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

“The chocolate flavors market has been divided according to their usage in various applications and in different regions. The demand for functional foods and increasing health consciousness is driving the chocolate flavors market to provide innovative products in developed economies. In emerging economies, rising disposable income, changing lifestyles, and rising seasonal & festive demand is fueling the growth.
Europe is estimated to be the fastest-growing market for chocolate flavors. It is projected to grow at the highest CAGR of about 5.2% during the review period.
To maintain a competitive edge in the chocolate flavors market, key players focus on acquisitions & expansions. Some key players were also observed to be involved in investments in technological advancements, new product development, establishment of research & development centers, and increase in corporate social responsibility as strategies to garner a larger share in the market. This report provides a complete analysis of key companies and a chronology of developments with respect to their key strategies. It also analyzes the market dynamics, and issues faced by leading players.
SCOPE OF THE REPORT
This report focuses on the chocolate flavors market, which is segmented on the basis of application and region.
Chocolate Flavors Market
On the basis of application, the market has been segmented as follows:
 Bakery products
 Dairy & hot drinks
 Confectionery
 Frozen products
 Convenience foods
 Others

On the basis of region, the market has been segmented as follows:
 North America
 Europe
 Asia-Pacific
 Latin America
 Rest of the World (RoW)
”

“TABLE OF CONTENTS

1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 STUDY SCOPE 17
1.3.1 CHOCOLATE FLAVORS MARKET, BY APPLICATION 17
1.3.2 CHOCOLATE FLAVORS MARKET, BY REGION 18
1.3.3 PERIODIZATION CONSIDERED FOR THE CHOCOLATE FLAVORS MARKET 18
1.4 BASE CURRENCY CONSIDERED FOR THE CHOCOLATE FLAVORS MARKET 18
1.5 PACKAGING SIZE 18
1.6 LIMITATIONS 18
1.7 STAKEHOLDERS 19
2 RESEARCH METHODOLOGY 20
2.1 RESEARCH DATA 20
2.1.1 SECONDARY DATA 21
2.1.1.1 Key Data from Secondary Sources 21
2.1.2 PRIMARY DATA 22
2.1.2.1 Key Data from Primary Sources 22
2.1.2.2 Breakdown of Primaries 23
2.2 FACTOR ANALYSIS 24
2.2.1 INTRODUCTION 24
2.2.2 DEMAND-SIDE ANALYSIS 25
2.2.2.1 Developing Economies 25
2.2.2.2 Growing Middle-Class Population, 2009–2030 26
2.2.3 SUPPLY-SIDE ANALYSIS 27
2.2.3.1 Cocoa Production 27
2.2.3.2 Investment Projects 27
2.3 MARKET SIZE ESTIMATION 28
2.4 MARKET BREAKDOWN & DATA TRIANGULATION 31
