New Study Expects White Chocolate Market to Touch US$ 23,500 Mn Valuation by 2026-End
Added: (Wed Jan 16 2019)
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Increasing demand for white chocolates in food and beverage industry and cosmetics sector continues to be a key driving factor for the growth of the market. The various features of white chocolate, such as skin hydration, rich, variable textures, and superior taste is driving demand for white chocolates in the F&B, and cosmetics industry.
Key market players such as Mars Incorporated, GCPPL Ltd., Nestle SA, Ghirardelli Chocolate Co., Mondelez International, Chocolatiers (UK) Ltd, Blommer Chocolate Company, Unilever, Agostoni Chocolate, Barry Callebaut, Ferrero and The Hershey Company are focusing on product innovation and expansion to consolidate their position. The report projects that revenues from global white chocolate market will increase at a remarkable 6.5% CAGR during the projection period, 2017-2026. By 2026-end, the market is expected to surpass a valuation of over US$ 23 Bn.
Increasing flexibility and multiple health benefits from white chocolates is driving the production sales of global market for white chocolate. There is rapid increase in number of chocolate manufacturing industries considering the rising consumer needs. Consumer preferences have been shifting from milk and dark chocolates to white chocolates which again is creating opportunities for manufacturers. Sustainable, healthy, premium and indulgent will be the significant trends driving white chocolate industry in the forthcoming years.
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Going premium can stimulate the demand for white chocolates and providing origin on the label of the chocolate is expected to attract more customer attention. According to the current scenario, consumers are also prepared to pay extra in order to obtain premium products. Combining several textures and flavors in one white chocolate bar is an emerging trend for the confectioners for the purpose of creating indulgent products.
North Americaís White Chocolate Market to Hold Lionís Share in The Global Market by Growing at A Remarkable 7.6% CAGR
Manufacturers in North America have been working on making more flexible products, especially in the US. There is increasing demand for white chocolate bars amongst the consumers in US as well as Canada. Additionally, white chocolate business contributes significantly towards the financial growth of the region due to increasing awareness amongst the populace regarding the benefits of white chocolate consumption. Europe and APEJ are expected to emerge as lucrative markets for white chocolate in the forthcoming years. Incorporation of cocoa butter is more in white chocolates of APEJ and Europe. Besides, Europeans also consider low sugar content in their confectionery, as a result of rising health-conscious consumers.
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Food & Beverage Industry to Drive in Significant Revenues for the Global Market
There is increasing demand for white chocolate flavored products in the food and beverage industry, mainly due to it creamy and elegant taste. The beverage sector, especially in US, is increasing the usage of white chocolate flavored products. However, cosmetics industry is likely to emerge as a profitable sector for white chocolate market in the forthcoming years. Established brands such as Starbucks are making innovative drinks with the combination of white chocolate properties. Pharmaceuticals industry is gradually increasing the usage of white chocolates in the manufacturing of medical-related products, due to increasing awareness amongst the pharmacists and manufacturers in the sector.