Cocoa Extract Market
Cocoa Extract Market By Product Form (Powder, Liquid), By Nature (Organic, Conventional), By End Use (Food & Beverages, Compounds, Bakery, Confectionery, Infant Formulas, Dietary Supplements, Cosmetics & Personal Care) & Region - Global Market Insights 2022 to 2032
Cocoa Extract Market Outlook (2022-2032)
The global cocoa extract market size is estimated at US$ 7.91 billion in 2022 and is expected to reach a US$ 11.24 billion by 2032, increasing at a CAGR of 3.5% between 2022 and 2032.
The use of organic cocoa extract is expected to rise steadily over the coming years due to an increasing number of people becoming more health conscious since chemical pesticides and fertilizers are not used in the production of organic cocoa.
Cocoa Extract Market Size (2022E)
US$ 7.91 Billion
Forecasted Market Value (2032F)
US$ 11.24 Billion
Global Market Growth Rate (2022-2032)
North America Market Share (2022)
Europe Market Share (2022)
Key Companies Profiled
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Consumption Analysis of Cocoa Extract (2017-2021) Vs. Market Outlook (2022-2032)
“Growing Preference for High Nutritional Food Products Stimulating Market Growth”
According to Fact.MR, a market research and competitive intelligence provider, the cocoa extract market is projected to rise at a CAGR of 3.5% from 2022 to 2032.
Cocoa extract, predominantly used in chocolate formulations, provides several health benefits such as better blood flow, improved insulin sensitivity, and antioxidant effects. With the increasing demand for food products with high nutritional profiles on account of the growing prevalence of lifestyle diseases such as obesity and diabetes, the cocoa market is expected to witness significant growth over the coming years.
Cocoa extract is seeing increasing demand with the expansion of specialty and premium chocolate products. Consumers are seeking higher quality and higher cocoa content in chocolates, which is likely to accelerate the demand growth for cocoa extract as well.
Growing interest in healthy living along with concerns regarding the impact of food intake on health and wellness among consumers has stimulated the demand for higher-quality cocoa, which in turn is expected to boost the growth of the cocoa extract market. Owing to their potential benefits, the 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 the cocoa extract market. In addition, an increasing number of people across countries consuming cocoa beans, along with a drop in the price of these beans, has been envisaged to guide the future expansion of the cocoa extract market.
Why are Cocoa Extract Manufacturers Seeing Steady Demand Growth?
“Growing Usage of Cocoa Extract to Enhance Flavor in Chocolate Formulations”
Cocoa extract is manufactured from cocoa beans and has been historically used to enhance the flavor in chocolate formulations. Cocoa extract is a highly concentrated form of cocoa and also contains a high amount of flavanols while the undesirable soluble such as the fat content is 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 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 for manufacturers because it eliminates the use of stabilizing, masking, and suspension agents in chocolate formulations. Currently, key manufacturers are focusing on harnessing the nutritive aspects of cocoa extract.
An Adaptive Approach to Modern-day Research Needs
How are Start-ups Influencing the Cocoa Extract Market?
“Focus on Introducing High-quality Products with Richer Aroma and Flavor”
The cutthroat competition in the confection vertical has led new companies to focus on offering better quality products. New market players are concentrating on providing richer aromas and flavors in their finished products.
New market entrants are strengthening their business relationships with finished food product manufacturers to understand their production goals and develop customized products according to their needs.
- A start-up in California called California Cultured has started producing chocolate that's been developed in a lab. Researchers take specific cocoa plant cells, fill them with plant hormones, and give them nutrition until they have at least a few hundred grams to create lab-grown cocoa. After that, the cells are roasted, fermented, and crushed into chocolate. The business strives to produce cocoa that is environment-friendly and sustainable.
Which Regions Generate High Revenue for Cocoa Extract Suppliers?
“Rising Production of Cocoa Beans and High Consumption of Chocolates in Europe & Asia Pacific”
Europe leads with a 38.6% share in the global cocoa extract market. Due to the good weather conditions, Europe is the top cocoa producer on the global market.
The Netherlands alone processed 553,000 tons of cocoa beans, making it the second-largest processor of cocoa beans in the world. The European cocoa industry ground over a million tons of cocoa beans, accounting for roughly one-third of the world's production.
One million tons of downstream cocoa products are handled by the Dutch cocoa trading and processing sectors. Major European countries involved in the trade and processing of cocoa include France, Germany, and the United Kingdom.
The Asia Pacific chocolate market growth is forecasted to outstrip its cocoa supply. Hence, manufacturers have tremendous opportunities to expand offerings of cocoa extract portfolio in this region. Rapid urbanization and rising disposable income of consumers have led to increased consumption of chocolates, which exhibits clear growth potential for the cocoa extract market in the region.
Which End Use is Likely to Contribute the Most to Cocoa Extract Sales?
“Increasing Need for Food Additives that Fulfil Customer Expectations Driving Demand for Cocoa Extract in F&B Sector”
Based on end use, the cocoa extract market is segmented into food & beverages, compounds, bakery, confectionery, breakfast cereals, dairy, infant formulas, dietary supplements, cosmetics & personal care, and pharmaceuticals.
Food and beverage producers are looking for food ingredients that fulfill customer expectations and aid in the development of good quality products as consumers place more emphasis on nutrient-rich, organic, and long-lasting food products.
Because cocoa extract is natural and has a longer shelf life, it fits consumer standards, thus the demand for cocoa extract in the food and beverage industry is anticipated to increase over the coming years.
In the food & beverage industry, manufacturers are focusing on using ingredients, which have a high nutritional profile and also enable manufacturers to make their production techniques more effective.
Product launches have dominated the cocoa extract market as there has been increasing focus on the antioxidant and nutrition-rich profile of cocoa extract, which is being supported by new scientific research publications.
For instance :
- Prova launched a new range of cocoa extract and flavors. This variety of cocoa extract claims to be eight times stronger than cocoa powder and also has longer shelf-life stability.
Key Segments Covered in Cocoa Extract Industry Research
by Product Form :
- Cocoa Extract Powder
- Liquid Cocoa Extract
by Nature :
- Organic Cocoa Extract
- Conventional Cocoa Extract
by End Use :
- Food & Beverages
- Breakfast Cereals
- Infant Formulas
- Dietary Supplements
- Cosmetics & Personal Care
by Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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