(I-BusinessNews.Com, August 15, 2019 ) As per the latest report by IMARC Group, titled ÂWhite Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024Â, the global white chocolate market size reached US$ 17.9 Billion in 2018, growing at a CAGR of 1.1% during 2011-2018. White chocolate is a confectionery product that is primarily produced from sugar, cocoa butter and milk solids. It also comprises a fatty emulsifier, known as lecithin that helps in keeping all the ingredients intact. Sometimes vanilla or vanilla essence is also used for enhancing the aroma and flavor of the chocolate. White chocolate is characterized by a pale ivory color and tastes completely different from the bitter and berry-like flavor of dark chocolate. The melting point of white chocolate is higher than other chocolates that aids in keeping it solid at the room temperature.
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Global White Chocolate Market Trends:
White chocolate is available in white, pale yellow or ivory colors; however, the latter two are considered superior as they contain relatively higher percentages of cocoa butter. It is utilized in the preparation of numerous food products and beverages such as tarts, cakes, cookies, popcorns, cupcakes, milkshakes, cold coffee and smoothies. Special oil-based color is also added to the white chocolate for making different confectionary products such as icing, frosting, fondant and modeling paste. Additionally, owing to the richness, fat content and complex taste, several contemporary restaurant chefs are combining white chocolate with savory ingredients to enhance the overall flavor of the dishes. Besides this, it also finds various applications in the cosmetics industry, wherein it acts as an essential ingredient in the manufacturing of wax, oil and nail enamel. Furthermore, manufacturers are significantly investing in research and development (R&D) activities to broaden their product portfolio and appeal to the emerging needs of health-conscious consumers. For instance, market players are introducing white chocolate made with goatÂs milk or non-dairy milk. On account of these factors, the market value is projected to reach US$ 18.5 Billion by 2024.
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Performance by Distribution Channel:
1. Supermarkets and Hypermarkets
2. Convenience Stores
3. Non-Grocery Retailers
Based on the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, non-grocery retailers, and others. Amongst these, supermarkets and hypermarkets account for the majority of the total market share as they cater to the one-stop-shop experience and offer discounted deals on an everyday basis to buyers.
Performance of Key Regions:
1. Western Europe
2. North America
3. Eastern Europe
5. Latin America
Region-wise, Western Europe represents the largest market for white chocolate in the world. Other major markets include North America, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia.
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