Cocoa products have diverse applications in the market, driving its growth. In the confectionery industry, cocoa is used to produce chocolates, truffles, and chocolate bars. It is also a key ingredient in bakery and pastry items, adding flavor and texture. Cocoa-based beverages like hot chocolate and mochas are popular. Cocoa is used to flavor ice creams and dairy products. In cosmetics and personal care, cocoa butter is utilized for its moisturizing properties. Cocoa products are incorporated into nutritional bars, functional foods, and dietary supplements. Additionally, cocoa extracts find applications in the pharmaceutical industry. The wide range of applications fuels the expansion of the cocoa products market.
According to Data Bridge Market Research, the Cocoa Products Market was valued at USD 25,249.67 million in 2021 and is expected to reach the value of USD 39640.68 million by 2029, at a CAGR of 5.8% during the forecast period of 2022 to 2029.
“Rising awareness about benefits of cocoa products facilitate market growth”
The increasing awareness regarding the health benefits associated with cocoa-rich products is a key driver for the growth of the cocoa products market. Cocoa has been found to possess properties that aid in reducing hypertension, combating chronic fatigue syndrome, and providing protection against sunburn. Moreover, cocoa is rich in polyphenols, which play a crucial role in shielding the body's tissues from oxidative stress and protecting against conditions like cancer and inflammation. These health-promoting attributes of cocoa contribute to the growing demand for cocoa products, thus fueling the expansion of the market.
What restraints the growth of the cocoa products market?
“Limited cocoa production”
The limited cocoa production acts as a significant restraint on the cocoa products market. The cocoa supply depends on a few regions, primarily West Africa, which faces challenges such as aging cocoa farms, climate change impacts, and diseases affecting cocoa trees. These factors result in fluctuations in cocoa prices and supply shortages, which can disrupt the production and availability of cocoa products. Additionally, the limited cocoa production capacity restricts the market's ability to meet the growing global demand for cocoa-based products, posing a challenge for manufacturers and potentially impacting consumer access to cocoa products.
Segmentation: Cocoa Products Market
The cocoa products market is segmented on the basis of type of cocoa, product type, source, application, and distribution channel.
- On the basis of type of cocoa, the cocoa products market is segmented into forastero cocoa, trinitario cocoa, criollo cocoa.
- On the basis of product type, the cocoa products market is segmented into cocoa beans, cocoa butter, cocoa powder and cake, cocoa liquor and paste, cocoa nibs, others.
- On the basis of source, the cocoa products market is segmented into inorganic, organic.
- On the basis of application, the cocoa products market is segmented into food and beverages, personal care and cosmetics, dietary supplements, others.
- On the basis of distribution channel, the cocoa products market is segmented into direct, indirect.
Regional Insights: Europe dominates the cocoa products market
The European region dominates the global cocoa products market, holding the largest market share. This is due to the high consumption of chocolate and cocoa-based products in European countries, a strong presence of major chocolate manufacturers, and a cultural affinity for cocoa-based treats and beverages.
The North American region is projected to witness significant cocoa product growth. This growth can be attributed to factors such as the increasing consumer demand for premium and specialty chocolates, rising awareness about the health benefits of cocoa, and the presence of a large consumer base with a strong affinity for chocolate products.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-cocoa-products-market
The Prominent Key Players Operating in the Cocoa Products Market Include:
- Cemoi Chocolatier (France)
- Republica del Cacao (Ecuador)
- Nestlé S.A. (Switzerland)
- Mars Incorporated (U.S.)
- Fuji Oil Holdings Inc. (Japan)
- Guittard Chocolate Company (U.S.)
- Ghirardelli Chocolate Company (U.S.)
- Valrhona (France)
- Barry Callebaut (Switzerland)
- Alpezzi Chocolate (Mexico)
- Kerry (Ireland)
- Olam Group (Singapore)
- Tcho Ventures Inc. (U.S.)
- The Hershey Company (U.S.)
- Cargill, Incorporated (U.S.)
- Blommer Chocolate Company (U.S.)
- Foley's Candies LP (Canada)
- Puratos (Belgium)
- Ferrero (Italy)
Above are the key players covered in the report, to know about more and exhaustive list of cocoa products market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Cocoa Products Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
