Rising popularity of cocoa based products such as cocoa drinks, chocolate, cocoa butter and cocoa liquor is boosting the growth of the global cocoa market. Over the recent years, demand for cocoa products, especially chocolate has surged in emerging countries such as India and China. Moreover, introduction of cocoa based health drinks and a range of new chocolate confectionary items is also driving the global consumption of cocoa. On the other hand, high cost of production and inadequate supply of cocoa are posing a major challenge to the market.
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Weather plays a key part in determining the quality and quantity of cocoa beans that are cultivated each year, hence unfavorable weather conditions can lead to low yield, which remains a major concern for the overall cocoa market. Fact.MR’s recently published report reveals that the global market for cocoa will register a moderate CAGR of 3.3% between 2017 and 2022 to reach a valuation of US$ 40,206.9 Mn. For the last decade or so, a large number of consumers particularly in Westerns countries are opting for healthier alternatives over chocolate, many of them even quitting chocolate completely. This, in turn, is compelling manufacturers to replace chocolate with healthier ingredients in their indulgent products.
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Following excerpts from Fact.MR’s global cocoa market forecast will be ardent to the market’s future prospects
- Cocoa liquor will continue to be the top selling cocoa product throughout the forecast period. In terms of revenue, cocoa liquor will account for over 44% share of the market by the end of 2017. Meanwhile, demand for cocoa powder is also likely to increase at significant pace over 2022.
- Confectionary remains the largest application segment of the global cocoa market and is expected to account for over 28% revenue share of the market. Towards the end of assessment period, this segment is expected to reach a market valuation of US$ 10,423.9 Mn in 2022. Apart from food and beverage, cocoa also finds application in the cosmetic and pharmaceutical product.
- In terms of revenue, Europe currently leads the global market for cocoa, and the trend is likely to continue throughout the forecast period. The region is expected to remain one of the most attractive market for cocoa products in 2017 and beyond. During the same period, North America in projected to retain its second spot in the global cocoa market.
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Some of the leading companies operating in the global market for cocoa include Barry Callebaut, Nestlé S.A, The Cocoa Processing Company Limited, ADM, Cemoi, Puratos Group, Mars, Inc., Bloomer Chocolate, Cargill, Inc. and United Cocoa Processor, Inc. Many of these players are emphasizing on product innovation and trying to develop low calorie and low fact cocoa products. Companies have ramped up their investments in scientific research programs dedicated to development of healthier food items.