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Chocolate's ingredients vary depending on the brand and purity, but almost any chocolate will contain cocoa paste, cocoa butter, a sweetener and an emulsifier.
Cocoa Paste
Cocoa paste, or cocoa liquor, is an essential ingredient in chocolate. The percentage of cocoa listed on a chocolate bar refers to the percentage of cocoa paste. Cocoa paste is made from the ground and melted nibs of cocoa beans.
Cocoa Butter
The process of making cocoa paste leaves a flavorless residue behind called cocoa butter. Cocoa butter is a fat that regulates chocolate's texture and flavor. The more cocoa butter, the less dry and bitter the chocolate will be.
Sugar
Though other sweeteners can be used, sugar is the sweetener of choice in fine chocolates. Behind cocoa paste, sugar is the second-most prominent ingredient in chocolate.
Lecithin
Lecithin, usually derived from soybeans, is an emulsifier added to most chocolates. Lecithin makes chocolate smooth and reduces its thickness.
Other Ingredients
Milk chocolate is made more mild and pale by the added ingredient of milk or milk powder. Most chocolates include at least some vanilla, which complements the chocolate flavor.
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