Cocoa butter alternatives (CBAs) are mostly mixtures of different vegetable fats, used as an alternative to cocoa butter (CB) in chocolate. These are alternatives to conventional cocoa butter. These replacer fats are named as cocoa butter alternatives. They can be mixed with CB without changing the latter’s physical properties. The global market for cocoa butter alternatives has been experiencing high demand since the last few years and is projected to reach USD 1,255 million by 2023. Lower production of cocoa beans has highly affected their prices, thereby experiencing a surge in the production of CBA. Further, the rise in cocoa butter prices has compelled manufacturers to incline towards alternatives that are cheaper, readily available, and derived from natural sources. In addition to the lower prices, the fatty acid compositions of cocoa butter alternatives are similar to cocoa butter, and they can be processed in a similar way as that of the latter. In conclusion, the similar properties of cocoa butter alternatives to cocoa butter create a lucrative market scenario for the manufacturers involved in the production of fats as cocoa butter alternatives.
Evolving economic standards and social habits coupled with the trend of consumption of better alternatives have considerably impacted the growth of cocoa butter alternatives market. Industrial players are focusing more on youth marketing, considering their shifting food consumption habits, which could further support the sales of chocolates prepared from cocoa butter alternatives. All these factors are anticipated to boost the global cocoa butter alternatives market to grow at the CAGR of 9.06% during the forecast period of 2017-2023.
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Top Key Players Analysis:
This report includes a study of strategies used in the market, mergers & acquisitions, and multiple product launches by cocoa butter alternatives market players. It further includes product portfolios and developments of leading players, which include
Some of the key players profiled in the Global Cocoa Butter Alternatives Market Cargill, Incorporated (U.S.), Nisshin OilliO Group, Ltd. (Japan), Fuji Oil Holdings, Inc. (Japan), Bunge Ltd. (U.S.), Wilmar International Ltd. (Singapore), AAK AB (Sweden), Danisco A/S (Denmark), 3F Industries Ltd. (India), and Felda IFFCO Sdn. Bhd. (Malaysia).
The cocoa butter alternatives market is a progressing market and seems to be very much competitive with the key market players operating on a global level. The key industry players in the cocoa butter alternatives market have adopted strategies such as geographic expansion, partnership, acquisitions, new product developments, and product promotions to strengthen their business portfolio. Most of the companies operating in this market are focusing on expanding their operations and capabilities across geographies and investing in research and development to offer products with better functionality.
The global cocoa butter alternatives market is segmented into type and source.
Among type, cocoa butter equivalents segment is anticipated to retain its dominance throughout the forecast period. Additionally, the segment is projected to register a healthy CAGR of 9.31% during the given period, owing to its substantial characteristic of being compatible with cocoa butter. Among the sources of cocoa butter alternatives, the shea segment is accounting for approximately 62.92% market share followed by sal, kokum & mango kernel accounting for 21.77% of the global cocoa butter alternatives market. The segment is projected to grow at a healthy CAGR of 9.64% during the review period.
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Cocoa Butter Alternatives Market is segmented into Europe, North America, Asia Pacific, and Rest of the World (ROW). Among these, the North American region is dominating the market through the forecast period. The market is projected to grow at a CAGR of 9.42% during the review period. This is attributed to high consumption of cocoa butter alternatives in cosmetics, health products, confectionery and chocolate industry in this region. Furthermore, Asia Pacific region is projected to witness the highest growth rate during the forecast period 2017-2023. In Asia Pacific region, China has dominated the market with a market share of 33.02% in the year 2017.
- Global cocoa butter alternatives manufacturers
- Foods & beverages industry
- Chocolate manufacturers
- Raw material suppliers
- Retailers and wholesalers
- E-commerce companies
- Traders, importers, and exporters
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