Cocoa Butter Alternatives Market Overview

Cocoa Butter Alternatives Market Size was valued at USD 1.1 Billion in 2022. The cocoa butter alternatives market industry is projected to grow from USD 1.17 Billion in 2023 to USD 2.00 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.91% during the forecast period (2023–2032).

Market Research Future has recognized the following companies as the key players in the global Cocoa Butter Alternatives market: Nisshin OilliO Group, Ltd. (Japan), Fuji Oil Holdings, Inc. (Japan), Cargill, Incorporated (US), Bunge Ltd. (US), Wilmar International Ltd. (Singapore), AAK AB (Sweden), 3F INDUSTRIES LIMITED(India), Felda IFFCO Sdn. Bhd. (Malaysia), Musim Mas (Singapore), and The Mewah Group (Singapore).

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Segmental Analysis

The global market has been segmented based on the type, source, application, and region.

Based on type the global Cocoa Butter Alternatives market has been segmented into cocoa butter equivalents, cocoa butter replacers, and cocoa butter substitutes. Cocoa butter equivalents (CBEs) are non-lauric fats with similar physicochemical characteristics as cocoa butter. They are compatible with cocoa butter in every amount without altering the properties of cocoa butter. The cocoa butter equivalents segment accounted for a market share of 78.27% of the global Cocoa Butter Alternatives market in 2020.

Based on the source, the global Cocoa Butter Alternatives market has been segmented into shea, Sal, Kokum & Mango Kernel, Illipe & Palm Kernel Stearin, and Others. The shea segment accounted for a larger market share of 60.37% in 2020. Shea butter is also known as Karite butter or Galam butter. It is obtained from the nuts of the tree Butyrospermum parkii. Fractionation is performed to produce CBEs. After the fractionation step, refining needs to be done before it can be used as a CBE. Shea butter is widely used in cosmetics, health products, and in the confectionery and chocolate industry. Shea butter and its fractions can also replace edible vegetable oils or fats, used for different food applications.

Based on application, the global market has been segmented into Bakery & Confectionery, Dairy & Frozen Desserts, Sweet & Savory Snacks, Dips, Sauces, & Dressings, and Others. In terms of value, the bakery & confectionery segment accounted for the largest market share in 2020. Cocoa butter alternatives are widely used in bakery applications and coatings to provide unique colors and flavors. They are used for mousses, creams, icing, fillings, and sandwiching for contemporary cakes, single portions and mignon pastries, sponge cakes, baked products, and biscuits. Changing consumer habits, tastes, and preferences have led to innovation in confectionery that drives the global market growth.

Regional Analysis

On the basis of region, the global Cocoa Butter Alternatives market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, North America accounted for a 40.99% market proportion in the global market. The market in the region is projected to expand at a CAGR of 7.00% during the forecast period. Growth of application industries such as food & beverages and personal care is a prominent determinant driving the market growth of North America cocoa butter alternatives market. 

Surging demand for chocolate and baked products is boosting the sales of cocoa butter alternatives as they are cheaper and abundantly available. Decline in the production of cocoa beans, resulting in the supply decline of cocoa butter, is propelling the market players in North America to opt for various cocoa butter alternatives such as shea butter, palm oil, coconut oil, and others. Asia-Pacific holds a market share of 28.82% of the global market in 2020. Expansion of numerous food & beverages and personal manufacturers in the region is expected to boost the sales of the regional market.

Key Findings of the Study:

• The global Cocoa Butter Alternatives market is projected to register a growth rate of 6.91% from 2021 to 2028.
• The cocoa butter equivalents segment is estimated to retain its prominent share till 2028 and it is projected to record the highest CAGR of 7.14% during the forecast period.
• The shea segment is estimated to retain its dominant share till 2028 and it is estimated to register the highest growth rate of 7.30% during the forecast period.
• The bakery & confectionery segment accounted for a larger market share of 65.55% in 2021, whereas the dairy & frozen desserts segment is expected to record the highest CAGR of 7.23% during the forecast period.

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