Cocoa Industry Survey Report Key Insights
Global cocoa sales are set to cross a valuation of US$ 20 billion in 2021, according to latest analysis by Fact.MR.
The global cocoa industry has been navigating the challenges posed by the COVID-19 crisis, especially in terms of logistics.
Although in certain regions, lockdown restrictions have led to a decline in demand, the overall growth has remained steady.
According to Fact.MR’s cocoa market research report, Dutch flavored cocoa is likely to sell more than natural cocoa, with the latter reaching US$ 11.8 billion in revenues in 2021.
The retail shelves of chocolates are witnessing the presence of a wide range of chocolates such as milk chocolates, dark chocolates, drinking chocolate and other beverages.
This has given rise to flavored cocoa market demand, as consumers are increasingly experimenting with new cocoa variants.
While portraying the ever-growing popularity of chocolates, extensive use of cocoa in the production of chocolates has proved beneficial for the growth of the cocoa market.
The consumption trend of chocolate is directly connected to the rising discretionary income which enables consumers to purchase food items including chocolates that were previously categorized as luxury items. In addition, growing demand for chocolates in emerging economies presents lucrative opportunities for the cocoa market in the coming years. This has also led to increased demand for cocoa products market.
Cocoa powder to occupy the largest share in this market
As a result of the increasing popularity of chocolate goods in the bakery and confectionery industries, cocoa powder has become more popular globally. Besides chocolate milk and hot chocolate mix, cacao powder is also used in various food and beverage products. They are used by various eateries including big restaurants, new startup establishments, or even by home bakers. These applications are driving market growth globally.
Cocoa powder consumption is becoming increasingly popular due to its health benefits. Cocoa powder contains antioxidants and has been proven to be beneficial to the heart and brain. The cosmetic industry has also adopted cocoa as a natural ingredient because it helps to improve skin microcirculation and hydration. Over the past few years, this has resulted in an increase in demand for this product in various regions throughout the world, further fueling its growth.
Cocoa butter to face extreme growth for its therapeutic benefits
The growth in cocoa butter demand in the global market is attributed to the rise in demand for chocolate products such as dark chocolate, sweet chocolate, and milk chocolate. The cocoa butter is extensively being used by big brands to start-up companies, which triggers rapid growth globally.
Moreover, the increased use of cocoa butter in the cosmetics industry has contributed to the expansion of the market. This is because cocoa butter helps in reducing scars, wrinkles, and other marks on the skin. In addition, it offers health benefits such as protecting against sunburn, decreasing hypertension, and reducing chronic fatigue syndrome. Cocoa butter has a number of therapeutic benefits, including treatment of skin irritations, hair loss, and other health concerns. In addition to being rich in monounsaturated oleic acid, it contains unsaturated fats that are healthy for both skin and hair.
Furthermore, due to the ease of access to cocoa butter on various platforms, including modern trade and online sales channels, the global market for cocoa butter has expanded.
As a Ubiquitous Flavor, Cocoa Market to Gain Ground in the Food and Beverage Industry
Humongous consumption and production of chocolates explain increasing appetite for cocoa, making cocoa the most widely consumed flavor in the food and beverage industry.
Owing to the increasing popularity, manufacturing titans in the food and beverage sector are actively using fine or flavored cocoa in a variety of food products and traditional recipes to expand their consumer base.
Demand for cocoa liquor has intensified dramatically in the food and beverage industry in the recent past against the backdrop of rising preference for cocoa flavor across the globe. An optimistic outlook for cocoa liquor demand in future is expected to bode well for the cocoa market.
Demand for Low-fat Cocoa Powder Growing, Preference for Cocoa from Organic Sources Gaining Ground
Rising incidences of lifestyle health diseases have prompted consumers to become health conscious and proactive in their purchase of food products.
Demand for organic products is gaining traction with consumers seeking to avoid consumption of harmful chemicals.
As the diagnosis of gluten sensitivity increases across the globe, gluten-free food products are highly sought after among not only sensitive consumers but health-conscious consumers as well.
To aim the consumer base with such a high health consciousness, manufacturers in the cocoa market are focusing on delivering innovative and healthier cocoa products with lesser sugar content and as organic and gluten-free origin.
Further, by manufacturing cocoa liquor products with the non-GMO material, the cocoa market is expected to attract health-conscious consumers.
Amidst the rising incidences of consumers quitting chocolate consumption, as cocoa manufacturers dip their toes into novel production methods of organic and gluten-free products, cocoa market to witness an impressive growth trajectory during the review period.
Cocoa Production Analysis: Cocoa Companies Witness Challenges in Maintaining Sustainable Growth
Although the popularity of cocoa flavor and ingredients for the preparation of majority of the food and beverage products is persistently rising, the global cocoa industry seeks additional investments to maintain a sustainable growth in the foreseeable future.
