Cocoa Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Cocoa Market grew at a CAGR of 4.6% between 2017-2021 and is estimated to be US$ 14973.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.4% and is expected to reach a valuation of US$ 23,031.2 Mn by 2032 end.
Theobroma cacao, often known as the cacao tree, is a tropical plant formerly native to the low areas of the Americas. Its seed is known as cocoa or the cocoa bean. The cacao tree’s dried, fermented seed is known as cocoa and is used to make cocoa liquor. Cocoa butter and cocoa powder are made from this cocoa liquor. The primary raw ingredient used to make chocolate is cocoa liquor.
The cocoa products, such as cocoa liquor, cocoa butter, and cocoa powder, are frequently used to make confections, flavor drinks, top off various dishes, and fill pastries. As a flavoring and coloring agent, cocoa is utilized in the nutraceuticals, healthcare, pharmaceutical, and cosmetic industries. Because of its scent, cocoa is often used to make toiletries. The wide and growing application of cocoa in different sectors is one of the significant factors responsible for propelling the global cocoa market during the forecast period.
ChemView Consulting has analyzed that numerous advantages of cocoa are anticipated to act as a catalyst for an increase in the number of improvements occurring in the market. The growing usage of cocoa in various businesses, including baking, pharmaceuticals, sweets, and other areas, is associated with its health advantages. Additionally, there are several opportunities on the market for applications in cosmetics and personal care goods.
Cocoa powder is growing in popularity worldwide due to the increased demand for chocolate products in the bakery and confectionery industries. In addition to the hot chocolate mix and chocolate milk, cocoa powder is a common ingredient in many foods and beverages. They are increasingly used by various eateries, including brand-new businesses, large restaurants, and even home bakers.
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Segments Covered in Report
- Functional Food
By Product Type:
- Cocoa powder
- Cocoa butter
- Cocoa liquor
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Cocoa Market
- Based on the product type, cocoa powder is growing in popularity worldwide due to the increased demand for chocolate products in the bakery and confectionery industries. In addition to the hot chocolate mix and chocolate milk, cocoa powder is a common ingredient in many foods and beverages. They are increasingly used by various eateries, including brand-new businesses, large restaurants, and even home bakers.
- Based on nature, consumers have grown more proactive and health-conscious in purchasing various food goods in recent years due to a visible rise in healthcare incidents brought on by unhealthy lifestyles. As a result, there is an increasing demand for organic and low-fat cocoa powder.
- Based on the end-use, since the confectionery business uses a significant portion of the world’s cocoa crop to produce chocolate and other chocolate-related goods, it is the market segment with the largest share of the global cocoa market.
- Based on the region, With a market share of 31.2% among other regional markets, the European market dominated the global market. In 2021, the regional market had a value of $20 billion. Since several important chocolate makers have their headquarters in Switzerland, Germany, the Netherlands, and Belgium, Europe is regarded as the center of the world’s chocolate industry.
Key companies covered in the market study are Barry Callebaut, Cocoa Processing Company, Nestle, ADM, Puratos Group, Cemoi, Mars, Inc., Bloomer Chocolate, Cargill, Inc., Meji Holdings, Carlyle Cocoa, Jindal Cocoa, United Cocoa Processor, Inc
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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