Cocoa Market Trends: Demand for Chocolates Drives Growth

The cocoa market reaches $12.8 billion in 2019 and is expected to hit $15.5 billion by 2027.

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, May 21, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global cocoa market generated $12.8 billion in 2019 and is projected to reach $15.5 billion by 2027, witnessing a CAGR of 4.3% from 2021 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenarios, and the competitive landscape.

Growing demand for chocolates and VSS-compliant production drive the growth of the global cocoa market. However, the availability of substitutes for cocoa and the dynamic price fluctuations of cocoa beans restrain the market to some extent. On the other hand, growing demand for specialty cocoa and storytelling is a trending marketing strategy that will present new opportunities in the upcoming years.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 (𝟑𝟔𝟕 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬): https://www.alliedmarketresearch.com/request-sample/11372

The report offers detailed segmentation of the global cocoa market based on product type, process, nature, quality, application, and region.

Based on nature, the conventional segment held the highest market share in 2020, holding 91% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the organic segment is estimated to register the highest CAGR of 5.0% from 2021 to 2027.

Cocoa is extracted from Theobroma tree or cacao tree. The cocoa or cocoa beans are dried and fermented to produce cocoa liquor and by processing the cocoa liquor, cocoa butter and cocoa powder is extracted. The growing demand for chocolate is the key factor propelling the global cocoa market. Cocoa liquor is the major ingredient used to manufacture chocolate. Cocoa is widely used as flavoring, coloring, filling, and as topping in food & beverage, confectionery, and bakery industries. The growing application of cocoa in these industries is fueling the growth of the global cocoa market.

Sustainability in the production of cocoa is one of the key factors consumers look for when buying cocoa products, especially European consumers. Storytelling is the new trend that cocoa and chocolate producers are using as a marketing tool. Consumers are very interested in knowing the story behind the products they purchase. Hence, storytelling has become a new strategy that cocoa and chocolate marketers are using lately in the global cocoa market.

There are a few factors that may hinder the growth of the global cocoa market. The most important restraint is the availability of cocoa substitutes such as carob powder, illipe, shea, sal, palm oil, and mango kernels. These substitutes are easy to manufacture and are available at a lower cost. Further, the cocoa market is subject to price fluctuations. According to the International Cocoa Organization, the production cap by West African countries and unfavorable weather conditions created a gap between the demand and supply of cocoa. This will lead to rising prices for cocoa, and as a result, chocolate producers may opt for cocoa substitutes. This is the constraining factor for the global cocoa market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐭𝐡𝐞 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 @ https://www.alliedmarketresearch.com/request-for-customization/A11007

Based on application, the confectionary segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the animal feed segment is projected to register the highest CAGR of 6.1% from 2021 to 2027.

Based on region, Europe contributed the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2027. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 4.6% during the forecast period.

Sustainability in the production of cocoa is one of the key factors consumers look for when buying cocoa products, especially European consumers. Storytelling is the new trend that cocoa and chocolate producers are using as a marketing tool. Consumers are very interested in knowing the story behind the products they purchase. Hence, storytelling has become a new strategy that cocoa and chocolate marketers are using lately in the global cocoa market.

There are a few factors that may hinder the growth of the global cocoa market. The most important restraint is the availability of cocoa substitutes such as carob powder, illipe, shea, sal, palm oil, and mango kernels. These substitutes are easy to manufacture and are available at a lower cost. Further, the cocoa market is subject to price fluctuations. According to the International Cocoa Organization, the production cap by West African countries and unfavorable weather conditions created a gap between the demand and supply of cocoa. This will lead to rising prices for cocoa, and as a result, chocolate producers may opt for cocoa substitutes. This is the constraining factor for the global cocoa market.

According to the cocoa market analysis, the market is segmented into product type, process, nature, quality, application, and region. On the basis of product type, the global cocoa market is categorized into cocoa butter, cocoa liquor, and cocoa powder. By process, it is segregated into Dutch process and natural process. On the basis of nature, it is segmented into organic and conventional. Based on the quality, it is segmented into bulk, specialty, and fine flavors. Based on application, it is segmented into confectionery, food & beverages, bakery, pharma, animal feed, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the Netherlands, Germany, Belgium, France, the UK, Italy, Spain, Switzerland, and rest of Europe), Asia-Pacific (China, Japan, India, Malaysia, Indonesia, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Iran, United Arab Emirates, and rest of LAMEA).

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/cocoa-market/purchase-options

According to the cocoa market forecast, on the basis of product type, the cocoa liquor segment was the highest contributor to the market, with $4,837.1 million in 2019, and is expected to sustain its significance during the forecast period. Cocoa liquor, also known as chocolate liquor, is an essential item required to produce raw chocolate. Cocoa butter and cocoa powder are also produced from cocoa liquor.

Leading players of the global cocoa market analyzed in the research include Cargill, Inc., Olam International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.

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