According to a new report published by Allied Market Research, titled, “Chocolate Liqueur Market,” The Chocolate Liqueur Market Size was valued at $4.6 billion in 2021, and is estimated to reach $6.9 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
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Chocolate liqueur is available in two types, Dutch and natural, both of which are very popular amongst people owing to their taste and flavor. On the basis of taste, the Dutch chocolate is sweet in taste whereas gives the cocoa a sharp, almost citrus fruit finish. Increase in demand for chocolate liqueur mainly due to change in consumer taste and Chocolate Liqueur Market Demand for innovative products among younger generation boosts the market growth. In addition, increased penetration of handmade confectioneries using chocolate liqueur as a main ingredient is a major factor contributing toward the Chocolate Liqueur Market Growth.
Chocolate liqueur is an alcoholic beverage made using whiskey or vodka base and chocolate to impart a distinct chocolate flavor. Chocolate liqueur is generally offered in dark or light variants. It. The basic liqueur is a strong and sugary alcoholic beverage made from chocolate-flavored distilled spirits with added sugar for sweet taste.
The chocolate liqueur market is segmented into product type, cocoa variety, form, application, and region. On the basis of product type, the market is classified into Dutch and natural cocoa liquor. Among these, the Dutch segment occupied the major Chocolate Liqueur Market Share of the market in 2021, and is projected to maintain its dominance during the forecast period. The growth of the Dutch segment is attributed to increase in adoption of the Dutching process among producers of chocolate products in the global food & beverage sector. However, the natural segment is anticipated to grow in the Chocolate Liqueur Market Trends.
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On the basis of cocoa type, the market is divided into forastero, criollo, trinitario and other. Among these, the forastero segment occupied the major share of the market in 2021, and is projected to maintain its dominance during the forecast period. This is attributed to its disease-resistance and high-yielding characteristics.
On the basis of form, the chocolate liqueur market is classified into wafers, blocks, chips, and liquid. The wafer segment holds the major share in the chocolate liqueur market owing to versatility of the wafer. In addition, it melts easily and can be used in a variety of baked items, thus increasing its popularity among the end users.
On the basis of application, the market is divided into chocolate and confectionery, ice cream, food and beverage coatings, beverages, and bakery. The chocolate & confectionary segment holds the major share, attributed to the increase in popularity of liqueur-infused foods. In addition, cocoa liqueur is an essential component of chocolate and confections, and it may be utilized in a variety of ways, including baking, chocolate sauces, chocolate bark, and frosting.
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In 2021, Europe accounted for 42.8% share in the global chocolate liqueur market, and is expected to maintain its dominance during the forecast period. However, Asia-Pacific and North America are expected to possess the highest CAGRs of 5.1% and 4.2% respectively, owing to rise in health concerns among people and increase in popularity of liqueur chocolates in these regions. Chocolate liqueur products are available in attractive packaging of different colors and shapes. This gains attention of the buyers, which increases the sale of chocolate liqueur.
The major players analyzed across the global chocolate liqueur industry include Cargill Inc. The Archer Daniels Midland Company, United Cocoa Processor, Inc., Blommer Chocolate Company, Nestlé S.A., Valrhona, Barry Callebaut, Cemoi, JBCOCOA, India Cocoa, and Charley’s. These major market players have adopted various strategies such as product launch and acquisition to expand their market reach.
Key findings of the study
On the basis of product type, the Dutch segment dominated the market in the year 2021.
On the basis of cocoa variety, the trinitario segment is likely to be the fastest growing segment with the CAGR of 6.3% during the forecast period.
On the basis of form, the liquid segment is likely to be the fastest growing segment with the CAGR of 5.9% during the forecast period.
On the basis of application, the food & beverage coatings segment is likely to be the fastest growing segment with the CAGR of 5.5% during the forecast period.
Region wise, Europe dominated the chocolate liqueur market from 2021 to 2031.
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