Chocolate Flavor Market by Application and Geography - Forecast and Analysis 2022-2026

The chocolate flavor market share is expected to increase by USD 126.14 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.38%.

This chocolate flavor market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers chocolate flavor market segmentation by application (food products and beverage products) and geography (Europe, North America, APAC, South America, and the Middle East and Africa). The chocolate flavor market report also offers information on several market vendors, including Archer Daniels Midland Co., Barry Callebaut AG, Blommer Chocolate Co., Olam Group Ltd., Puratos Group NV, Sensient Technologies Corp., Symrise AG, Takasago International Corp, The MANE Group, Firmenich SA, Custom Flavors, International Flavors and Fragrances Inc, Kerry Group Plc, Keva Flavours Pvt Ltd, McCormick and Co. Inc., T. Hasegawa Co. Ltd., Givaudan SA, Cargill Inc., Ingredion Inc., and Lionel Hitchen Ltd. among others.

What will the Chocolate Flavor Market Size be During the Forecast Period?

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"The increase in the demand for organic food products that contain natural flavors will facilitate the taste modulators market growth in APAC over the forecast period."

Chocolate Flavor Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and after post COVID-19 era. The growing popularity of chocolate flavor-based baked goods is notably driving the chocolate flavor market growth, although factors such as stringent food safety regulations and guidelines may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the chocolate flavor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

One of the key factors driving the chocolate flavor market growth is the growing popularity of chocolate flavor-based baked goods. Flavors comprise the entire range of sensations that consumers perceive while consuming food and beverage (F&B) products and are used to enhance the taste of the product. Chocolate is one of the most common flavors used in sweet baked goods such as pastries, cakes, and cookies and is popularly consumed globally. The addition of chocolate flavor in these types of baked goods imparts a characteristic taste and helps in flavor enhancement of the food, thereby making it more appealing to consumers. Owing to its intense richness and taste, the chocolate flavor is used in baked goods to enhance their taste. As a result, the chocolate flavor is used in a wide range of baked goods. For instance, chocolate couverture is used as a popular coating in most baked goods, such as pastries and cookies. This is expected to positively impact the growth of the global chocolate flavor market during the forecast period.

Key Chocolate Flavor Market Trend

Another key factor driving the chocolate flavor market growth is the increasing number of M&A. There has been an increasing number of M&A in the global chocolate flavor market, resulting in consolidation concerning market share. Numerous domestic and international vendors currently operating in the market are focusing on new acquisition deals, enabling them to enter into various regional and local markets. This will also result in the diversification of products being offered by vendors in the market, thereby attracting a wide number of customers. Moreover, this increase in the number of acquisitions by established vendors will result in the inorganic growth of the market. For instance, in June 2020, Barry Callebaut, a global manufacturer of chocolate and cocoa products, announced the acquisition of GKC Foods (Australia) Pty. Ltd. (GKC Foods), a producer of chocolates and coatings and fillings, which serves many consumer chocolate brands in Australia and New Zealand. In May 2019, Switzerland-based fragrance and flavor company, Firmenich, acquired a majority stake in VKL Seasoning, one of India's largest seasoning and flavor solution providers.

Key Chocolate Flavor Market Challenge

Stringent food safety regulations and guidelines are one of the key challenges hindering the chocolate flavor market growth. The global chocolate flavor market is subjected to various stringent regulations concerning food safety to ensure that the flavor quality is up to the industry standard and does not impose any health risks. The imposition of such regulations, however, might pose a challenge to the manufacturers of food flavors, including chocolate flavors, as they need to comply with such regulations while manufacturing chocolate flavors and maintaining the standard quality. Several government bodies across the world maintain a list of regulations concerning the safety of the different types of flavors used in a variety of food items. For instance, in the US, food flavors, including chocolate flavors, are regulated by the FDA. Therefore, several regulatory bodies exist that monitor the food safety of consumers by implementing regulations concerning flavors used in food items. Any non-compliance to these above-mentioned food safety regulations leads to product recalls at any stage of the supply chain and hefty fines to manufacturers. This, in turn, is expected to negatively impact the growth of the global chocolate flavor market during the forecast period.

