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Growing market for chocolate processing equipment to be worth US$7 billion!
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Tuesday, 18 July, 2023, 14 : 00 PM [IST]
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Our Bureau, Mumbai
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During the projected period (2023 to 2033), the global chocolate processing equipment market is expected to grow at a CAGR of 8.6%. The chocolate processing equipment market is projected to reach a valuation of US$6389 billion by 2033 from US$2800 billion showcased in 2023.
Equipment for processing chocolates and confectionery items offers a novel way to meet the rising demand for these items worldwide. A considerable need to adopt new practices, tools, and equipment in the making of chocolates and confectionery products is implied by the rising demand for new products. Equipment for processing chocolates and confectionery items is installed to address various problems that often manufacturers encounter, including rancidity in formulation ingredients, fat migration, improper heating, interfering scents in cocoa, and other issues.
Over the past two decades, there has been a consistent expansion in the global chocolate and confectionery sector. This demand is mainly attributed to rapid urbanisation, new product introductions, innovative marketing techniques, shifting nutritional preferences, and the growing practice of giving confectionery products as gifts.
High acceptance of confectionery items is also being ensured by expanding brand consciousness, exposure to Western products in emerging nations, development of new product categories, and launch of new product variants that would appeal to a wide variety of tastes. These factors are projected to push the chocolate processing equipment market in the next 10 years.
High demand for healthy and functional confectionery products such as products that are free of artificial sweeteners & flavours, saturated fat, and trans fats, which require technologically advanced equipment to produce, is likely to spur the chocolate processing equipment market. Besides, the emergence of new machinery and production methods in the chocolate and confectionery industry is expected to boost the global market.
Furthermore, robust demand for high-quality products in both developed and developing countries is anticipated to fuel the global market. As per the Centre for the Promotion of Imports (CBI), the average chocolate consumption amounts to nearly 0.9 kilogram per capita every year across the globe.
Germans are considered to be the largest chocolate consumers in the world with a per capita consumption of 11 kilogram every year. Similarly, Switzerland is currently the second-largest chocolate consumer with 9.7 kilogram per capita. These numbers are estimated to grow at a rapid pace in the evaluation period on the back of changing lifestyles and high disposable income worldwide, thereby driving the chocolate processing equipment market, according to FMI.
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