Cocoa Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029
Cocoa Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029
Report Digest
Global Cocoa market: Overview
Cocoa is a fatty bean obtained from the plant, Theobroma cocoa. This plant seed is dried and fermented, and subsequently processed further to extract cocoa powder, cocoa oil, cocoa butter, cocoa liqueur and other solids. The demand for cocoa is set to increase due to its use in chocolate, primarily. However, note that Cocoa beans are not only demanded for their unique flavor, but also because they are known to have high flavonoid concentrations, which are known to be beneficial to people with cardiovascular problems.
As per TMRR, the market would grow at a sturdy growth rate, compounded annually, pushing forward lucrative growth opportunities for market players. Another outcome into which the growth would translate to is a higher valuation of the global cocoa market.
Global Cocoa Market: Notable Developments
Major players in the cocoa market are inclined towards sustainability and certification for their cocoa products. Players’ focus on new product development for portfolio diversification and tapping into new consumer bases has also been noted in the past. Certain examples of the same are cited below:
- In October 2016, Blommer Chocolate Company, U.S., announced its plan to procure only certified cocoa from 2020 onwards in order to adhere to cocoa industry standards. In December 2015, Nestlé U.K. & Ireland announced their plans to use only certified sustainable cocoa to improve product quality of chocolate-based products from January 2016 onwards.
- In September 2015, Ghana’s Cocoa Research Institute introduced a new variety of cocoa with new fine flavors, including floral, fruit, herbal, wood nuts and caramelized notes with chocolate bases. These new flavors are set to increase demand in this market, given people's preferences for new flavors.
Prominent players in the cocoa market include-
- The Barry Callebaut Group
- The Hershey Company
- Nestlé S.A.
- Cargill Incorporated
- Puratos Group
- Cémoi
- Mars, Incorporated
- Blommer Chocolate Company
- Meiji Holdings Company, Ltd.
- Carlyle Cocoa
- Jindal Cocoa
- United Cocoa Processor.
Global Cocoa market: Key Trends and Drivers
The cocoa market is largely driven by the increasing demand for chocolate and chocolate coatings around the world. Some of the most popular products where cocoa is utilized are sweet chocolate, dark chocolate, drinking chocolate, milk chocolate, and baking chocolate.
However, health concerns related to high sugar-content utilized world over in most cocoa-based products are expected to hamper the market’s growth to certain extent. Demand for organic products is gaining traction with consumers seeking to avoid consumption of harmful chemicals.
The increasing consumption of chocolate confectionary is strongly linked to the affordability of consumers. As the disposable income of consumers increase in the world’s advanced economies and the per capita income of consumers in emerging nations continue to rise, particularly in Africa, and Asia Pacific, cocoa consumption seems set to increase in the future.
Global Cocoa market: Regional Analysis
Cocoa beans are produced in tropical zones around the Equator, where climatic conditions are well suited for growing cocoa trees. About 70 percent of the world’s cocoa beans come from four African countries: Ivory Coast, Ghana, Nigeria and Cameroon. Cocoa is also considered to be one of the most important cash crops by the farmers in regions such as Africa, Latin America and South East Asia. Among the South East Asian countries, Indonesia is a major producer of cocoa.
Cocoa Market Segments:
By Product Type
- Cocoa Beans
- Cocoa Butter
- Cocoa Powder & Cake
- Cocoa Paste & Liquor
- Chocolate
By Application
- Confectionery
- Food & Beverages
- Cosmetics
- Pharmaceutical
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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