Cocoa Butter Alternatives Market Analysis 2019: Top Key Players are Cargill, Incorporated, Bunge Ltd., Wilmar International Ltd., Fuji Oil Holdings, AAK AB, Felda IFFCO Sdn. Bhd.
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Prominent Key Players
The major contributing companies in the cocoa butter alternatives market globally are Fuji Oil Holdings, Inc. (Japan), Wilmar International Ltd. (Singapore), Nisshin OilliO Group, Ltd. (Japan), Bunge Ltd. (U.S.), Cargill, Incorporated (U.S.), Danisco A/S (Denmark), 3F Industries Ltd. (India), AAK AB (Sweden), and Felda IFFCO Sdn. Bhd. (Malaysia).
The market for cocoa butter alternatives globally is segmented based on source and type. Based on type, the market segmentation consists of Cocoa Butter Substitutes (CBS), Cocoa Butter Replacers (CBR) and Cocoa Butter Equivalents (CBE). The cocoa butter equivalent segment is leading the market, due to its noteworthy characteristic of being compatible with cocoa butter in almost any ratio without changing the properties of cocoa butter. This segment is predicted to expand at a CAGR of 9.31 percent during the forecast period. Moreover, the cocoa butter replacer segment is undergoing a high growth rate.
By source, the market is segmented into sal, shea, illipe & palm kernel stearin, kokum & mango kernel, and others. The shea segment is controlling the market owing to growing demand in healthcare, cosmetics, confectionery, and chocolate industries. This segment will probably increase at a CAGR of 9.64% through the forecast period.
The regional analysis of the market for cocoa butter alternatives is segmented into regions such as North America, Europe, Asia Pacific, and Rest of the world. Among these regions, the North American region is expected to maintain its domination through the forecast period, due to strong economic growth and growing consumption of cocoa butter alternatives. The North American region is projected to achieve USD 555.7 million in revenues by 2023. However, the Asia Pacific region is the most quickly rising region in terms of consumption of cocoa butter alternatives and is likely to increase at a CAGR of 9.85% in the forecast period.
As cocoa butter alternatives are relatively cheaper and more abundant in their availability, they are increasingly being favored in mass production processes. As the alternatives to cocoa butter mimic the taste of cocoa butter closely, the market is growing at an inspiring pace. The consumer demand is being positively echoed in the expansion of the market. The growing scope of application of cocoa butter alternatives in the cosmetics industry among others is likely to power the market over the forecast period.
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Industry/ Innovation/ Related News:
August 2018 Market Research Future Published a Cooked Research Report on Global Cocoa Butter Alternatives Market Research Report.
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