The chocolate flavors market is characterized by the presence of a large number of global players that have adopted growth strategies such as acquisitions & expansions. For instance, International Flavors & Fragrances Inc. (U.S.) acquired Aromor Flavors and Fragrances Ltd. (Israel) in 2014.
The emerging markets of Asia-Pacific, Latin America, and Africa have opened new opportunities in the chocolate flavors market. The chocolate flavors market is highly competitive, with several global players continuously adopting development strategies to strengthen their position in the developing economies. The key players of the industry are entering developing markets. For instance, Barry Callebaut AG (Switzerland), one of the world’s key manufacturers of high-quality cocoa and chocolate products, established its first chocolate factory in Chile in 2014 to capture its growth potential.
The chocolate flavors market in emerging economies is driven by the rising disposable income, increasing seasonal & festive demand and demand for functional foods due to health benefits.
Few key players are focusing immensely on research & development to meet the industry trend as the supply of raw materials is fluctuating and demand for cocoa and chocolate products is ever-increasing. For instance, Cargill, Incorporated (U.S.) opened two advanced technology and innovation centers at the U.S. and Brazil to develop innovative and new products.
Chocolate Flavors Market by Application (Confectionery, Dairy & Hot Drinks, Bakery Products, Frozen Products, Convenience Products, Others) & Region (North America, Europe, Asia-Pacific, Latin America, Rest of the World) - Global Trends & Forecast to 2019
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