Cocoa extract, predominantly used in chocolate formulations, provides several health benefits such as better blood flow, improved insulin sensitivity, and antioxidant effects. With increasing demand for food products of high nutritional profile on the account of growing prevalence of lifestyles diseases such as obesity and diabetes, the cocoa extract market is expected to witness significant growth in the near future. The cocoa extract is gaining increasing demand with expansion of specialty or premium chocolate products. Consumers are seeking higher quality and higher cocoa content in chocolates which is likely to accelerate the growth of cocoa extract market.
Growing interest in healthy living along with concerns regarding the impact of food intake in health and wellness among consumers has stimulated the demand for higher-quality cocoa which in turn is expected to boost growth of cocoa extract market. Owing to their potential benefits, cocoa extract also finds application in other industries including cosmetic and personal care and pharmaceuticals. This is one of the important factors complementing the growth of cocoa extract market. In addition, increasing number of countries consuming cocoa beans along with drop in price of these beans has been envisaged to guide the future expansion of the cocoa extract market.
Market Outlook for Cocoa Extract Market
Cocoa extract is manufactured from cocoa beans and have been historically used to enhance the flavor in chocolate formulations. Cocoa extract is a highly concentrated form of cocoa and also contains high amount of flavanols while the undesirable soluble such as the fat content are removed to distill out only the pure and concentrated flavoring portion of the cocoa beans. The cocoa extract is sold in two forms- spray dried powder and liquid extract. The use of cocoa extract is more preferred over cocoa powder by the manufacturers because cocoa powder may leave unwanted precipitates in the finished product apart from flavoring it. The use of cocoa extract has also proven to be cost effective to the manufacturers because it eliminates the use of stabilizing, masking and suspension agents in chocolate formulations. Currently, key players in the cocoa extract market are focusing on harnessing the nutritive aspects of cocoa extract. For instance, in 2014, the company Cyvex Nutrition, Inc., which is a manufacturer and supplier of nutritional ingredients, developed an organic cocoa extract under the brand name CocoaNol, which is being marketed for its high antioxidant profile and targeted to meet the evolving needs of the health conscious consumers.
Reasons for Covering this Title
In the food & beverage industry, manufacturers are focusing on using ingredients which have a high nutritional profile and which also enable the manufacturers to make their production techniques more effective. Cocoa extract is aligned with both these trends in the food industry as it is being increasingly supported by scientific data regarding its health claims and has also proven to be more shelf life stable as compared to cocoa powder. The cocoa powder market is being increasingly overshadowed by the cocoa extract market and the critical factors which highlight its market growth are essential to be investigated. Also, cut throat competition in the confection vertical has led manufacturers to focus on offering better quality products and in terms of quality as well cocoa extract outshines its competitor cocoa powder, being able to provide richer aromas and flavors to the finished product. Also, many ingredient manufacturers and suppliers are strengthening their business relationships with the finished food product manufacturers in order to understand their production goals and develop customized products according to their needs.
Global Cocoa Extract Market: Segmentation
The cocoa extract market is segmented on the basis of product form, nature and end use.
On the basis of product form, the cocoa extract market is segmented as-
On the basis of nature, the cocoa extract market is segmented as-
On the basis of end use, the cocoa extract market is segmented as-
- Food & beverage industry
- Breakfast cereals
- Functional food & beverages
- Infant Formula
- Dietary supplements
- Cosmetics & Personal Care
- Pharmaceutical Industry
Global Cocoa Extract Market: Key Players
Some of the key players operating in the global cocoa extract market are Bioriginal Food & Science Corporation, John Aromas, Phytoextract Pvt. Ltd, ETChem, Merck KGaA, CPC Ingredients, Tharakan and Company, PROVA SAS, Van Aroma, Indo-World, Haldin, Kerry Inc., The Green Labs and Cyvex Nutrition, Inc. amongst others.
Global Cocoa extract Market: Key Developments & Takeaways
Product launches have dominated the cocoa extract market as there has been increasing focus on the antioxidant and nutrition rich profile of the cocoa extract which is being supported by new scientific research publications.
In May 2018, the company Prova launched a new range of cocoa extract and flavors. This variety of cocoa extract claim to be eight times stronger than cocoa powder and also have longer shelf life stability.
In 2017, the company Mars, Incorporated, which is a manufacturer of chocolate products and supplements, expanded the distribution of its cocoa extract based health supplements, available under the brand of CocoVia in U.K.
Opportunities for Cocoa Extract Market Participants
The Asia Pacific chocolate market growth is forecasted to outstrip its cocoa supply. Hence, manufacturers have tremendous opportunity to expand offerings of cocoa extract portfolio in this region. Rapid urbanization and rising disposable income of the consumers has led to increased consumption of chocolate which exhibits clear growth potential for the cocoa extract market in this region.
Brief Approach to Research
FMI will follow a modelling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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