Although ganache is ubiquitous throughout both pastry and confectionery, it is a very complex system that requires careful handling. The two aspects of ganache that require the most attention are the emulsion that comprises it and the crystallization of its polymorphic fat.
Ganache is a fat-in-water emulsion, meaning that droplets of butterfat from the cream and butter, as well as cocoa butter from the chocolate, are dispersed into a continuous liquid phase from the cream and liquid flavoring. Of course, ganache contains other components, such as cacao solids and sugar from the chocolate, milk solids and lactose from the cream, and various liquid sweeteners. Each of these ingredients plays a part in the way ganache behaves and contributes to the complexity of the system.