Cocoa Market boosting the growth through 2026 by Global Top Players - Daniels Midland, Blommer Chocolate Company, Barry Callebaut, Cargill, Cocoa Processing Company, Mars Incorporated, Carlyle Cocoa

Cocoa is majorly used to confer flavor, taste, and texture to food. Moreover, cocoa enhances functional and nutritional benefits. This is majorly due to the presence of flavonoids in cocoa. Flavonoid consumption is associated with various health benefits such as reduced risk of cardiovascular problems and blood pressure coupled with the improved blood vessel functioning and cholesterol levels. Furthermore, chocolate is also used to masks the unpleasant taste of medicines. This in turn, increases the cocoa market penetration in pharmaceutical sector.

Market Dynamics

Growing demand for premium and specialty cocoa bean is the major factor contributing to the growth of global cocoa market. Furthermore, increasing awareness regarding the health benefits of consuming flavonoids is propelling the demand for dark chocolate, as it contains high amount of cocoa. This in turn, fueling growth of the cocoa market. Wide applicability of cocoa is considered as another factor driving the market growth. Cocoa is widely used in the manufacturing of dark chocolate, sweet chocolate, milk chocolate, drinking chocolate, bakery, and confectionary products.

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Europe held a dominant position in the global cocoa market in 2016, owing to growing demand for high grade and fine flavor cocoa in the region. Fine flavor cocoa beans have higher quality as compared to common grade cocoa beans, owing to their more pronounced organoleptic characteristics such as taste, color and odor.

Among source types, organic cocoa is expected to record the fastest growth, witnessing highest CAGR during the forecast period. Organic cocoa accounted for a small share in the cocoa market in 2016. Increasing demand for organic cocoa due to the increasing concern regarding the food safety coupled with environmental concerns among consumers.

Based on applications, the cocoa market is segmented into bakery items, beverages, confectionary, cosmetics, functional foods, and pharmaceutical. Among applications, confectionary segment held a dominant position in the market in 2016, and is expected to maintain its dominance over the forecast period, witnessing highest CAGR among all. Cocoa is largely been used in confectionary application, as a colorant and flavor ingredient. Moreover, cocoa powder used in confectionary application increases the nutritional values and the shelf life of the end product.

Based on product types, the cocoa market is segmented into cocoa butter, cocoa liquor, and cocoa powder, with cocoa liquor being the major contributor in the growth of global cocoa market in 2016. Cocoa liquor is a pure chocolate and is a mixture of cocoa butter and cocoa powder. It is the key raw material for dark chocolate and milk chocolate. Moreover, it is also used in desserts, drinks, bakery products, ice cream, and ice cream coatings.

Major players operating in the global cocoa market include Archer Daniels Midland, Blommer Chocolate Company, Barry Callebaut, Cargill Inc., Cocoa Processing Company, Mars Incorporated, Carlyle Cocoa, The Hershey Company, Puratos Group, Lindt & Sprungli, and United Cocoa Processor Inc.

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