Cocoa Products Market
Cocoa Products Market size is estimated to reach $30.6 billion by 2027, growing at a CAGR of 3.1% during the forecast period 2022-2027. The cocoa bean or just cocoa also termed the cacao bean or cacao is the dried and completely fermented seed of Theobroma cacao, from which cocoa solids (a mixture of non-fat substances) and cocoa butter (the fat) may be derived. Cocoa powder and cocoa butter are typical cocoa products. Investigations have been conducted which offer a basis for comprehending the molecular basis of fine aroma constituents in cocoa, and thereby for the establishment of molecular markers connected to fine aroma quality in this species. During the last decade, different functional genomics and certain proteomic projects have been commenced, inclusive of expressed sequence tag and BAC libraries building, cacao genome sequencing, expression studies of cacao tissues disputed with the principal pathogens (Moniliophthora perniciosa, Phytophthora spp.), or exposure to other stress conditions like drought, and expression investigations connected to cacao quality flavor. Moniliophthora perniciosa, formerly termed Crinipellis perniciosa (Singer) Stahel, is a hemibiotrophic basidiomycete (Tricholomataceae, Agaricales, Marasmiaceae) fungus that brings about Witches' broom disease (WBD) in cacao (Theobroma cacao L.). Cocoa beans are a well-recognized source of antioxidant polyphenols. Specifically individual oligomeric proanthocyanidins established a compelling contribution to the complete antioxidant activity of cocoa in comparison with monomeric compounds.
The surging utilization of cocoa powder in the production of chocolate confectionaries and cocoa paste is set to drive the Cocoa Products Market. The soaring application of cocoa butter in pharmaceutical and cosmetic industries to produce skincare products in conjunction with cacao molecular studies involving molecular markers is set to propel the growth of the Cocoa Products Market during the forecast period 2022-2027. This represents the Cocoa Products Industry Outlook.
Report Coverage
The report: “Cocoa Products Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Cocoa Products Market.
By Type: Cocoa Powder, Cocoa Paste, Cocoa Butter, Others.
By Application: Confectionery, Health Drink And Beverages, Bakery, Functional Food, Others.
By Geography: North America (the U.S, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).
Key Takeaways
- Geographically, European Cocoa Products Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the soaring intake of cocoa products in conjunction with cacao molecular studies including molecular markers in the European region.
- Cocoa Products Market growth is being driven by the surging manufacture of cocoa products like cocoa powder and cocoa butter and the emergence of cacao biotechnology involving the application of molecular markers. However, the application of pesticides in food products like cocoa needs to be strictly regulated where pesticides are utilized to combat insect attacks from mirid bugs and the cocoa pod borer and this is one of the major factors hampering the growth of the Cocoa Products Market.
- Cocoa Products Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Cocoa Products Market report.
Cocoa Products Market: Market Share (%) by Region, 2021
Cocoa Products Market Segment Analysis – By Type:
The Cocoa Products Market based on type can be further segmented into Cocoa Powder, Cocoa Paste, Cocoa Butter, and Others. The Cocoa Powder Segment held the largest market share in 2021. This growth is owing to the soaring application of cocoa powder in the production of chocolate confectioneries and chocolate paste. Cacao molecular studies involving molecular markers have been carried out. The soaring application of alkalized cocoa powder as a flavor enhancer in food and beverage industries and as a supplement in chocolate confectioneries, cakes, and biscuits is further propelling the growth of the Cocoa Powder segment.
Furthermore, the Cocoa Butter segment is estimated to grow with the fastest CAGR of 3.7% during the forecast period 2022-2027 owing to the proliferating application of cocoa butter in medicinal and cosmetic applications and as an antioxidant and flavor enhancer in food and beverages, and as a lubricant in pharmaceuticals and cosmetics in conjunction with cacao molecular studies involving molecular markers.
Cocoa Products Market Segment Analysis – By Application:
The Cocoa Products Market based on the application can be further segmented into Confectionery Health Drink And Beverages, Bakery, Functional Food, and Others. The Confectionary Segment held the largest market share in 2021. This growth is owing to the soaring intake of packaged food and confectioneries by consumers worldwide. Investigations on cacao molecules involving molecular markers have been performed. The typical snacking habit of people involving the consumption of chocolates worldwide is further propelling the growth of this segment.
Furthermore, the Others segment is estimated to grow with the fastest CAGR of 3.8% during the forecast period 2022-2027 owing to the extensive application in cosmetics attributed to numerous health advantages offered by cocoa-like minimized inflammation, superior blood flow, reduced blood pressure, and enhanced cholesterol and blood sugar levels with cocoa being one of the most abundant sources of polyphenols and extensively researched using a molecular marker.
Cocoa Products Market Segment Analysis – By Geography:
The Cocoa Products Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Europe (Cocoa Products Market) held the largest share with 35% of the overall market in 2021. The growth of this region is owing to the soaring intake of cocoa and the increased R&D activities on cacao involving molecular markers in the region. The European region is a mature market for cocoa products where the retail infrastructure has stayed consistent over the years. The existence of key players like Barry Callebaut in Zurich, Switzerland in the region in conjunction with the soaring purchasing power of consumers is further propelling the growth of the Cocoa Products Market in the European region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like accelerated growth of middle-class population, urbanization, and altered consumer tastes resulting in soaring appetite for chocolates in China in the Asia-Pacific region. The proliferating demand for organic products resulting in numerous opportunities for key players and the soaring R&D activities performed on cacao involving molecular markers are further fueling the progress of the Cocoa Products Market in the Asia-Pacific region.
