UPDATE 1-Barry Callebaut Q1 sales volumes miss forecast

* Q1 sales revenue 1.515 bln CHF vs 1.496 bln forecast

* Sales volumes miss expectations at 463,996 tonnes

* Confirms mid-term guidance

(Adds details)

ZURICH, Jan 15 (Reuters) - Barry Callebaut, the world's biggest maker of chocolate and cocoa products, confirmed its mid-term targets on Wednesday, even as it posted first-quarter sales volume growth that fell short of expectations.

The Swiss-based company that makes chocolate for the likes of Nestle and Mondelez posted sales volume growth of 19.5 percent in its fiscal first quarter, compared with the 21.1 percent forecast by analysts in a Reuters poll.

Excluding Petra Foods' cocoa business, which Barry bought in Dec. 2012 for $860 million, sales volumes rose 4.6 percent in the quarter, at a slower rate than the 8.3 percent registered a year ago.

Barry Callebaut, which provides the food manufacturing industry with cocoa and chocolate products, coatings and cocoa powders, said sales revenue rose 21.4 percent in the quarter to 1.515 billion Swiss francs, ahead of poll forecasts.

This figure was boosted by higher raw material prices for cocoa beans, cocoa butter and milk powder.

Outsourcing, such as a 2012 deal with Unilever to supply chocolate for ice creams such as Magnum, has helped the company outpace sluggish growth in the global chocolate market.

Compared with an estimate from consumer trends consultant Nielsen that the global chocolate market grew 3.4 percent from September to November, Barry Callebaut saw revenue rise 11.5 percent in Europe, 5.9 percent in the Americas and 3 percent in the Asia-Pacific region.

Fellow chocolate-maker Lindt & Spruengli posted forecast-beating full-year sales growth of 8.6 percent on Tuesday, buoyed by strong growth in North America.

Barry Callebaut, whose shares trade at 20.3 times forecast earnings ahead of Nestle's 18.4 times, according to Thomson Reuters data, confirmed its mid-term target for volume growth of 6-8 percent.

($1 = 0.9008 Swiss francs)

(Reporting by Caroline Copley; Editing by Mark Potter)