This chocolate flavor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global chocolate flavor market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the chocolate flavor market during the forecast period.

Who are the Major Chocolate Flavor Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Archer Daniels Midland Co.
• Barry Callebaut AG
• Blommer Chocolate Co.
• Olam Group Ltd.
• Puratos Group NV
• Sensient Technologies Corp.
• Symrise AG
• Takasago International Corp
• The MANE Group
• Firmenich SA
• Custom Flavors
• International Flavors and Fragrances Inc
• Kerry Group Plc
• Keva Flavours Pvt Ltd
• McCormick and Co. Inc.
• T. Hasegawa Co. Ltd.
• Givaudan SA
• Cargill Inc.
• Ingredion Inc.
• Lionel Hitchen Ltd.

 

This statistical study of the chocolate flavor market encompasses successful business strategies deployed by the key vendors. The chocolate flavor market is fragmented and the vendors are deploying growth strategies such as launching new products of chocolate flavors to compete in the market.

Product Insights and News

• Archer Daniels Midland Co.- The company offers chocolate flavors under the product name D11LA.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The chocolate flavor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Chocolate Flavor Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the chocolate flavor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Chocolate Flavor Market?

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54% of the market's growth will originate from Europe during the forecast period. UK, Germany, and France are the key markets for chocolate flavor in Europe. Market growth in this region will be faster than the growth of the market in other regions.

The growth of the chocolate flavor market in Europe is mainly driven by the rising demand for natural chocolate flavors among consumers in the region. The growing awareness among consumers regarding the harmful effects of synthetic chocolate flavorings has resulted in an increased preference among consumers for natural chocolate flavors. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 moderately affected the growth of the chocolate flavor market in Europe due to a decline in the sales of packaged food ingredient products, such as food flavors. Vendors in the region, primarily food and beverage and bakery products manufacturers, were operational, owing to the demand for only essential commodities in daily applications. The demand from restaurants and end-consumers in the region severely decreased in the second half of 2020. At the production facilities, vendors had a limited workforce and were taking strict precautions to contain the spread of the disease. 

What are the Revenue-generating Application Segments in the Chocolate Flavor Market?

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The chocolate flavor market share growth by the food products will be significant during the forecast period. The chocolate flavor is used in various food products, such as bakery products, confectioneries, dairy products, and frozen products. the wide range of applications of chocolate flavor in various categories of food products is expected to increase the sales of these products and thereby contribute significantly to the growth of this segment of the global chocolate flavor market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the chocolate flavor market size and actionable market insights on post COVID-19 impact on each segment.

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Chocolate market - The market share is expected to increase by USD 41.15 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.05%.

Truffle Chocolate market - The market share is expected to increase by USD 1.22 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.17%.

Gluten-free Chocolate market - The market share is expected to increase by USD 540.3 million from 2021 to 2026, at a CAGR of 7.16%.

Organic Chocolate market - The market share is expected to rise to USD 137.54 million by 2026, and the market's growth momentum will accelerate at a CAGR of 2.71%.

Chocolate Confectionery market - The market share is expected to increase by USD 30.28 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.71%.

Chocolate Flavor Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 5.38%
Market growth 2022-2026	$ 126.14 million
Market structure	Fragmented
YoY growth (%)	4.78
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	Europe at 54%
Key consumer countries	US, Canada, UK, Germany, and France
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Archer Daniels Midland Co., Barry Callebaut AG, Blommer Chocolate Co., Olam Group Ltd., Puratos Group NV, Sensient Technologies Corp., Symrise AG, Takasago International Corp, The MANE Group, Firmenich SA, Custom Flavors, International Flavors and Fragrances Inc, Kerry Group Plc, Keva Flavours Pvt Ltd, McCormick and Co. Inc., T. Hasegawa Co. Ltd., Givaudan SA, Cargill Inc., Ingredion Inc., and Lionel Hitchen Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Chocolate Flavor Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive chocolate flavor market growth during the next five years
• Precise estimation of the chocolate flavor market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the chocolate flavor industry across Europe, North America, APAC, South America, the Middle East, and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of chocolate flavor market vendors

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