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Cocoa Market Size Anticipated to Grow at a CAGR of 3.8% During the Forecast Period 2021-2026

(Food-Beverage-News.Com, December 01, 2021 ) Cocoa Market size is estimated at $26.6 billion in 2020, projected to grow at a CAGR of 3.8% during the forecast period 2021-2026. Cocoa is a highly concentrated powder created from a paste made from the cacao tree's cocoa beans, which is used in beverages and as a flavouring ingredient. It is dried and fermented. Cocoa gives products taste, texture, and colour. The cocoa bean like Criollo, forastero, in particular, has been identified as a significant source of flavonoids, primarily flavanols in the form of epicatechin and catechin. In addition, it has properties that are anti-oxidative, anti-inflammatory and anti-depressant. Cocoa helps to control symptoms of severe fatigue syndrome, protects against sunburn, decreases hypertension and improves heart. Cocoa powder is primarily used for the processing of chocolate sweets and cocoa paste, which is used to make desserts. Cocoa butter is used widely for the production of skin care products in the pharmaceutical and cosmetic industries. The growth of the market is driven by the rising demand of chocolate and chocolate coatings globally. Moreover, in order to improve the texture, mouthfeel and stability of the product hydrocolloids are used as the gelling agent, thickening agent and stabilizers in Cocoa. Increased demand for sugar-free products as a result of rising consumer health consciousness has compelled Cocoa manufacturers to research and develop new Cocoa - Criollo, forastero products, which has aided the Cocoa industry's development. Furthermore, the increasing preference for natural ingredients among Cocoa manufacturers has provided an advantageous demand for Cocoa suppliers.

Cocoa Market Segment Analysis – By Type:

Based on Type, Cocoa Butter segment accounted for the largest revenue market share in 2020. This is majorly attributed to its diverse applications, not just on confectionery but also in baking like cookies, food processing and food technology. Owing to growing worries about the detrimental effects of synthetic products, demand for butter cocoa beans (Criollo, forastero) as a functional component is predicted to rise due to the growing popularity of natural cosmetics around the world. It is used in the making of chocolates and toiletries. It contains a high proportion of both monounsaturated and unsaturated oleic acid and fats. Cocoa butter is considered to be among the most stable fats, so it has an excellent shelf life abetting towards the growth of the Cocoa market. Cocoa Powder predicted to grow with the fastest CAGR of 3.9% in the forecast period 2021-2026. Cocoa Powder is used as an ingredient in chocolate syrup, cookies, chocolate confectionery, and biscuit formulations. Owing to its ability to minimise acidity and increase solubility, the growing value of alkalized cocoa powder as a flavour enhancer in chocolate products is projected to remain a favorable factor for the market thereby, drives the Cocoa Industry.

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Cocoa Market Segment Analysis – By End Use Industry:

Based on End Use Industry, Food & Beverage segment has accounted for largest revenue market share in the year 2020 owing to rising disposable income, frequent snacking habits of consumers, and expanding demand for Criollo & Forastero cocoa beans. The popularity of coated fruits, nuts and other varieties is steadily growing, especially in developed countries, thus giving a boost to the cocoa market. In addition, ready-to-bake or ready-to-thaw means less wastage of produce, as stores can bake depending on demand while holding frozen and stored residual items. In addition, prolonged self-life provides advantages such as ease of availability during seasonal fluctuations whenever needed and secure stocks. In addition, the growing demand for convenience food goods is also driving market growth in order to save both consumers time and effort, considering their hectic timetables. Pharmaceutical is anticipated to grow with the fastest CAGR of 4.2% in the forecast period 2021-2026 as it raises the immune system, increases the stability of the heart, and relieves constipation, which in turn drive the segment growth.

