16 July 2021
Global Cocoa Market: Overview
Cocoa is a fatty bean obtained from the plant, Theobroma cocoa. This plant seed is dried and fermented, and subsequently processed further to extract cocoa powder, cocoa oil, cocoa butter, cocoa liqueur and other solids. The demand for cocoa is set to increase due to its use in chocolate, primarily. However, note that Cocoa beans are not only demanded for their unique flavor, but also because they are known to have high flavonoid concentrations, which are known to be beneficial to people with cardiovascular problems.
As per TMRR, the market would grow at a sturdy growth rate, compounded annually, pushing forward lucrative growth opportunities for market players. Another outcome into which the growth would translate to is a higher valuation of the global cocoa market.
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Global Cocoa Market: Notable Developments
Major players in the cocoa market are inclined towards sustainability and certification for their cocoa products. Players’ focus on new product development for portfolio diversification and tapping into new consumer bases has also been noted in the past. Certain examples of the same are cited below:
In October 2016, Blommer Chocolate Company, U.S., announced its plan to procure only certified cocoa from 2020 onwards in order to adhere to cocoa industry standards. In December 2015, Nestlé U.K. & Ireland announced their plans to use only certified sustainable cocoa to improve product quality of chocolate-based products from January 2016 onwards.
In September 2015, Ghana’s Cocoa Research Institute introduced a new variety of cocoa with new fine flavors, including floral, fruit, herbal, wood nuts and caramelized notes with chocolate bases. These new flavors are set to increase demand in this market, given people’s preferences for new flavors.
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Prominent players in the cocoa market include-
The Barry Callebaut Group
The Hershey Company
Blommer Chocolate Company
Meiji Holdings Company, Ltd.
United Cocoa Processor.
Global Cocoa market: Key Trends and Drivers
The cocoa market is largely driven by the increasing demand for chocolate and chocolate coatings around the world. Some of the most popular products where cocoa is utilized are sweet chocolate, dark chocolate, drinking chocolate, milk chocolate, and baking chocolate.
However, health concerns related to high sugar-content utilized world over in most cocoa-based products are expected to hamper the market’s growth to certain extent. Demand for organic products is gaining traction with consumers seeking to avoid consumption of harmful chemicals.
The increasing consumption of chocolate confectionary is strongly linked to the affordability of consumers. As the disposable income of consumers increase in the world’s advanced economies and the per capita income of consumers in emerging nations continue to rise, particularly in Africa, and Asia Pacific, cocoa consumption seems set to increase in the future.
Global Cocoa market: Regional Analysis
Cocoa beans are produced in tropical zones around the Equator, where climatic conditions are well suited for growing cocoa trees. About 70 percent of the world’s cocoa beans come from four African countries: Ivory Coast, Ghana, Nigeria and Cameroon. Cocoa is also considered to be one of the most important cash crops by the farmers in regions such as Africa, Latin America and South East Asia. Among the South East Asian countries, Indonesia is a major producer of cocoa.
Cocoa Market Segments:
By Product Type
Cocoa Powder & Cake
Cocoa Paste & Liquor
Food & Beverages
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