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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