|07-05-2018 01:35 PM CET - Industry, Real Estate & Construction||
Global Cocoa Powder Market: In-depth Evaluation on Growth, Share, Size and Trends Until the End of 2022
Press release from: Fact.MR
Cocoa powder is a mixture that remains after cocoa butter is extracted from cacao beans. Cocoa powder is one of the key ingredients in chocolate, chocolate confections and syrup. Increasing preference for better flavor, color and texture is also driving demand for cocoa powder as a coloring agent. Cocoa powder is also rich in flavonoids and several minerals. New process of manufacturing cocoa powder is being adopted on a large scale as the amount of flavonoids depends on the processing.
Also, cocoa powder products may contains cadmium which is a toxic heavy metal, hence, European Union is planning to impose limit for cadmium in cocoa powder of 0.6 µg per gram of cocoa powder. Meanwhile, the government in the U.S. has not set any limit on cadmium in food products, however, State of California has introduced maximum allowable daily level. Research also suggests that cocoa containing highest flavanol content contribute to skin, cognitive, and cardiovascular health. As per the latest report compiled by FactMR, the global market for cocoa powder is likely to witness a CAGR of nearly 2.2% in terms of volume till 2026. The market is projected to surpass 1,315 ‘000 tonnes by the end of 2026.
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With the increasing production of chocolate and confectionery products, demand for cocoa powder will continue to increase among the leading food and beverage industry. Consumption of cocoa powder is likely to remain high with the shift in preferences of various health conscious customers. Individuals prefer spending on food products rich in health-benefiting ingredients such as cocoa powder. In order to expand their customer base, leading firms are focusing on incorporating innovative flavors and ingredients in the food products.
As consumption of cocoa powder benefits the health of customers, leading food manufacturers are looking to opt for cocoa powder as an important ingredient. Demand for cocoa powder continues to remain pervasive in the food and beverage industry with the prevalence of cardiovascular diseases. Besides food and beverage industry, leading cosmetic and personal care industries are also focusing on utilizing cocoa powder as an important ingredient for skin care products. Through product innovation and differentiation, leading firms are focusing on attaining a competitive edge in the global market.
Global Cocoa Powder Market to Account for Over 1,315 ‘000 Tonnes in Terms of Volume By 2026-End
FactMR states that the global cocoa powder market is projected to account for more than 1,315 ‘000 tonnes in terms of volume by 2026-end. Increasing production of chocolates and confectioneries has led to a surge in demand for the cocoa powder in the food and beverage industry. As cocoa powder is rich in vitamins and minerals, leading manufacturers are utilizing it as an important ingredient for enhanced flavor in food products. Also, consumption of cocoa powder food products benefits the cardiovascular health of customers. In order to offer enhanced customer experience, leading firms are focusing on utilizing cocoa powder for food innovation. Food manufacturers are utilizing cocoa powder to produce confectionery syrup and chocolates. These products are further used as an important ingredient during the production of bakery products. In addition, demand for the cocoa products will continue to remain high in the cosmetic industry. Leading manufacturers in the cosmetic industry are focusing on utilizing cocoa powder for the production of various cosmetics and soaps. Attributed to various health benefitting features, demand for the cocoa powder will also continue to remain high for the production of various creams, scrubs, ointment, lotions, face masks, and facial toners. Also, increase in production of other skin care products such as massage oils, bath bomb products, and lip balms has led to an upsurge in demand for cocoa powder as an important ingredient in the cosmetic industry. To remain on the forefront of the global market, leading companies are focusing on incorporating innovative flavors in the food products.
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Double-Dutch Cocoa Segment Accounts for 26% Volume Share
The report offers detailed analysis and insights on the basis of product type. The key segments covered on the basis of product type include black cocoa, Double-Dutch Cocoa blend, triple cocoa blend, Bensdorp Dutch-Process Cocoa, Cocoa Rouge, and Natural Cocoa. Among these, Double-Dutch cocoa powder segment currently accounts for nearly 26% volume share of the market. This segment is likely to expand at a CAGR of 3% in terms of volume through 2026, and reach nearly 367 ‘000 tonnes.
Demand for Cocoa Powder Significant in Beverage Industry
On the basis of end-use industry, the key segments include chocolate & confectionary, beverages, bakery, functional food, cosmetics, and pharmaceuticals. Among these, beverages segment accounts for nearly 17.3% volume share of the market, and is likely to grow at a CAGR of 1.2% in terms of volume during the assessment period. The demand for cocoa powder from the beverages sector is likely to remain steady during the assessment period.
Speciality Stores Account for 22% Volume Share
The distribution channel segmentation analysis includes modern trade, speciality stores, convenience stores, traditional grocery stores, online stores, and other distribution channels. Sales through distribution channel remain significant, and this segment currently accounts for 22% volume share of the market.
The report also profiles companies that are expected to remain active in the expansion of global cocoa powder market through 2026, which include Hershey’s, Ghirardelli, Nestle, Mars, Inc., Cocoa Processing Company, Olam International, Cargill, Inc., Barry Callebaut, Swiss Chalet Fine Foods, Touton, and Dutch Cocoa.
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