As manufacturers make additional expenses to receive certification of approval to distribute their cocoa products in the market, prices of cocoa in the global market has witnessed a significant rise.
Rising prices of cocoa have added economic uncertainties in the international cocoa market, in turn, creating challenges for the growth of the cocoa market in the coming decade.
In addition, dwindling agricultural production conditions in leading cocoa producing regions are threatening the persistent growth of the cocoa production during the estimated future.
However, initiatives by major standard bodies to improve quality as well as the quantity of cocoa can be promising for the future growth of the cocoa market.
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Cocoa Market Forecast & Key Trend Analysis
Fact.MR has recently added a new report on the cocoa market for the forecast period 2018 – 2028. An in-depth analysis of the key market insights delivers the most viable forecast of the cocoa market in the coming decade.
With the inclusion of all vital bricks shaping the market, the estimated futuristic market performance becomes the most credible resource.
Global as well as regional trends and prodigious opportunities have been taken into consideration to assess the market outlook during the forecast.
The highlighted value of CAGR enables to fathom the future growth trajectory of the cocoa market.
The holistic analysis of the cocoa market is backed by corresponding revenue anticipations in the form of absolute dollar opportunity.
Generally overlooked during forecast analysis, the absolute dollar opportunity plays a vital role in identifying potential market opportunities for vendors to leverage.
Regarding the aspects of production and sales in the cocoa market, an all-inclusive approach has been taken in which the market forecast is categorized in terms of a likely scenario, conservative scenario and an optimistic scenario by research analysts.
Another important key insight included in the report is the market attractive index which enables manufacturers to gauge lucrative business expansion possibilities like merger and acquisition.
The seed of Theobroma cacao is fully dried and fermented to derive cocoa or cocoa beans. As the literal meaning of Theobroma is “food of the gods”, cocoa was originally used as a ritual beverage in multiple South American Cultures.
Later, as the fundamental ingredient of the chocolate, demand for cocoa has grown impressively with the annual consumption of over 4.5 million tons of cocoa in chocolate production across the globe.
Apart from chocolate, cocoa is highly utilized in the production of confectionery products, cocoa liquor, cocoa powder, and cocoa mass among others.
An Adaptive Approach to Modern-day Research Needs
Additional Questions Answered
In addition to the aforementioned cutting-edge insights impacting the market landscape, the report also addresses a few other important aspects as listed-
- How will altering consumer trends affect the cocoa market growth?
- What will be the key strategies adopted by manufacturers to win over competition and maintain a sustainable growth trajectory?
- What will be the effects of price volatility of cocoa on the future market performance?
- Apart from the food and beverage industry, what are the other leading end users of the cocoa market?
- What will be the impacts of the updated standard body regulations on the growth of the cocoa market?
The cocoa market is expected to observe an intense competitive scenario among existing as well as emerging market players.
Key market players operating in the cocoa market include
- Cargill Inc
- Olam International Ltd
- Barry Callebaut AG
- Guan Chong Cocoa Manufacturers Sdn.
- Natra SA
- Touton SA
- BT COCOA
- Dutch Cocoa BV
- Blommer Chocolate Company
- JB Foods
- Cemoi Chocolatier SA.
To win over the competition, existing as well as emerging players are leveraging business strategies such as new product launches, collaborations and acquisitions to maintain their position in the global market space.
Other market players with a stronghold in the global market space are covered in the report. To leverage a holistic coverage of the important industry participants, request a free report sample.
Various primary and secondary resources are taken into consideration during the course of the market research analysis.
Primary research study included comprehensive interviews with key stakeholders and panel of industry experts were conducted by domain-specific analysts. Secondary resources include company annual reports, credible publications and resourceful websites.
Cross validations have been carried out to prevent discrepancies regarding the actionable insights included in the report.
The report delivers a credible platform based on unparalleled intelligence on the cocoa market, allowing the users to make viable and fact-based decision to surpass their business goals.
Interested to Procure The Data
The report further discusses the market taxonomy based on the segments like product type, form type, process type and applications.
Based on the product type, the report elaborates estimations on cocoa liquor, cocoa powder and cocoa butter. Cocoa market is further segmented on the basis of processing of cocoa such as Dutch process and Natural process.
From the geographical point of view, the regional analysis of the market has been represented in the following regions
- North America
- Latin America
- CIS & Russia
The segmentation section also reveals some of the leading trends prevailing across the aforementioned regions.
Each of the segment has been discussed in-depth considering the historical data, current rationalities, and future opportunities. Sub-segments of each category are also discussed and elaborated in detail.