2.5 MARKET SHARE ESTIMATION 31
2.6 RESEARCH ASSUMPTIONS & LIMITATIONS 32
2.6.1 ASSUMPTIONS OF THE RESEARCH STUDY 32
2.6.2 LIMITATIONS OF THE RESEARCH STUDY 32
 
3 EXECUTIVE SUMMARY 33
3.1 OVERVIEW 33
3.1.1 EVOLUTION 33
3.2 CHOCOLATE FLAVORS 34
3.3 EUROPE IS THE FASTEST-GROWING MARKET FOR CHOCOLATE FLAVOR APPLICATIONS 36
3.4 FOOD APPLICATION OF CHOCOLATE FLAVORS 37
3.5 KEY PLAYERS IN THE CHOCOLATE FLAVORS MARKET 38
4 PREMIUM INSIGHTS 39
4.1 OPPORTUNITIES IN CHOCOLATE FLAVORS MARKET 39
4.2 U.S. TO BE THE LARGEST CHOCOLATE FLAVORS MARKET IN 2014 40
4.3 LIFE CYCLE ANALYSIS: CHOCOLATE FLAVORS MARKET, BY REGION 41
4.4 CHOCOLATE FLAVORS MARKET, BY REGION, 2014 VS. 2019 42
4.5 EUROPE WAS THE LARGEST CHOCOLATE FLAVORS MARKET, 2013 43
4.6 DEVELOPED VS. EMERGING CHOCOLATE FLAVORS MARKET, 2014 VS. 2019 44
4.7 CHOCOLATE FLAVORS MARKET, BY APPLICATION, 2013 45
4.8 ASIA-PACIFIC: CHOCOLATE FLAVORS MARKET, 2013 46
4.9 COMPETITIVE LANDSCAPE IN CHOCOLATE FLAVORS MARKET, 2011–2013 47
5 INDUSTRY ANALYSIS 48
5.1 INTRODUCTION 48
5.2 SUPPLY CHAIN ANALYSIS 49
5.2.1 GROWERS 49
5.2.2 INTERMEDIARIES 49
5.2.3 COCOA PROCESSORS 49
5.2.4 END-PRODUCT MANUFACTURERS 50
5.2.5 RETAILERS 50
5.2.6 ORGANIZATIONS & REGULATORY BODIES 50
5.3 VALUE CHAIN ANALYSIS 51
5.4 INDUSTRY INSIGHTS 52
5.4.1 INTERNATIONAL COCOA ORGANIZATION 52
5.4.1.1 SPS Africa 52
5.4.1.2 Integrated Management of Cocoa Pests and Pathogens 53
5.4.1.3 Capacity Building on Price Risk Management Strategy for Cocoa Smallholder Farmers in Africa 53
5.4.2 PORTER’S FIVE FORCES ANALYSIS 54
5.4.2.1 Intensity of Competitive Rivalry 54
5.4.2.2 Bargaining Power of Suppliers 55
5.4.2.3 Bargaining Power of Buyers 55
5.4.2.4 Threat of Substitutes 55
5.4.2.5 Threat of New Entrants 56
6 MARKET OVERVIEW 57
6.1 INTRODUCTION 58
6.1.1 GLOBAL COCOA PRODUCTION 58
6.1.2 VARIETIES OF COCOA 58
6.1.2.1 Criollo 58
6.1.2.2 Forastero 59
6.1.2.3 Trinitario 59
6.1.3 GLOBAL COCOA PRICES 59
6.1.4 COCOA PROCESSING 60
6.2 MARKET SEGMENTATION 61
6.2.1 CHOCOLATE FLAVORS MARKET, BY APPLICATION 61
6.2.2 CHOCOLATE FLAVORS MARKET, BY REGION 62
6.3 MARKET DYNAMICS 63
6.3.1 DRIVERS 63
6.3.1.1 Health Benefits of Chocolate 64
6.3.1.2 Large Number of Applications 65
6.3.2 RESTRAINTS 66
6.3.2.1 Highly Unstable Economies in Cocoa-Producing Countries 66
6.3.2.2 Excess Dependence on West African Countries for Cocoa Supply 66
6.3.3 OPPORTUNITIES 67
6.3.3.1 Organic & Fairtrade Chocolates 67
6.3.3.2 Penetration in Emerging Countries 67
6.3.3.3 Application in Functional Food & Pharmaceutical Products 67
6.3.4 CHALLENGE 68
6.3.4.1 Changing Consumer Preferences 68
