Cocoa Market Analysis, Innovation Trends and Current Business Trends by 2024

Cocoa market demand is rising rapidly with the growth of chocolate bakeries & confectioneries and other end products. The production is generally categorized into small scale production farming as it involves limited access to finances and technology as well as outdated skill. Introduction of modern agronomy technology for product cultivation provides high industrial growth for cocoa market over the next few years.

Governments and various private institutions in producing countries are encouraging and developing infrastructure to boost their trade thereby leading to improved infrastructure facilities and better warehouses for farmers which will further augment the market in the future. Cocoa is produced mainly in region that are located between 10ºN and 10ºS of equator and include countries like Ghana, Indonesia, Nigeria and Cameroon as they provide favorable climatic conditions.

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Cocoa Market size is anticipated to witness a surge in demand owing to a significant expansion in food industry as they offer better taste, texture and color with various health benefits. The product observes maximum demand during several festive seasons including Christmas, Valentine’s Day and New Year.

Product is obtained in fatty bean from product tree or Theobroma tree. It is dried and fermented before being process to extract product based butter, oil, powder, and liquor along with other residual solids. It is derived from three common plants including forastero, criollo and trinitario. Forastero has emerged as the most sold type of plant as they deliver best quality of chocolate.

Cocoa market share is mainly governed by its use in chocolate. Some of the most popular food items where it is used are sweet chocolate, milk chocolate, drinking chocolate, baking chocolate and dark chocolate. Favorable features of cocoa butter offer a melt in the mouth feeling and ease in removal of chocolates from molds. Chocolates covers the unpleasant taste of medicines and encourages its usages in drug production. In addition, its product contains high flavonoid concentration owing to which they are well known to be highly beneficial for patients with cardiovascular problems. Flavonoids are known for their role as antioxidants and offers protection from free radicals attack on cells. It further lowers blood pressure and reduce unwanted cholesterol.

Price fluctuation in supply market and political instability in some suppling countries will act as a restraint for cocoa market in forecasted period.

Europe is leading global cocoa market owing to high consumption rates in the region. Growth in dark chocolate demand concerned with health benefits for sugar free products available for diabetics patients as well as people facing overweight issues are also driving market growth at large. High availability of organic products is becoming prevalent in Europe, which, in turn, will boost the cocoa market demand in future.

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North America is likely to observe considerable growth in cocoa market owing to high branding and promotional capability in current food industry. Asia Pacific region is also showing potential in terms of high product demand owing to increased availability of chocolate bakeries & confectionaries, especially in smaller cities and rural areas, increasing distribution of low priced chocolate products. In addition, rise in disposable income and increase in living standards are major factors for cocoa market demand in the region.

Global cocoa market observes frequent product innovations by several market players to increase their market share. Some of the key market players include Barry Callebaut, Cargill, Archer Daniels Midland, Olam and Blommer Chocolate Company. Other prominent players in this market are CEMOI, The Hershey, Daarnhouwer, Puratos, Mars Incorporated, Newtown Foods and Meiji Holdings.

In March 2016, Barry Callebaut Group opened its first product powder plant in Switzerland to enter in product based beverage product market in Europe. In July 2016, Cargill Incorporated introduced product powder with strong odor and dark red color in its products in Indonesia for various applications in drinks, ice creams and desserts.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services.