Cocoa butter alternatives are the mixtures of various vegetable fats. Three different types of cocoa butter alternatives, such as cocoa butter equivalents, cocoa butter replacers, and cocoa butter substitutes are used as an alternative to conventional cocoa butter. Rising demand and shortage of supply for Cocoa Butter, economic advantages, low quality of individual harvests, and some technological advantages have induced the development of its alternative called cocoa butter replacer.
MARKET SCOPE
The "Global Cocoa Butter Alternatives Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the cocoa butter alternatives market with detailed market segmentation by type, and application. The report provides key statistics on the market status of the leading cocoa butter alternatives market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type, the global cocoa butter alternatives market is segmented into cocoa butter equivalents, cocoa butter replacers, and cocoa butter substitutes.
- Based on application, the market is bifurcated into bakery and confectionery, dairy and frozen desserts, sweet and savory snacks, others.
MARKET DYNAMICS
Drivers:
- Surging consumption of cocoa butter alternatives as a preservative and flavoring agent.
- Rising urbanization and increasing per capita disposable income to boost the market growth of cocoa butter alternatives.
- Cocoa butter alternatives is used as an essential ingredient in several cuisines due to which it is gaining demand across the globe. Rising trend of gourmet cooking is boosting the consumption of cocoa butter alternatives as a food dressing.
- New market players are entering the market owing to the easy availability of raw materials and low capital requirement.
Restraints:
- Unorganized retail sector in few developing countries
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The cocoa butter alternatives market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social, and technological factors affecting the cocoa butter alternatives market in these regions.
IMPACT OF COVID-19 ON COCOA BUTTER ALTERNATIVES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the cocoa butter alternatives market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from cocoa butter alternatives market are anticipated to lucrative growth opportunities in the future with the rising demand for cocoa butter alternatives in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the cocoa butter alternatives market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Fuji Oil Holdings, Inc.
- Cargill, Incorporated
- Bunge Limited
- Wilmar International Ltd
- 3F Industries Ltd.
- Mewah International
- Musim Mas Holdings Pvt Ltd.
- AAK AB
- Veda Oils
- UL LLP
- Olam International
- United Cocoa Processor, Inc.
- Southern Edible oil industries Sdn Bhd
- Vidat Agricultural International
- Xi'an Sonwu Biotech Co., Ltd.
- Nature International Pte. Ltd.
- Southern edible Oils Industries (m) sdn bhd
- Sri - Lanka - Marina Foods (Pvt) Ltd.
- Jiaxing Renze Import and Export Co., Ltd
- INFINATOR PVT. LTD.