7 KEY BRANDS IN CHOCOLATE FLAVORS MARKET 69
7.1 INTRODUCTION 69
7.1.1 ARCHER DANIELS MIDLAND COMPANY 69
7.1.1.1 Ambrosia 69
7.1.1.2 Merckens 69
7.1.1.3 DeZaan 69
7.1.2 CARGILL, INCORPORATED 69
7.1.2.1 Wilbur Chocolate 69
7.1.2.2 Peter’s Chocolate 69
7.1.2.3 Gerkens Cocoa 69
7.1.3 OLAM INTERNATIONAL LIMITED 70
7.1.3.1 Macao 70
7.1.4 BARRY CALLEBAUT AG 70
7.1.4.1 Bensdorp (Barry Callebaut) 70
 
8 CHOCOLATE FLAVORS MARKET, BY APPLICATION 71
8.1 INTRODUCTION 72
8.2 CONFECTIONERY 74
8.3 DAIRY & HOT DRINKS 76
8.4 BAKERY PRODUCTS 78
8.5 FROZEN PRODUCTS 81
8.6 CONVENIENCE PRODUCTS 83
8.7 OTHER FOOD PRODUCTS 86
9 CHOCOLATE FLAVORS MARKET, BY REGION 87
9.1 INTRODUCTION 88
9.2 PEST ANALYSIS 91
9.2.1 POLITICAL FACTORS 91
9.2.1.1 Civil Wars & Election Protests in the Ivory Coast 91
9.2.2 ECONOMIC FACTORS 91
9.2.2.1 Unpredictable Economic Condition of Ivory Coast 91
9.2.2.2 Lack of Infrastructure in Developing Countries 92
9.2.3 SOCIAL FACTORS 92
9.2.3.1 Child & Forced Labor 92
9.2.3.2 Challenges Faced by Farmers in Cocoa-producing Countries 93
9.2.4 TECHNOLOGICAL FACTORS 93
9.3 NORTH AMERICA 94
9.3.1 U.S. 96
9.3.2 CANADA 97
9.3.3 MEXICO 98
9.4 EUROPE 100
9.4.1 GERMANY 102
9.4.2 FRANCE 104
9.4.3 U.K. 105
9.4.4 SPAIN 107
9.4.5 ITALY 108
9.4.6 BELGIUM 109
9.4.7 THE NETHERLANDS 110
9.4.8 REST OF EUROPE 111
9.5 ASIA-PACIFIC 112
9.5.1 CHINA 114
9.5.2 JAPAN 116
9.5.3 INDIA 117
9.5.4 SOUTH KOREA 119
9.5.5 SOUTHEAST ASIA 120
9.5.6 REST OF ASIA-PACIFIC 121
9.6 LATIN AMERICA 122
9.6.1 BRAZIL 124
9.6.2 ARGENTINA 126
9.6.3 REST OF LATIN AMERICA 127
9.7 REST OF THE WORLD (ROW) 128
9.7.1 SOUTH AFRICA 130
9.7.2 THE MIDDLE EAST 131
9.7.3 REST OF AFRICA 133
10 COMPETITIVE LANDSCAPE 135
10.1 OVERVIEW 135
10.2 CHOCOLATE FLAVORS MARKET SHARE ANALYSIS (2013) 137
10.3 COMPETITIVE SITUATION & TRENDS 138
10.4 CHOCOLATE FLAVORS MARKET DEVELOPMENTS (2010–2015*) 139
10.5 EXPANSIONS & INVESTMENTS 141
10.6 AGREEMENTS, PARTNERSHIPS, JOINT VENTURES & COLLABORATIONS 142
10.7 ACQUISITIONS 143
10.8 NEW PRODUCT LAUNCHES 144
11 COMPANY PROFILES 145
(Company at a Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
11.1 INTRODUCTION 145
11.2 ARCHER DANIELS MIDLAND COMPANY 146
11.3 CARGILL, INCORPORATED 152
11.4 BARRY CALLEBAUT 160
11.5 BLOMMER CHOCOLATE COMPANY 164
11.6 CÉMOI GROUP 167
11.7 PURATOS GROUP 170
11.8 OLAM INTERNATIONAL LTD. 174
11.9 FRUTAROM INDUSTRIES LTD. 179
11.10 GIVAUDAN S.A. 182
11.11 INTERNATIONAL FLAVORS & FRAGRANCES INC. 185
*Details on company at a glance, recent financials, products & services, strategies & insights, & recent developments might not be captured in case of unlisted companies.
