Global Chocolate Sprinkles Market poised to grow at a CAGR around 4.32% during the forecast period
Market Overview
The Global
Chocolate Sprinkles Market is estimated to reach USD 1,591.4
Million mark by 2023, as per the findings of Market
Research Future (MRFR). The market is projected to grow at 4.32% CAGR from 2018
to 2023 (forecast period) due to the significant growth of bakery and
confectionery industry. The use of sprinkles as decorative toppings on cakes,
pastries, and other baked goods supports the growth rate. Increasing demand for
donuts and pastries at affordable prices offers opportunities to the market.
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Visual appeal of food
items has played a major role in the purchasing decision of consumers. Changing
dining experiences and rise in expendable income levels of consumers is driving
the market demand. Moreover, preference for new flavors, and tastes and high
demand for decorative products are likely to spur the chocolate sprinkles
market till 2023. Addition of sprinkles in alcoholic and
non-alcoholic beverages is projected to widen the scope of the market.
However, volatile
prices of raw material can pose a challenge to market growth.
Segmentation Analysis
The Global Chocolate
Sprinkles Market is segmented by packaging type, end-use, and distribution
channel.
By packaging type, jars segment accounted for the largest share in 2017, followed by pouches and other type of packaging . Jars gained the lead in the chocolate sprinkles market thanks to their availability in various shapes and sizes. The segment is projected to touch a valuation of USD 781.7 Million by 2023. Pouches are expected to be the preferred packaging option by manufacturers due to their cost-effectiveness and customization.
By end-use, dairy
& frozen desserts accounted for the largest share in 2017, followed by
bakery & confectionery, and others. The bakery & confectionery segment
is expected to generate USD 667.1 Million by 2023.
This can be credited to preference for sprinkles due to rising consumption of
baked goods. Dairy & frozen desserts is projected to exhibit the fastest
CAGR during the forecast period owing to chocolate sprinkles being the
preferred topping.
By distribution
channel, food service segment accounted for the higher share in 2017,
while food retail also held significant share in the same year. The food retail
channel is projected to grow at a robust CAGR of 4.42% during
the forecast period due to emergence of homemade baking. The need for chocolate
sprinkles coupled with the massive growth in the organized retail sector is
projected to inflate growth of this segment.
Competitive Analysis
Major players in the chocolate sprinkles
market include Carroll Industries NZ Ltd. (New Zealand), CK Products,
LLC (U.S.), Mondelēz International, Inc. (U.S.), Golden Fluff, Inc. (U.S.),
Delfi Limited (Singapore), Paulaur Corporation (U.S.), General Mills, Inc.
(U.S.), Barry Callebaut AG (Switzerland), Lotus Chocolate Co. Ltd. (India) and
Girrbach Süsswarendekor GmbH (U.S.).
Regional Analysis
Geographically, the
chocolate sprinkles market is segmented into Europe, North America, Asia
Pacific (APAC), and Rest-of-the-World (RoW). Europe led the market with the
highest share, followed by APAC , North America , and RoW .
The European chocolate
sprinkles market is expected to touch market size of USD 529.1 million by 2023.
This can be credited to the high use of sprinkles in breakfast in European
countries. For an instance, sprinkles are consumed with buttered bread in the
Netherlands. The APAC region is projected to exhibit the fastest CAGR during
the forecast period thanks to the ever-growing bakery industry. In addition,
investments by market players in the region is expected fuel the market growth
in upcoming years. Experiments with foods and rising expendable income levels
of consumers are expected to push the regional market revenue numbers.
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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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