Tempering Chocolate: Market outlook
The world chocolate market is brighter than it has been in a decade. The revenue sales and volume growth for the chocolate industry are witnessing a profitable growth, especially in developing economies. The primary reason for the robust growth of the chocolate industry is the growing trend for “premiumization.” Premiumization has largely impacted and influenced the purchasing decisions of the buyers. The consumers are shifting towards premium and luxury products, including chocolates. Convenience, price, “minutes of delight,” and brand loyalty are some of the critical factor driving the chocolate industry over the forecast period. Innovation is the key that is being adopted by every big chocolate manufacturers to seek out to a more extensive consumer base. Tempering chocolate is one such innovation that aims to provide consumers with a next-level chocolate experience with fine texture and delightful flavor. Tempering chocolate is nothing but chocolate that has undergone a process called “tempering,” a process of mixing and cooling liquid chocolate at a suitable temperature, to re-establish the cocoa butter crystals present in the chocolate. The tempering process produces an end product with professional snap, sheen, and taste. Tempering chocolate is free from fat bloom i.e., a whitish coating that appears on some chocolates due to the separation of cocoa butter crystals, making the chocolates perfect at every level. Tempering chocolate is anticipated to witness a proliferating growth and demand owing to its professional texture and flavor, which gives it an extra edge over the conventional chocolates available. The growing awareness among consumers towards the quality of products, rising brand image consciousness among manufacturers, and increasing artisanal chocolates and confectioneries are giving rise to the demand for tempering chocolate over the forecast period.
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Growing Premiumization and Changing Consumers Eating Habits is Paving the Path for Tempering Chocolate
Today’s consumers are seeking for chocolate as an everyday luxury and convenience food. The growing demand for chocolates is backed by the economic stability and increasing purchasing powers of the consumers. Besides, growing innovation and product launches by the manufacturers are giving rise to the chocolate industry. Tempering chocolate is premium chocolate that is anticipated to witness a fueling demand among the consumers owing to its professional texture and superior quality. Tempering chocolate is widely used by chocolatier, bakery, and confectionery artisans to provide consumers with the right quality products. The growing number of bakery and confectioneries and an increasing number of specialty stores are fueling the demand for tempering chocolate over the forecast period. Besides, increasing product launches and innovation by big brands has fueled the demand for tempering chocolates. Personalized chocolates, cool flavors, ‘Hot’ fruits, nuts and spices, seasonal varieties, packaging, and 3D printing among others are vital innovations that are taken up by chocolate manufacturers to cater to the consumer demands. The growing innovation is thus expected to provide new opportunities for the tempering chocolate market.
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Global Tempering Chocolate: Market Segmentation
On the basis of nature, global tempering chocolate can be segmented as:-
On the basis of product type, global tempering chocolate can be segmented as:-
- Milk chocolate
- Dark Chocolate
On the basis of form, global tempering chocolate can be segmented as:-
On the basis of end use, global tempering chocolate can be segmented as:-
- Baked Goods
Global Tempering Chocolate: Key Players
Some the key players operating their business in the global tempering chocolate market are The Guittard Chocolate Company, Blommer Chocolate Company, Ghirardelli Chocolate Company, Santa Barbara Chocolate Company, Callebaut, and The Grenada Chocolate Company among others
There is an intense competition in the global chocolate and tempering chocolate market, manufacturers are continuously updating their inventories with new products and are increasing looking for a product launch to stand out from other market players. In the global tempering chocolate market, manufacturers are using different flavor and ingredient innovations to cater to the growing demand from consumers. Good manufacturing practices, product innovation, marketing campaigns, brand image, clean labels, and strong label game are game-changing strategies adopted by tempering chocolate manufacturers.
Opportunities for Tempering Chocolate Market Participants:
Tempering chocolate is anticipated to witness a growing demand in Europe and North America owing to the consolidation of big chocolate brands, growing innovation in the chocolate industry, and increasing product launches. However, the maximum prospects for tempering chocolates lies in the developing regions of Latin America, the Middle East, and the Asia Pacific. These developing nations are witnessing robust growth in the chocolate industry owing to increasing premiumization, growing per capita disposable incomes of the consumers, rising bakery and confectioneries, and growing trends of gifting luxury chocolates on occasions and festivals.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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