12 APPENDIX 189
12.1 INSIGHTS OF INDUSTRY EXPERTS 189
12.2 DISCUSSION GUIDE 190
12.3 AVAILABLE CUSTOMIZATIONS 192
12.4 RELATED REPORTS 193
“
“LIST OF TABLES

TABLE 1  U.S. TOLERANCE LIMIT FOR PESTICIDE RESIDUE IN COCOA BEANS (CACAO BEANS) 48
TABLE 2 HEALTH BENEFITS OF CHOCOLATE DRIVE THE MARKET GROWTH 63
TABLE 3 NUTRIENT CONTENT OF DIFFERENT CHOCOLATE FORMS/100G 65
TABLE 4 GROWTH OF APPLICATION MARKET 65
TABLE 5 UNSTABLE ECONOMIC CONDITIONS AFFECT THE MARKET GROWTH 66
TABLE 6 ORGANIC & FAIRTRADE CHOCOLATE OFFER GROWTH OPPORTUNITIES 
IN THE MARKET 67
TABLE 7 TYPE OF COCOA AND ITS FOOD APPLICATION 72
TABLE 8 CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 73
TABLE 9 CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 ($THOUSAND) 73
TABLE 10 CHOCOLATE FLAVORS MARKET SIZE IN CONFECTIONERY, BY REGION, 
2012–2019 (MT) 74
TABLE 11 CHOCOLATE FLAVORS MARKET SIZE IN CONFECTIONERY, BY REGION, 
2012–2019 ($THOUSAND) 75
TABLE 12 CHOCOLATE FLAVORS MARKET SIZE IN DAIRY & HOT DRINKS, BY REGION, 
2012–2019 (MT) 77
TABLE 13 CHOCOLATE FLAVORS MARKET SIZE IN DAIRY & HOT DRINKS, BY REGION, 
2012–2019 ($THOUSAND) 77
TABLE 14 CHOCOLATE FLAVORS MARKET SIZE IN BAKERY PRODUCTS, BY REGION, 
2012–2019 (MT) 79
TABLE 15 CHOCOLATE FLAVORS MARKET SIZE IN BAKERY PRODUCTS, BY REGION, 
2012–2019 ($THOUSAND) 80
TABLE 16 CHOCOLATE FLAVORS MARKET SIZE IN FROZEN PRODUCTS, BY REGION, 
2012–2019 (MT) 82
TABLE 17 CHOCOLATE FLAVORS MARKET SIZE IN FROZEN PRODUCTS, BY REGION, 
2012–2019 ($THOUSAND) 82
TABLE 18 CHOCOLATE FLAVORS MARKET SIZE IN CONVENIENCE FOODS, BY REGION, 
2012–2019 (MT) 84
TABLE 19 CHOCOLATE FLAVORS MARKET SIZE IN CONVENIENCE FOODS, BY REGION, 
2012–2019 ($THOUSAND) 84
TABLE 20 CHOCOLATE FLAVORS MARKET SIZE IN OTHER FOOD PRODUCTS, BY REGION, 2012–2019 (MT) 86
TABLE 21 CHOCOLATE FLAVORS MARKET SIZE IN OTHER FOOD PRODUCTS, BY REGION, 2012–2019 ($THOUSAND) 86
TABLE 22 FACTORS THAT CAN INFLUENCE COCOA PRICES IN NEXT FIVE YEARS 89
TABLE 23 CHOCOLATE FLAVORS MARKET SIZE, BY REGION, 2012–2019 (MT) 90
TABLE 24 CHOCOLATE FLAVORS MARKET SIZE, BY REGION, 2012–2019 ($THOUSAND) 90
TABLE 25 NORTH AMERICA: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 
2012–2019 (MT) 95
TABLE 26 NORTH AMERICA: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 
2012–2019 ($THOUSAND) 95
TABLE 27 U.S.: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 96
TABLE 28 U.S.: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 96
TABLE 29 CANADA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 97
TABLE 30 CANADA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 97
TABLE 31 MEXICO: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 98
TABLE 32 MEXICO: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 99
TABLE 33 EUROPE: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 2012–2019 (MT) 101
TABLE 34 EUROPE: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 
