Market Size of United Kingdom Compound Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | High |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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UK Compound Chocolate Market Analysis
The UK compound chocolate market is projected to record a CAGR of 3% 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. Robust demand for the product from the country's expanding food and beverage industry for various applications, such as bakery, confectionery, frozen dessert, ice cream, beverages, cereals, and others, has fuelled the market's growth. A rising number of product innovations attributed to the changing consumer preferences for newer products, such as vegan-based and gluten-free desserts, has also boosted the market's growth. According to the Office for National Statistics (UK), the annual average Consumer Price Index (CPI), including the price index value of chocolate, confectionery, and other confectionery items, was measured at 103.6 index points in the United Kingdom. The growing preference for chocolate flavors is one of the drivers propelling the growth of the chocolate flavoring compound market. Consumers' palate for chocolate flavors and the availability of chocolate-flavored protein and nutritional supplements may boost the market.
The United Kingdom is renegotiating trade agreements under the fair-trade policy, and the government is ensuring trade agreement changes with countries worldwide for fairer trading policies, thereby providing a favorable environment for small-scale compound chocolate manufacturers to establish themselves in the country. 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, which provides a scope of expansion for compound chocolate manufacturers to cater to the demand from 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 impacted the cocoa users, such as bakers and confectioners, and the imports of quality cocoa, thus restraining the UK market.
