Global Cocoa Products Market is Expected to Reach USD 25,249.67 Million by 2027

Cocoa, both in its powdered form and in the form of dark chocolate, may be able to help lower blood pressure. Besides lowering the blood pressure, cocoa appears to have other properties that can reduce your heart attack and stroke risk. Other than cocoa's positive impact on age-related mental degeneration, its effect on the brain may also improve mood and symptoms of depression.      

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Global cocoa products market is expected to reach USD 25,249.67 million by 2027 from USD 17,247.66 million in 2019, growing with the CAGR of 5.30% in the forecast period of 2020 to 2027. Rise in awareness regarding health benefits of cocoa, application of cocoa in a range of industries such as food, beverage, healthcare, cosmetics, and personal care, and good local and global customer base are the major drivers propelling the market demand during the forecast period.          

Cocoa Products Market

The rise in awareness regarding health benefits across the world will drive the market's growth rate

Rising awareness of the health benefits of consumption of cocoa-rich products is expected to drive the growth of the cocoa products market. The health benefits include decreased hypertension, reduced chronic fatigue syndrome, and protection against sunburn. Cocoa is also rich in polyphenols that help in protecting the body's tissues against oxidative stress and associated pathologies such as cancers, and inflammation.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2020 to 2027

Base Year

2019

Historic Years

2018 (Customizable to 2013 - 2018)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type of Cocoa (Forastero Cocoa, Trinitario Cocoa, Criollo Cocoa), Product Type (Cocoa Beans, Cocoa Butter, Cocoa Powder & Cake, Cocoa Liquor & Paste, Cocoa Nibs, Others), Source (Inorganic, Organic), Application (Food & Beverages, Personal Care & Cosmetics, Dietary Supplements, Others), Distribution Channel (Direct, Indirect)

Countries Covered

U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Market Players Covered

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) among others.             

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Segment Analysis:

Global cocoa products market is categorized into five notable segments which are based on the basis of type of cocoa, product type, source, application and distribution channel.

  • On the basis of type of cocoa, the market is segmented into forastero cocoa, trinitario cocoa and criollo cocoa. In 2020, forastero cocoa segment is expected to dominate the global cocoa products market with 85.14% market share as they are majorly referred as the bulk cocoa produced in the major producing countries such as Ghana, Côte d'Ivoire, and Nigeria among others.
  • On the basis of product type, the market is segmented into cocoa beans, cocoa butter, cocoa powder & cake, cocoa liquor & paste, cocoa nibs and others. In 2020, cocoa beans segment is expected to dominate the global cocoa products market with 53.73% market share as majority of cocoa beans is roasted and raw are utilized industrial application in dark chocolate production. According to the CBI the Center for the Promotion of Imports in 2016, Europe imported cocoa beans comprising share almost 64% of overall cocoa products from developing companies.
  • On the basis of source, the market is segmented into inorganic and organic. In 2020, inorganic segment is expected to dominate the global cocoa products market with 72.45% market share as majority of the cocoa beans are produced using conventional method due to their cost effectiveness to small growers in Africa and Indonesian country.
  • On the basis of application, the market is segmented into food & beverages, personal care & cosmetics, dietary supplements and others. In 2020, industrial segment is expected to dominate the global cocoa products market with 70.84% market share as the high demand of the cocoa products are majorly used in industrial application of chocolates as dark chocolate composition is contains approximately 90% cocoa ingredients in form of butter and beans.

The industrial segment will dominate the application segment of the cocoa products market

The industrial segment will emerge as the dominating segment application segment. This is because of the growing number of industrial activities in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

On the basis of distribution channel, the market is segmented into direct and indirect. In 2020, direct segment is expected to dominate the global cocoa products market with 68.49% market share as direct distribution are tendered by large industrialists of food manufacturers and bulk requirement of the cocoa products and their wide presence have led their growth.

The direct segment will dominate the distribution channel segment of the cocoa products market

The direct segment will emerge as the dominating segment under distribution channel with approximately 68.00% market share. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the food and beverages industry all around the globe will further bolster the growth of this segment.

Major Players  

Data Bridge Market Research recognizes the following companies as the market players in cocoa products market: 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), Foley's Candies LP (Canada), Puratos (Belgium), Ferrero (Italy).

Market Development

Cocoa Products Market

  • In March 2019, Cargill, Incorporated acquired Smet, one of Belgium's suppliers of chocolates and sweet decorations. This will bring these companies together and their global gourmet chocolate activities. This will help the company to increase their customer base and also helps them to focus on new its product portfolio.

Regional Analysis

Geographically, the countries covered in the cocoa products market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

As per Data Bridge Market Research analysis:

Europe is the dominant region in cocoa products market during the forecast period 2020 - 2027

The market for cocoa goods worldwide is dominated by the European region, which is followed by North America, Asia-Pacific, the Middle East and Africa, and South America. Germany holds the greatest market share in Europe as a result of the extensive use of cocoa products in industrial settings. For instance, three of the biggest confectionery firms in the world, Mondelez International, Nestle, and Lindt & Sprüngli, employ cocoa ingredients to manufacture roasted chocolate.

North America is estimated to be the fastest growing region in cocoa products market the forecast period 2020 - 2027

North America is likely to be the fastest-growing region in the global market. United States has held the highest market share in North America as a result of its citizens' consumption of cocoa beans and butter utilised in the food and beverage industry as well as their love for the flavour of coffee.  

COVID-19 Impact

The COVID-19 epidemic caused low sales volumes, while supply-side problems with quality and certification had an effect on the cocoa market. The Fine Cacao and Chocolate Institute (FCCI) examined how the COVID-19 outbreak affected exports and found some unsettling findings. In the Dominican Republic, sources state that the harsh lockdown prevented farmers and producers from visiting the plantations for several weeks before the government approved exceptions. A disturbance in the flow of raw materials, followed by a lockdown, causes an increase in the number of specialty shops to remain closed for an extended period of time and a fall in the volume of premium chocolates consumed.

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