2012–2019 ($THOUSAND) 101
TABLE 35 GERMANY: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 102
TABLE 36 GERMANY: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 103
TABLE 37 FRANCE: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 104
TABLE 38 FRANCE: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 105
TABLE 39 U.K.: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 105
TABLE 40 U.K.: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 106
TABLE 41 SPAIN: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 107
TABLE 42 SPAIN: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 107
TABLE 43 ITALY: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 108
TABLE 44 ITALY: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 108
TABLE 45 BELGIUM: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 109
TABLE 46 BELGIUM: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 109
TABLE 47 THE NETHERLANDS: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 110
TABLE 48 THE NETHERLANDS: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 110
TABLE 49 REST OF EUROPE: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 111
TABLE 50 REST OF EUROPE: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 111
TABLE 51 ASIA-PACIFIC: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 2012–2019 (MT) 113
TABLE 52 ASIA-PACIFIC: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 
2012–2019 ($THOUSAND) 113
TABLE 53 CHINA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 114
TABLE 54 CHINA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 115
TABLE 55 JAPAN: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 116
TABLE 56 JAPAN: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 116
TABLE 57 INDIA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 117
TABLE 58 INDIA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 118
TABLE 59 SOUTH KOREA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 119
TABLE 60 SOUTH KOREA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 119
TABLE 61 SOUTHEAST ASIA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 120
TABLE 62 SOUTHEAST ASIA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 120
TABLE 63 REST OF ASIA-PACIFIC: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 121
TABLE 64 REST OF ASIA-PACIFIC: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 ($THOUSAND) 121
TABLE 65 LATIN AMERICA: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 
2012–2019 (MT) 122
TABLE 66 LATIN AMERICA: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 
2012–2019 ($THOUSAND) 123
TABLE 67 BRAZIL: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 124
TABLE 68 BRAZIL: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 125
TABLE 69 ARGENTINA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 126
TABLE 70 ARGENTINA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 126
