Market Size of UK Compound Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.32 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Compound Chocolate Market Analysis
The United Kingdom compound chocolate market is projected to register a CAGR of 3.32% during the forecast period.
The primary factor driving the market for compound chocolates in the country is the rising consumer expenditure on indulgent confectionery products, especially chocolate confectioneries. Also, robust demand for the product from the expanding food and beverage industry in the country for various applications, such as bakery, confectionery, frozen dessert, ice cream, beverages, cereals, and others, has fuelled the market's growth. Furthermore, a rising number of product innovations, attributable to changing consumer preferences for newer products such as vegan-based and gluten-free desserts, has further boosted market growth. According to the Office for National Statistics (UK), the annual average Consumer Price Index (CPI), the price index value of chocolate, confectionery, and other confectionery items, was measured at 103.6 index points in the United Kingdom. Also, the growing preference for chocolate flavors is one of the drivers propelling the growth of the chocolate flavoring compound market. Besides this, consumers' palates for chocolate flavors and the availability of a range of chocolate-flavored proteins and nutritional supplements boost the market.
Moreover, the United Kingdom is renegotiating trade agreements under the fair-trade policy, and the government is ensuring changes in trade agreements with countries across the world for fairer trading policies, thereby providing a favorable environment for small-scale compound chocolate manufacturers to establish themselves in the country. Additionally, the demand for chocolate confectioneries in the country is high, attributed to rising consumer expenditure on indulgent confectionery products, especially chocolate confectioneries. According to the Office for National Statistics (UK), in 2021, the total turnover of companies producing chocolate and confectionary was approximately USD 4.6 billion. As a result, compound chocolate manufacturers have room to grow in order to meet the demands of chocolate confectioners and other food and beverage companies. However, a few factors, such as the shortage of quality cocoa, have resulted in soaring prices that hit cocoa users, such as bakers and confectioners, and the importing of quality cocoa, thus restraining the United Kingdom market.
