Market Size of South America Compound Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.73 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Compound Chocolate Market Analysis
South America Compound Chocolate Market is projected to register an estimated CAGR of 5.73%, during the forecast period of 2020-2025.
- Increasing demand of low priced cocoa based products has increased the demand of compound chocolates in South America. The major market drivers include, increased price of cocoa butter, limited supply of cocoa products in the market, cheaper price of compound chocolate, and increasing demand in industrial and bakery applications is driving the market growth in the region.
- Many varieties of vegetable oils, like palm, shea, and mango kernel, if blended in proper proportions, can produce physical properties in the final products that are better than those obtained using cocoa butter. Manufacturers are, thus, trying different methods in order to enhance the sensory profile of compound chocolate.
South America Compound Chocolate Industry Segmentation
The scope of the market includes South America compound chocolate market, segmented by Flavor, which includes dark, milk, white and other flavor. By product, it is segmented as chocolate chips/drops/chunks, chocolate slab, chocolate coatings and other products and by application, the market is segmented as compound chocolates, bakery, confectionery and ice cream and frozen desserts.
| By Flavor | |
| Dark | |
| Milk | |
| White | |
| Other Flavors |
| By Product | |
| Chocolate Chips/Drops/Chunks | |
| Chocolate Slab | |
| Chocolate Coatings | |
| Other Products |
| By Application | |
| Compound Chocolates | |
| Bakery | |
| Confectionery | |
| Ice Cream and Frozen Desserts |
| By Geography | |
| Brazil | |
| Argentina | |
| Rest of South America |
South America Compound Chocolate Market Size Summary
The South American compound chocolate market is experiencing significant growth, driven by the increasing demand for cost-effective cocoa-based products. This demand is fueled by the rising prices of cocoa butter and the limited supply of traditional cocoa products, making compound chocolate a more affordable alternative. The market is further bolstered by its applications in industrial and bakery sectors, where it is used in various forms such as chips, coatings, and slabs. These products are integral to the production of ice creams, biscuits, and cookies, among others. The use of vegetable oils like palm, shea, and mango kernel in compound chocolate production is enhancing its sensory profile, making it a popular choice for bakery coatings and coverings.
The compound chocolate market in South America is also benefiting from technological advancements and the ongoing chocolate crisis, which presents opportunities for growth. Countries like Chile, Argentina, and Brazil are showing a growing sophistication in their taste preferences, leading to increased applications of compound chocolate in the food and beverage industry. This trend is encouraging companies to expand their operations in emerging markets within the region. Major players in the market, such as Cargill, Puratos, and The Barry Callebaut Group, are actively expanding their presence in countries like Chile, Argentina, Uruguay, Paraguay, and Peru, further solidifying their dominance in the South American compound chocolate market.
South America 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 Force 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 By Flavor
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2.1.1 Dark
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2.1.2 Milk
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2.1.3 White
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2.1.4 Other Flavors
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2.2 By Product
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2.2.1 Chocolate Chips/Drops/Chunks
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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 Products
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2.3 By Application
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2.3.1 Compound Chocolates
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2.3.2 Bakery
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2.3.3 Confectionery
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2.3.4 Ice Cream and Frozen Desserts
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2.4 By Geography
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2.4.1 Brazil
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2.4.2 Argentina
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2.4.3 Rest of South America
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South America Compound Chocolate Market Size FAQs
What is the current South America Compound Chocolate Market size?
The South America Compound Chocolate Market is projected to register a CAGR of 5.73% during the forecast period (2024-2029)
Who are the key players in South America Compound Chocolate Market?
The Barry Callebaut Group, Cargill Incorporated , Puratos NV and Santa Barbara Chocolate are the major companies operating in the South America Compound Chocolate Market.