TABLE 71 REST OF LATIN AMERICA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 (MT) 127
TABLE 72 REST OF LATIN AMERICA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 2012–2019 ($THOUSAND) 127
TABLE 73 ROW: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 2012–2019 (MT) 129
TABLE 74 ROW: CHOCOLATE FLAVORS MARKET SIZE, BY COUNTRY, 2012–2019 ($THOUSAND) 129
TABLE 75 SOUTH AFRICA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 130
TABLE 76 SOUTH AFRICA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 130
TABLE 77 THE MIDDLE EAST: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 131
TABLE 78 THE MIDDLE EAST: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 132
TABLE 79 REST OF AFRICA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 (MT) 133
TABLE 80 REST OF AFRICA: CHOCOLATE FLAVORS MARKET SIZE, BY APPLICATION, 
2012–2019 ($THOUSAND) 133
TABLE 81 EXPANSIONS & INVESTMENTS, 2011–2014 141
TABLE 82 AGREEMENTS, PARTNERSHIPS, JOINT VENTURES & COLLABORATIONS, 2010-2014 142
TABLE 83 ACQUISITIONS, 2013–2015 143
TABLE 84 NEW PRODUCT LAUNCHES, 2011-2014 144
“
“LIST OF FIGURES

FIGURE 1 CHOCOLATE FLAVORS MARKET: RESEARCH DESIGN 20
FIGURE 2 FACTORS INFLUENCING THE COCOA & CHOCOLATE INDUSTRY 24
FIGURE 3 TOP 5 ECONOMIES BASED ON GDP (PPP) ARE U.S., CHINA, INDIA, JAPAN, 
& GERMANY 25
FIGURE 4 MIDDLE-CLASS POPULATION IN ASIA-PACIFIC IS PROJECTED TO GROW & ACCOUNT FOR THE LARGEST SHARE IN THE GLOBAL MARKET BY 2030 26
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 29
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 30
FIGURE 7 DATA TRIANGULATION METHODOLOGY 31
FIGURE 8 ASSUMPTION OF THE RESEARCH STUDY 32
FIGURE 9 LIMITATIONS OF THE RESEARCH STUDY 32
FIGURE 10 EVOLUTION OF THE COCOA & CHOCOLATE INDUSTRY 33
FIGURE 11 CHOCOLATE FLAVORS MARKET SHARE (VALUE), GEOGRAPHICAL OVERVIEW, 2014 35
FIGURE 12 MARKET IN EUROPE TO GROW AT THE HIGHEST RATE 36
FIGURE 13 CHOCOLATE FLAVORS MARKET SNAPSHOT (2014 VS. 2019): APPLICATION IN DAIRY & HOT DRINKS TO DRIVE MARKET GROWTH 37
FIGURE 14 SHARE OF LEADING COMPANIES IN CHOCOLATE FLAVORS MARKET, 2013 38
FIGURE 15 DEMAND FOR NEW FLAVORS & INNOVATIVE PRODUCTS PRESENT ATTRACTIVE GROWTH OPPORTUNITIES FOR CHOCOLATE FLAVORS MARKET 39
FIGURE 16 U.S. ESTIMATED TO BE THE LARGEST MARKET, 2014 40
FIGURE 17 CHOCOLATE FLAVORS MARKET IS IN THE GROWTH PHASE, 2014 41
FIGURE 18 EUROPEAN MARKET IS PROJECTED TO RECORD HIGH GROWTH BETWEEN 2014 
& 2019 42
FIGURE 19 DAIRY & HOT DRINKS WAS THE LARGEST APPLICATION SEGMENT OF CHOCOLATE FLAVORS MARKET IN EUROPE, 2013 43
FIGURE 20 THE MARKET IN CHINA IS PROJECTED TO GROW AT THE HIGHEST CAGR 44
FIGURE 21 DAIRY & HOT DRINKS WAS THE LARGEST APPLICATION SEGMENT IN THE 
MARKET, 2013 45
FIGURE 22 JAPAN ACCOUNTED FOR THE LARGEST SHARE IN THE ASIA-PACIFIC CHOCOLATE FLAVORS MARKET, 2013 46
