Popularity of Specialty Chocolate to Fuel the Demand Rate, Market Slated to Surpass US$ 8.25 by 2032: Fact.MR Study
Published : 07 Jan 2022 Industry: Food & Beverage
A recently published report by Fact.MR reveals that the global cocoa liquor market is projected to grow at a modest CAGR of 2.9% during the forecast period (2022-2032), surpassing nearly US$ 8.25 Bn.
Prevalence of chocolate as one of the most sought-after and widely consumed products in the world of food & beverages has urged companies to extend the production of cocoa liquor. Over the years, a range of chocolate products such as cocoa butter have been processed through cocoa liquor.
Farmers from across the globe are increasingly shifting towards cash crops, which has incidentally spurred the global cocoa production. With ample cocoa beans at their disposal, companies in the global cocoa liquor market are setting up new processing plants and extending their production capacities.
However, a key impediment for production of cocoa liquor is the cost-intensive of edible alcohols. Since production of cocoa liquor entails the use of alcohol, environmental protection agencies are creating stringency in their supply chain, and companies are being compelled to control the toxic emissions of their processing plants.
Key Takeaways from the Market Study
- By variety, Trinitario cocoa liquor to register an expansion at 5.2% CAGR until 2032
- Forastero cocoa liquor to account for 3/4th of global cocoa liquor market revenue
- Based on form, cocoa liquor wafers are expected to account for 50% of market demand
- Sales of coca liquor to surge at a CAGR of 3% in the U.S from 2022-2032
- India to register noteworthy expansion of cocoa liquor demand, clocking a 5.5% CAGR
- Germany to accumulate nearly 1/5th of cocoa liquor market revenue until 2032
- By 2022, cocoa liquor revenues are likely to reach US$ 6.2 Bn
Increasing consumer preference for different flavored food and beverage items is prompting manufacturers to incorporate cocoa liquor flavored ready-to-eat products, widening growth prospects for the market, remarks a Fact.MR analyst.
Companies namely, Nestle, Hershey's, Cargill, Inc., ADM, Ghirardelli, Cocoa Processing Company, Mars, Inc., Valrhona, Barry Callebaut, and Blommer Chocolate are expected to actively participate in the expansion of the global cocoa liquor market through 2032.
- In October 2021, Hershey India announced the addition of two new flavors to its ‘Hershey’s Exotic Dark’ range of premium chocolates. The newly announced flavors include ‘Blackberry Granules’ and ‘Guava & Mexican Chili’ made with whole roasted California Almonds especially curated for the next generation of consumer who has an ever-evolving palate.
- In March 2021, Nestle launched its latest range of 'Incoa' bars, a unique product that uses cocoa fruit pulp as a healthy and eco-friendly sugar substitute. The usage of cocoa pulp is ingenious. As per reports, the 'Incoa' bar will be launched in France and the Netherlands, with other markets in Europe soon to follow.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the cocoa liquor market, providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032.
The global market for cocoa liquor is segmented on the basis of form (wafers, blocks, chips and liquid), cocoa variety (criollo, forastero, trinitario and other cocoa varieties), product type (Dutch and natural) and end use industry (chocolate and confectionery, ice cream, food and beverage coatings, beverages, bakery and other end use industries) across six regions (North America, Latin America, Europe, APEJ, Japan and MEA).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Nandini Roy Choudhury
Sr. Consultant – Food and Beverages