The global cocoa butter alternatives market revenue is expected to expand at a significant CAGR over the forecast period. Rising disposable income with growing economic conditions is driving global demand for the target product.
The global cocoa butter alternatives market report has been segmented on the basis of product type, source and region.
On the basis of product type, the target market is segmented into cocoa butter equivalents, cocoa butter replacers, and cocoa butter substitutes. Cocoa butter equivalent segment is dominating the market, owing to its significant characteristic of being compatible with cocoa butter in every amount without altering the properties of cocoa butter.
On the basis of source, the market is classified into shea, sal, kokum & mango kernel, illipe & palm kernel stearin, and others. The shea segment is dominating the market due to increasing demand in cosmetics, healthcare, confectionery, and chocolate industries.
Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to World Cocoa Foundation, 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.
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The market in North America is estimated to be fastest growing market over the forecast period, owing to healthy economic growth and increasing consumption of cocoa butter alternatives. More than 50% of cocoa butter equivalents are made from Shea butter as it has a higher melting point compared to cocoa butter and coconut oil and tends to be a little harder. Oils & facts manufactures are investing hugely in R&D activities to introduce new products in the global market. Sustainable production of shea butter is at the center of attention in European markets and opportunities are increasing for certified producers and exporters in Sub-Saharan Africa.
Key players operating in the global cocoa butter alternatives market include Nisshin OilliO Group, Ltd., Fuji Oil Holdings, Inc., Cargill, Incorporated, Bunge Ltd., Wilmar International Ltd., AAK AB, Danisco A/S, 3F Industries Ltd., Felda IFFCO Sdn. Bhd. and Others. Key players such as Mondelez International and Hershey use alternative sources derived from shea butter, palm oil or other sources.