Market Analysis
The cocoa ingredients market is predicted to touch USD 2.74 Billion at a 9.01% CAGR over the forecast period (2023-2030), states the latest Market Research Future (MRFR) report. Cocoa ingredients, simply put, are derivatives of cocoa beans that are widely used for different purposes, including confectionery, bakery, dairy, beverages, personal care industry, and pharmaceutical.
Various factors are propelling the Cocoa Ingredients Market growth. These factors, as per the new Market Research Future (MRFR) report, include growing demand for products that are chocolate flavored, versatility in different non-food and food options, exponentially rising sales of chocolate across the world, and increasing disposable income. Moreover, dark chocolate has antioxidants that can improve health. Some of the health benefits of consuming dark chocolates include decrease oxidized LDL cholesterol in men, lower blood pressure, improve blood blow, cut down the risk of heart diseases, increase HDL, protect skin against UV damage, and also improve brain function. These benefits are also boosting the market growth.
On the flip side, volatile costs of cocoa and increasing production costs are factors that may impede the cocoa ingredients market growth over the forecast period.
Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the cocoa ingredients market on the basis of type and application.
Based on application, the cocoa ingredients market is segmented into pharmaceuticals, personal care products, dairy products, beverages, bakery and confectionery, and others. Of these, the bakery and confectionery segment will have the largest share in the market over the forecast period. Factors pushing the growth of the segment include growing demand for chocolate from food and beverage industries and growing health consciousness that has boosted the demand for organic chocolates.
Based on type, the cocoa ingredients market is segmented into trinitario, forastero, and criollo. Of these, the forastero segment will lead the market over the forecast period. Factors pushing the growth of the segment include the high production volume of forastero cocoa, its strong flavor, and less bitterness. Besides, it comes in two varieties and grows easily, which again has a positive impact on market growth.
Regional Analysis
By region, the cocoa ingredients market report covers the latest trends and growth opportunities across Europe, North America, Latin America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, Latin America will have the lion’s share in the market over the forecast period as most countries here produce as well as export various types of cocoa. Brazil, Ecuador, and Columbia are the key contributors in this region.
The cocoa ingredients market in the MEA will have the second-largest share over the forecast period, with the African region being the second-largest cocoa producer. In the Middle East, most chocolate brands are keeping the demand for cocoa high. Saudi Arabia is the chief contributor in the Middle East region, followed by Ghana, Ivory Coast, and Cameroon.
The cocoa ingredients market in North America is predicted to have a healthy growth over the forecast period. The USA is the largest market for chocolates, both in terms of production as well as consumption, followed by Canada that contributes a major revenue.
The cocoa ingredients market in Europe is predicted to have a notable growth over the forecast period. Factors pushing growth in the region include a strong market for chocolates and a growing population. Switzerland, Germany, and France are the key contributors in this region owing to the burgeoning demand for cocoa ingredients.
The cocoa ingredients market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors driving market growth include improving farming practices, the rise of several local beverage and chocolate brands, and the developing economy. China is a chief contributor in this region, followed by India, Malaysia, and India.
Key Players
Key Cocoa Ingredients Market Players include United Cocoa Processors Inc. (USA), Olam International Limited (Singapore), Mars Inc. (USA), The Hershey Company (USA), Cocoa Processing Company Ltd. (Ghana), Blommer Chocolate (USA), Barry Callebaut (Switzerland), Archer Daniels Midland Company (USA), and Agostoni Chocolate Inc. (USA).
August 2019: Barry Callebaut has introduced Bensdorp Natural Dark, a 100% natural, flavorful, dark cocoa powder that can be used in most major application segments, including ice creams, beverages, and cold drinks, and bakery and pastry creations. It is a mix of dried fruits, spices, and roasted cocoa. Along with offering a dark brown color, it will also provide a chocolaty, rich flavor.
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