Cocoa Products Market Drivers
R&D Activities On Functional Genomics Of Cacao Are Projected To Drive The Growth Of Cocoa Products Market:
Cacao (Theobroma cacao L.) is one of the principal tropical crops globally. It is grown principally to offer cacao liquor, butter, and powder for the chocolate industry, necessarily owing to its flavor characteristics. Sadly, devastating and newly experienced ailments have constantly been the principal determinants that restrict cacao manufacture in almost all producing countries. The principal dispute is to establish enhanced cacao tree cultivars with durable and tenable opposition to these ailments that concurrently possess high bean quality for chocolate manufacture. To accomplish this objective, the application of functional genomics can be a vital step to accelerate the growth of such cultivars. During the last decade, different functional genomics and certain proteomic projects have been commenced, inclusive of expressed sequence tag and BAC libraries creation, cacao genome sequencing, expression investigations of cacao tissues disputed with the principal pathogens (Moniliophthora perniciosa, Phytophthora spp.), or exposure to additional stress conditions like drought, and expression investigations connected to cacao quality flavor. Functional genomics research related to genetics (molecular marker, maps, and QTLs) will assist in choosing novel cacao assortments with agronomic properties insisted by farmers. The extensive research activities on the functional genomics of cacao are therefore fuelling the growth of the Cocoa Products Market during the forecast period 2022-2027.
Soaring Innovations In Cocoa Products Are Expected To Boost The Demand Of Cocoa Products Market:
Apart from extensive cacao molecular studies involving molecular markers, novel cocoa powders and novel formats and formulations of cocoa liquor and cocoa butter are fueling the growth of the Cocoa products Market. The Olam Group has developed innovative cocoa products through its brands like deZaan, Unicao, Joanes, and Macao. TruDark was developed by deZaan to satisfy the soaring customer demand for organic and unadulterated foods and tenable, transparent, and clean labeling. This product rectifies the former unresolved problem of color and flavor minimization that otherwise happens when non-alkalized cocoa powders are used in applications. The surging innovations in cocoa products are therefore driving the growth of the Cocoa Products Market during the forecast period 2022-2027.
Cocoa Products Market Challenges
Adverse Environmental Impacts Of Cocoa Production Are Hampering The Growth Of The Cocoa Products Market:
Cocoa production contributes the most to the environmental effects of eutrophication, ozone layer depletion, freshwater aquatic eco-toxicity, human toxicity, and terrestrial eco-toxicity, with average contributions of more than 96% in regions like Ghana. Investigations have unveiled that the manufacture and application of fertilizers and pesticides were a principal cause of the environmental burdens in the cocoa production phase. Ozone layer depletion is brought about by the emission of halogens and CFCs (Chlorofluorocarbons) at the time of the production of pesticides. Eutrophication is principally brought about by leakage of nutrients during cultivation and emission of phosphates from the manufacture of phosphorus fertilizers. These issues are thus hampering the growth of the Cocoa Products Market.
Cocoa Products Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and R&D Activities are key strategies adopted by players in this market. Cocoa Products top 10 companies include:
- Cargill
- Ciranda
- FUJI OIL CO., LTD.
- Guan Chong Berhad (GCB)
- Puratos Group
- The Hershey Company
- Touton S.A
- Tradin Organic
- United Cocoa Processor
- Barry Callebaut
Acquisitions/Product Launches:
- In November 2021, Hershey India Pvt Ltd., a portion of The Hershey Company, declared the introduction of the ‘Better-For-You’ spinoff for its premium iconic chocolate Hershey’s Kisses. Gratifying the consumer trend of ‘conscious indulgence’, the novel Hershey's Kisses variant will include 30% less sugar-filled within a recyclable pack – providing consumers an alternative that is ‘better-for-you’ and better-for-environment, too. With its earliest-ever introduction of a less sugar chocolate variant, the firm endeavors to provide a smart snacking selection of delicious chocolate treats.
- In November 2021, Barry Callebaut, declared the introduction of its most recent novel dairy-free and plant-based solution, Dairy-Free Compounds under its signature brand. This novel chocolate product innovation unites with Barry Callebaut’s North American existing Plantcraft series of dairy-free chocolates, nuts, cocoa powders, and cacao fruit experience constituents. Providing an extensive choice of tenable, dairy-free, and plant-based constituents, Barry Callebaut has product solutions that meet the increasing demand for plant-based solutions, specifically amidst millennials and centennials.
- In October 2021, Barry Callebaut introduced a novel better-for-you drink mixture prepared with 100% cacao fruit that it will make accessible for makers globally to utilize in distinct kinds of beverages. The mixture, termed Elix, was revealed at a live and virtual event at Hortus Botanicus Amsterdam. Cacao fruit is an abundant source of numerous nutrients, inclusive of flavonols — a class of phytochemicals pronounced to possess numerous possible health advantages, specifically for the heart and circulation.
