London — Global sales for compound chocolate are expected to grow 5 percent, compounded annually, by 2023, according to Technavio. The projections would result in $3.37 billion in incremental growth.
The research company reports the market will be driven by retail expansion and strong economic growth in the Asia-Pacific region. Additionally, increasing popularity of ecommerce is further propelling sales.
While Asia-Pacific markets are anticipated to lift the market, 32 percent of the growth will come from Europe, according to Technavio.