Cocoa & Chocolate Market to Witness a Moderate 5.7% CAGR, Rising Consumption of Premium Chocolate Stokes Demand for Cocoa
Cocoa & Chocolate Market summarized details by key players are Barry Callebaut AG, Cocoa Processing Company Limited, Cargill, Inc., Fuji Oil Company Ltd. (Blommer), Olam International, Touton S.A, ECOM Agroindustrial Corporation Ltd., and Niche Cocoa Industry Ltd. Of these, Barry Callebaut AG
Pune, India – July 16, 2019 /MarketersMedia/ —
Food and Beverage industry covers 80.9% of the share in the global cocoa & chocolate market. This shows that the majority of the demand for cocoa and chocolate products comes from this industry. The above information was shared by Fortune Business Insights in a report, titled “Cocoa & Chocolate Market Size, Share and Global Trend by Product Type (Cocoa Butter Cocoa Liquor, Cocoa Powder, Dark Chocolate, White Chocolate, Milk Chocolate, Filled Chocolate), Application (Food and Beverage, Cosmetics, Pharmaceuticals, Others) and Geography Forecast till 2025.” Several companies are anticipating food industry trends to determine which recipes their customers will like. Healthy, premium, clean, and sustainable are some of the primary trends customers look for other than value for money. Considering this, the demand for cocoa and chocolate products in increasing across end-user industries.
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Some of the major companies that are present in the Global Cocoa & Chocolate Market
• Barry Callebaut AG
• Cargill, Inc.
• Olam International
• Fuji Oil Company Ltd. (Blommer)
• ECOM Agroindustrial Corporation Ltd.
• Cocoa Processing Company Limited
• Touton S.A
• Niche Cocoa Industry Ltd.
• BD Associates Ghana Ltd.
• PLOT Enterprise Ghana Ltd.
• Other Players
The global market for chocolate & cocoa was valued at US$ 43.13 Bn in the year 2018 and is anticipated to be worth US$ 67.22 Bn by 2025. With its demand from the chocolate confectionary sector, the global market is expected to rise at a healthy CAGR of 5.7% during the forecast period. The demand scenario of cocoa & chocolate is escalating, which is expected to increase the cocoa & chocolate market revenue in the forthcoming years.
North America and Europe Together Drive the Market
North America and Europe have huge cocoa processing base, which is one of the primary factors driving the market. However, over the last five years, the market has observed a shift in sales from developed countries to developing ones. Countries such as the Middle East & Africa are becoming favorable markets for producing cocoa and chocolate. The market in Asia Pacific was valued at US$ 4.80 Bn in the year 2018 and is expected to witness high growth over the projected horizon. Moreover, the market foresees a promising potential for significant improvements and processed offerings in Asia Pacific. Countries such as India and China are expected to witness an upward growth trajectory in the past few years. This is attributable to the rising consumer spending on chocolate confectionaries. As per the report, analysts found that the market is anticipated to exhibit a CAGR of 8.13% between 2018 and 2025.
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Major Table of Content of Global Cocoa & Chocolate Market is;
4. Key Insights
4.1. Overview of the Parent/Related Markets
4.2. Supply Chain Analysis
4.3. Recent Industry Developments
4.4. Cocoa Price & Trade Analysis
5. Global Cocoa & Chocolate Market Analysis, Insights and Forecast, 2014-2025
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. Cocoa Ingredients
5.2.2. Chocolate
5.3. Market Analysis, Insights and Forecast – By Application
5.3.1. Food & Beverage
5.4. Market Analysis, Insights and Forecast – By Geography
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. South America
5.4.5. Middle East & Africa
Other Than Functional and Nutritional Benefits, Cocoa & Chocolate Enhances Taste, Texture, and Flavor to Food
A lead analyst at Fortune Business Insights says, “Cocoa farmers are increasingly adopting fair-trade practices to enhance cocoa productivity.” He added, “This will further maintain the balance between supply and demand of cocoa, encouraging farmers to increase the productivity.” Driven by this, the demand for fair-trade chocolates is expected to fuel in the foreseeable future as these chocolates are sustainable in nature. This will further expand the cocoa & chocolate market share.
As the demand for chocolate increases, the use of cocoa powder will rise simultaneously. Moreover, cocoa powder is the most versatile ingredient in processed food. Health benefits associated with cocoa powder and growing demand for indulgent and premium chocolate offerings are augmenting demand for cocoa and chocolate products. Enabled by this, the global cocoa & chocolate market sales are expected to reach new heights in the forthcoming years. Other than nutritional benefits, cocoa and chocolate products add a new taste and enhance the texture of the food.
The demand for industrial or couverture chocolate is increasing as it has high cocoa content. This type of chocolate is highly consumed and preferred owing to its several health benefits. Not only this, people around the world are shifting their inclination to high cocoa content, which will eventually increase the sales of dark chocolate. This, in turn, is expected to increase the cocoa & chocolate market size in the forecast years.
Olam International, Barry Callebaut Among Others Lead the Market
The global cocoa & chocolate market is consolidated in nature. The market is dominated by large MNCs with their strong customer base, recognized brands, robust distribution network, and vertically-integrated business models. The competition among players has intensified over the years as the market predominantly concentrates on processing, cocoa trading, and chocolate manufacturing. The company expanded its product portfolio by revealing the fourth type of chocolate after Milk, White, and Dark Chocolate. This new chocolate called ‘Ruby’ is made from ruby chocolate bean via unique processing. No additional flavor or color is added to the chocolate. It naturally takes the reddish color of ruby beans and has an intense taste. Considering this, several other companies are also planning to develop their product portfolio to stay ahead of the competition.
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