Market Research Future (Food and Beverages) Cocoa Butter Alternatives Market Size, Share | Page 3

Cocoa Butter Alternatives Market Research Report - Forecast to 2023
2 Market Overview
Based on the current scenario, it has been observed that the production of cocoa is witnessing a downfall globally.
Unfavorable climatic conditions have resulted in crop loss, which has further affected chocolate production. Crop
failure due to soil infertility is one of the major challenges faced by farmers. Hence, owing to the mentioned factors,
the production of cocoa beans is declining, encouraging the manufacturers of alternatives to enhance their
production capacity and generate high revenues.
The global consumption and demand for chocolate are witnessing a steady growth. The demand for chocolates for
bakery and confectionery-based applications is rising. Increasing disposable income combined with developing
economies in countries, such as India, China, and Brazil, is anticipated to add fuel to the market demand for
chocolates. However, to satiate consumers’ need and overcome the current situation of low availability of cocoa to
produce cocoa butter, the market for cocoa butter alternatives is estimated to flourish.
Key Findings:
Global cocoa butter alternatives market is projected to reach USD 1,255 million by 2023 at a growth rate of 9.07%.
The North American region is estimated to retain its dominance throughout the forecast period and will grow at a
substantial CAGR of 9.42%. Furthermore, among the North American countries, the U.S. is projected to witness a
substantial growth of 9.35% during the forecast period.
CBE holds a major market share of 78.14% in the year 2017, and is projected to reach USD 993.8 million by 2023.
Shea source accounted for a major market share of 61.78% in the year 2017, and is projected to reach USD 625.3
million by 2023.
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