CocoaFiber Market: Introduction
A recentstudy published by TMR (Transparency Market Research) on the cocoa fiber marketcomprises global industry analysis and opportunity assessment for 2020-2030.Revenue generated from the global cocoa fibermarket was valued at ~US$ 345 Mn in 2020,which is estimated to rise at a CAGR of 7.6%, to reach~US$747 Mn by 2030.
Increasing Application of CocoaFiber in Cosmeceutical Industry Propelling Overall Growth
Consumershave become highly conscious about food they eat and often go throughingredient list of food products before buying it. This has resulted in theincreasing use of ingredients used from natural sources in food and beverages.Research has revealed that cocoa fiber is not only enriched with polyphenolsbut also contains more antioxidants as compared to other products. Antioxidantsprevent ageing, keep skin fresh, activate fat burn, and have a stimulatingeffect. Several manufacturers have started using cocoa fiber as a keyingredient in their cosmetics, personal care, and health products(Nutraceutical). Driven by this factor, the demand for cocoa fiber will increasein the coming years.
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GovernmentInitiatives Aimed at Boosting Cocoa Fiber Production to Aid Growth
Governmentsacross several countries have adopted various initiatives to encourageproduction of cocoa fiber. For instance, in Ghana, the government has announcedplans to introduce cocoa seedling hand pollination and irrigation. Such stepstaken by public authorities will aid the expansion of the market. The countryonly trails the Ivory Coast in cocoa fiber production and aims to increaseproduction to a million tons by the end of 2020. Thegovernment has hired roughly 5,000 peopleto pilot artificial pollination in a number of districts and has promised toprovide solar pumps for irrigation in the dry season.
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Rising Demand for Cocoa Fiber toManufacture Healthy Chocolates
Milkchocolate, cocoa butter, cocoa fiber, cocoa powder, and dark chocolate arecurrently witnessing high demand, especially due to their availability invarious flavors such as vanilla, mint, and coffee. Moreover, leadingmanufacturers are introducing new chocolate varieties such as fruits, nuts, andcereals, especially in developed regions where the consumers are looking forhealthier chocolate options. Such strategies adopted by the leading playerswill bode well for the global market.
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Impact of COVID-19: CocoaFiber Market
Europe hasthe maximum number of bakeries and confectionaries; However, the global crisiscaused by COVID-19 has resulted in a drastically changed the global marketdynamics. As a result, governments across the world have imposed lockdown toprevent the spread of the novel coronavirus. This factor has severely affectedthe demand for cocoa fiber. The consumption of cocoa fiber-based productsreduced drastically due to quarantine notices in Spain, France, Italy, andGreat Britain, among other countries, and is anticipated to impact the demandfor cocoa fiber from processing industries in Europe. Lockdowns imposed toreduce the spread of COVID-19 have also adversely deteriorated the network(supply chain) of several players. The uncertainty caused by the COVID-19outbreak has interfered the import and export of cocoa fiber due to closing ofinternational borders.
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