barry Callebaut's second-generation chocolate, to meet the evolving consumer preferences and maintain a competitive edge in the African market.
Africa Compound Chocolate Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Dark Chocolate
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2.1.2 Milk Chocolate
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2.1.3 White Chocolate
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2.2 Form
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2.2.1 Chocolate Chips/Drops/Chunk
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2.2.2 Chocolate Slab
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2.2.3 Chocolate Coatings
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2.2.4 Other Types
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2.3 Application
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2.3.1 Bakery
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2.3.2 Confectionery
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2.3.3 Frozen Desserts and Ice-Cream
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2.3.4 Beverages
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2.3.5 Cereals
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2.3.6 Others
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Africa Compound Chocolate Market Size 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.