FIGURE 23 KEY COMPANIES ACCOUNTED FOR MORE THAN 50% SHARE IN THE CHOCOLATE FLAVORS MARKET 47
FIGURE 24 COCOA & CHOCOLATE MARKET: MANUFACTURER & DISTRIBUTION CHANNELS 49
FIGURE 25 VALUE CHAIN ANALYSIS OF COCOA & CHOCOLATE MARKET 51
FIGURE 26 PORTERS’ FIVE FORCES ANALYSIS 54
FIGURE 27 GLOBAL COCOA PRODUCTION, BY REGION, 2014 58
FIGURE 28 COCOA PRICES 2009-2014 (‘000 USD/MT) 59
FIGURE 29 COCOA PROCESSING 60
FIGURE 30 CHOCOLATE FLAVORS MARKET, BY APPLICATION 61
FIGURE 31 CHOCOLATE FLAVORS MARKET, BY REGION 62
FIGURE 32 ORAC VALUE OF HIGH-FLAVANOL CONTAINING FOODS 64
FIGURE 33 EUROPE DRIVES THE MARKET GROWTH FOR CONFECTIONERY SEGMENT 74
FIGURE 34 INNOVATIVE PRODUCTS LAUNCHED BY COFFEHOUSES DRIVES THE MARKET GROWTH 76
FIGURE 35 MARKET FOR BAKERY PRODUCTS IS DRIVEN BY E-RETAILING & CHANGING CONSUMER EATING PREFERENCES 78
FIGURE 36 GROWTH OPPORTUNITIES IN FROZEN PRODUCTS SEGMENT IS DRIVEN BY INCREASE IN NUMBER OF WORKING WOMEN 81
FIGURE 37 FLUCTUATING COCOA PRICES, 1960–2014 88
FIGURE 38 EMERGING COUNTRIES TO SHOW HIGH MARKET GROWTH POTENTIAL IN THE COMING FIVE YEARS 89
FIGURE 39 PRESENCE OF KEY COCOA & CHOCOLATE PLAYERS DRIVES THE MARKET IN 
NORTH AMERICA 94
FIGURE 40 EUROPEAN MARKET DRIVES THE CHOCOLATE FLAVORS APPLICATION IN FOOD 100
FIGURE 41 ECONOMIC DEVELOPMENT IS EXPECTED TO DRIVE THE ASIA-PACIFIC MARKET GROWTH 112
FIGURE 42 BRAZIL: A KEY MARKET IN LATIN AMERICA 122
FIGURE 43 GLOBALIZATION HAS SIGNIFICANT IMPACT ON DEVELOPMENT OF THE MARKET 128
FIGURE 44 KEY COMPANIES PREFERRED EXPANSION & INVESTMENT WHICH WILL HAVE 
A SIGNIFICANT IMPACT ON THE MARKET DEVELOPMENT 135
FIGURE 45 BARRY CALLEBAUT GREW AT THE HIGHEST CAGR BETWEEN 2011 & 2013 136
FIGURE 46 ADM & CARGILL DOMINATED THE CHOCOLATE FLAVORS MARKET IN 2013 137
FIGURE 47 MAXIMUM DEVELOPMENTS WERE RECORDED IN 2014 138
FIGURE 48 ARRY CALLEBAUT WAS THE MOST ACTIVE COMPANY IN THE CHOCOLATE FLAVORS MARKET BETWEEN 2010 & 2014 139
FIGURE 49 BARRY CALLEBAUT ADOPTED ALL STRATEGIES TO EXPAND ITS GLOBAL REACH 
& MAINTAIN ITS MARKET POSITION BETWEEN 2010 & 2015 140
FIGURE 50 GEOGRAPHIC REVENUE MIX OF TOP 4 CHOCOLATE FLAVORS MANUFACTURERS 145
FIGURE 51 COMPANY SNAPSHOT: ARCHER DANIELS MIDLAND COMPANY 147
FIGURE 52 SWOT ANALYSIS: ARCHER DANIELS MIDLAND COMPANY 151
FIGURE 53 COMPANY SNAPSHOT: CARGILL, INCORPORATED 153
FIGURE 54 SWOT ANALYSIS: CARGILL, INCORPORATED 159
FIGURE 55 COMPANY SNAPSHOT: BARRY CALLEBAUT 160
FIGURE 56 SWOT ANALYSIS: BARRY CALLEBAUT 163
FIGURE 57 COMPANY SNAPSHOT: PURATOS GROUP 170
FIGURE 58 COMPANY SNAPSHOT: OLAM INTERNATIONAL LTD. 175
FIGURE 59 SWOT ANALYSIS: OLAM INTERNATIONAL LTD. 177
FIGURE 60 COMPANY SNAPSHOT: FRUTAROM INDUSTRIES LTD. 179
FIGURE 61 COMPANY SNAPSHOT: GIVUADAN S.A. 183
FIGURE 62 SWOT ANALYSIS: GIVAUDAN S.A. 184
FIGURE 63 COMPANY SNAPSHOT: INTERNATIONAL FLAVORS & FRAGRANCES INC. 185
FIGURE 64 SWOT ANALYSIS: INTERNATIONAL FLAVORS & FRAGRANCES INC. 188
“