Lower production of cocoa beans has highly affected their prices, thereby experiencing surge. Further, rise in cocoa butter prices have compelled the manufacturers to incline towards alternatives that are cheaper and more readily available and those that are derived from natural sources. Cocoa butter alternatives majorly comprise of fats that are further segmented into three types including cocoa butter replacer (CBRs), cocoa butter equivalents (CBEs) and as cocoa butter substitutes (CBSs). In addition to the lower prices, the fatty acid compositions of cocoa butter alternatives are like that of cocoa butter and, they can be processed in the similar way as that of the later. In conclusion, the similar properties of cocoa butter alternatives create a lucrative market scenario for the manufacturers involved in the production of fats as cocoa butter alternatives.
Declining cocoa butter production has created immense opportunities for the manufacturers to develop potential cocoa butter alternatives and generate revenue through their product offerings. Oils and fats manufacturers are identified to be investing hugely in the R&D sector to develop novel products and introduce their product-line in the global market. Extensive research is carried out on plant-based as well as animal-based oils as alternatives to cocoa butter. For instance, Malaysian researchers studied mango seed fat and palm stearin as cocoa butter alternatives which could be used in chocolates for tropical countries as they can withstand high temperatures.
The global cocoa butter alternatives market is segmented into North America, Europe, Asia Pacific & Rest of the world. North America region is estimated to account for the significant market proportion in the global cocoa butter alternatives market and the trend is expected to continue throughout the forecast period of 2017-2023. North America region is estimated to reach USD 555.7 million by the end of 2023 with registering a CAGR of 9.85% during the forecast period. Asia Pacific region is projected to expand at a high growth of 9.85% during the forecast period.
Cocoa butter alternatives market has been segmented on the basis of type which comprises of cocoa butter equivalents (CBE), cocoa butter replacers (CBR), and cocoa butter substitutes (CBS).
On the basis of source, the cocoa butter alternatives has segmented into shea, sal, kokum & mango kernel, illipe & palm kernel stearin, and others.
The leading market players in the global cocoa butter alternatives market primarily are Nisshin OilliO Group, Ltd. (Japan), Fuji Oil Holdings, Inc. (Japan), Cargill, Incorporated (U.S.), 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)
• Food & beverages manufacturers
• Cocoa butter alternatives manufacturers
• Raw material suppliers
• End users (food & beverages industry)
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• Among the type, cocoa butter equivalents segment is expected to account for the major market proportion during the forecast period of 2017-2023. However, cocoa butter replacers is projected to expand at a substantial growth rate of 8.54% during the forecast period.
• Among the sources, shea segment is expected to witness growth rate of 9.64% during the forecast period of 2017-2023. Sal, Kokum & Mango Kernel segment is projected to expand a growth rate of 8.94% during the forecast period.
Regional and Country Analysis of Cocoa butter alternatives Market Development and Demand Forecast to 2023 Market:
As per the MRFR analysis, the global cocoa butter alternatives market is estimated to reach USD 1.25 billion during forecast period 2017 to 2023 with registering A CAGR of 9.07%
The reports also cover country-level analysis:
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Rest of the world
o Latin America
o Middle East
Table of Contents:
1.1.1 Cocoa Butter Alternatives
1.2 Scope of the Study
1.2.1 Research Methodology
1.5 Research Process
1.6 Primary Research
1.7 Secondary Research
1.8 Forecast Model
2 Executive Summary
2.1 Global Cocoa Butter Alternatives Market by Region
2.2 North America Cocoa Butter Alternatives Market by Country
2.3 Europe Cocoa Butter Alternatives Market by Country
2.4 Asia Pacific Cocoa Butter Alternatives Market by Country
2.5 Rest of World Cocoa Butter Alternatives Market by Region
2.6 Premium Insights
2.6.1 Global Cocoa Butter Alternatives Market: Market Mapping & Research Methodology
2.6.2 Regulatory Landscape
2.7 Market Overview: Global Cocoa Butter Alternatives Market
2.8 Industry Trends and Market Environment: Global Cocoa Butter Alternatives Market
3 Market Dynamics
126.96.36.199 Declining production of cocoa beans
188.8.131.52 Escalating demand for low cost cocoa butter alternatives
184.108.40.206 Potential demand of chocolate from various industries
220.127.116.11 Regulatory framework
18.104.22.168 R&D investments
22.214.171.124 Strong performance of the retail channels
126.96.36.199 Rheological stability
3.2 Porter’s Five Forces Analysis
3.2.1 Threat of New Entrants
3.2.2 Bargaining Power of Suppliers
3.2.3 Threat of Substitutes
3.2.4 Bargaining Power of Buyers
3.2.5 Internal Rivalry
3.3 Supply Chain Analysis
3.4 Value Chain Analysis
4 Global Cocoa Butter Alternatives Market, By Type
4.1 Cocoa Butter Equivalents (CBE)
4.2 Cocoa Butter Replacers (CBR)
4.3 Cocoa Butter Substitutes (CBS)
5 Global Cocoa Butter Alternatives Market, By CBE Sources
5.2 Sal, Kokum & Mango Kernel
5.3 Illipe & Palm Kernel Stearin
5.5 Rest of World Cocoa Butter Alternatives Market by Region
6 Competitive Landscape
7 Company Profiles
7.1 Nisshin OilliO Group, Ltd.
7.1.1 Company Overview
7.1.5 Key Developments
7.2 Fuji Oil Holdings, Inc.
7.2.1 Company Overview
7.2.5 Key Developments
7.3 Cargill, Incorporated
7.3.1 Company Overview
7.3.5 Key Developments
7.4 Bunge Ltd.
7.4.1 Company Overview
7.4.5 Key Developments
7.5 Wilmar International Ltd.
7.5.1 Company Overview
7.5.5 Key Developments
7.6 AAK AB
7.6.1 Company Overview
7.6.5 Key Developments
7.7 Danisco A/S
7.7.1 Company Overview
7.7.5 Key Developments
7.8 3F Industries Ltd.
7.8.1 Company Overview
7.8.5 Key Developments
7.9 Felda IFFCO Sdn. Bhd.
7.9.1 Company Overview
7.9.5 Key Developments