Cocoa Market Segment Analysis – By Geography:

Based on Geography, Europe Cocoa Market accounted for the 36% revenue share in 2020. This is majorly attributed to the established industries in this region, moreover it offers top quality of Cocoa globally. According to the Ministry of Foreign Affairs, Europe is a very diverse market for cocoa, which makes it very interesting. It has a thriving chocolate processing and manufacturing industry that needs large quantities of cocoa beans like Criollo, forastero. Although the industry processes a lot of bulk cocoa, demand for specialty cocoa is on the rise. The freezing technique has substantially asserted its place in the European Frozen Bakery industry through natural self-like promotion without the use of any preservatives. In September 2019, Pladis and Starfrost underwent a merger to update their spiral cooling system by precise temperature reduction to reform their McVitie's Hobnob Chocolate Flapjacks. The cooling system allows manufacturers build space within their bakery to introduce a completely new segment without compromising their production ability and improving the product quality aids to the market’s growth. North America is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards the high adoption of cocoa butter for the production of toiletries, ointments, and others in the region. Ease of business and wide range of application are also prominent factors in the North America economy which drive demand for Cocoa Industry.

Cocoa Market Drivers

Rising Demand For Organic and Gluten Free Products

Rising incidences of lifestyle health illnesses have led consumers in their purchasing of food items to become health conscious and proactive. Demand for organic cocoa beans like Criollo, forastero is gaining momentum, with customers trying to prevent toxic chemicals from being consumed. Gluten-free food products are widely sought after by not only susceptible customers, but also health-conscious consumers as the diagnosis of gluten allergy rises across the globe. Furthermore, the cocoa industry is projected to attract health-conscious customers by producing cocoa products with non-GMO materials. As cocoa manufacturers dip their toes into novel production methods of organic and gluten-free products, the growing incidence of consumers leaving chocolate consumption drives the Cocoa market growth.

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Cocoa Market Challenges

High Product Cost:

Owing to weed accumulation, farmers have faced challenges relating to yield and profitability, which increases the risk of crop damage. Most cocoa bean (Criollo & forastero) farmers have also transferred their attention to the cultivation of other high-yield crops. It is anticipated that these problems would have a negative effect on the supply dynamics, thereby hindering business development. Also, chocolate producers have encountered supply problems that caused cocoa prices to move higher owing to COVID -19 restraining the market growth.

Cocoa Market Landscape:

The Cocoa Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Cocoa Market top 10 companies are Barry Callebaut, Artisan Confection Company, Bloomer Chocolate Company, Cargill Inc., Ciranda Inc., Internatural Food Llc., Kraft Food Group Inc., Nestlè, Pascha Chocolate, Touton SA and Tradin Organic Agriculture BV.

Acquisitions/Product Launches:

In June 2020, Cargill Inc., launched first chocolate manufacturing operation in India. In order to better meet the needs of local Indian customers as well as multinational customers in the region, the opening of a chocolate production operation in India enabled the company to increase regional footprint and capabilities in Asia

In January 2019, Barry Callebaut, one of the world’s leading manufacturer of the high quality cocoa products has acquired Inforum, one of the leading Russian B2B manufacturer of chocolate, fillings, compound coatings.

Key Takeaways

Cocoa Market growth is being driven by an increase in demand for non-carbonated products owing to the increasing demand for gluten-free, clean, low-calorie, and low-carbon products.

Geographically, Europe Cocoa Market held the largest revenue share of 36% in 2020 owing to the growing customer preference for various applications in the region. The scope of the Cocoa Market for various regions will be provided in the final report.

The increasing demand for sugar free and ready-to-eat products are driving the Cocoa Industry.

The demand for items such as bread, cake, and cookies is rising rapidly, and the Cocoa market is expected to rise as a result.

The growing government effort to provide farmers with modern farming techniques is accelerating the Cocoa demand over the forecast years 2021-2026.

The growth of cocoa bean Criollo, forastero products is mainly driven by increased demand for chocolate and its associated products such as milk chocolate, sweet chocolate, and dark chocolate, along with brand awareness advertising by manufacturers.

However, regulations for the use of Cocoa products in order to maintain international quality standards, volatile cocoa costs, and uncertainty about use due to health concerns are all holding the industry back.

Related Reports

A.Confectionery Ingredients Market

B.Chocolate Confectionery Market

For more Food and Beverage Market reports, please click here

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Venkat Reddy

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