Cocoa Market is Expected to Increase at a CAGR Of 5% by 2032

The value of the global cocoa market is US$ 48.3 billion in 2022, which is projected to reach US$ 79 billion by 2032-end, increasing at a CAGR of 5% between 2022 and 2032.

Theobroma cacao seeds are completely dried and fermented to derive cocoa beans or cocoa. 'Food of the gods' is the literal meaning of Theobroma. Further, cocoa was used originally as a ritual beverage in a lot of South American cultures.A noticeable increase in the demand for cocoa is owing to its rising use as a fundamental ingredient in chocolate. Around 4.6 million tons of cocoa are used in the production of chocolate around the world each year. In addition to chocolate, cocoa is also used at a high rate in the production of confectionery products, cocoa mass, cocoa powder, and cocoa liquor.

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How are Growth Opportunities in the Cocoa Market Evolving?

“Varied Benefits of Cocoa Serving as Market Driving Force”

There are a lot of benefits of cocoa that are predicted to serve as the driving force to increase the count of developments that are taking place in the market. The benefits of cocoa are identified with the rising use of it in different industries, such as pharmaceuticals, sweet products, baking, and so on. Further, the market has ample opportunity for applications in cosmetics and personal care products.

People are gaining awareness related to the health benefits of consumption of dark chocolate which is further estimated to increase its prospects. These factors are likely to increase the demand for cocoa. Various new kinds of chocolates are gaining popularity among consumers for their different flavors.

The reputation of various chocolates is growing due to their easy availability. Thus, the easy availability of these products is predicted to make the market accessible to a larger consumer base across the globe.

Competitive Landscape:

To win in the cut-throat competition, emerging as well as existing market players are leveraging different business strategies. Some of the key strategies include acquisition, collaboration, novel product launches, portfolio expansion, agreements, partnerships, and some others that are adopted by these players to gain a competitive edge in the global cocoa market.

Some key manufacturers of cocoa include Barry Callebaut AG, Blommer Chocolate Company, Cargill Inc., Olam International Ltd., Dutch Cocoa BV, and JB Foods.

Some of the prominent initiatives that are taking place in the industry include :

• Barry Callebaut, in March 2022, announced the expansion of its factory in Australia, Melbourne, and Campbell field. This initiative by the company is likely to expand the geographical footprints of the company in the Asia Pacific while creating high-quality and safe products. Further, the facility is likely to serve the entire sector in Australia, from local and global manufacturers to professional and artisanal chocolate users.

• Blommer Chocolate Company is a subsidiary of Fuji Oil Co., Ltd. in January 2022, it announced the opening of an R&D application lab in downtown Chicago. With improved and new ways to support the business, the newly developed space represents the expansion of the company’s R&D capabilities.

Segmentation of Cocoa Industry Research:

·         By Product Type :

• Cocoa Ingredients

  • Cocoa Butter

  • Cocoa Liquor

  • Cocoa Powder

• Chocolates

  • Dark

  • Milk

  • White

  • Filled

·         By Application :

• Food & Beverages

  • Confectionery

  • Dairy

  • Bakery

  • Others

• Cosmetics

• Pharmaceuticals

• Others

·         By Region :

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

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• Cocoa Market Category and segment level analysis: Fact MR offers detailed analysis of the factors influencing the sales prospect across key segments. Cocoa Market category analysis provides deep insights into customer experiences, emerging trends and growth drivers. The vital information highlighted in this section will enable market players to make timely business decision to gain competitive advantage.

• Cocoa Market Manufacturing trend analysis: A key aspect of the study is comprehensive Cocoa Market manufacturing trend analysis. These insights provide vital information on how market players are coping with latest trends that are prevailing in the market.

• Innovation and acquisition activity in Cocoa Market: The report highlights in detail the various organic and inorganic strategies adopted manufacturers in order to gain a competitive edge in Cocoa Market. Adoption of various technologies are being discussed in detail.