Global Cocoa Market Value to Increase to US$ 14,572 Mn by 2026 - Future Market Insights
Increasing awareness about the health benefits associated with the consumption of cocoa-rich products, such as dark chocolates, is affecting the market positively. Cocoa provides a large number of benefits. For instance, it decreases hypertension, reduces the indications of chronic fatigue syndrome, provides protection against sunburn, promotes heart health etc. These benefits associated with cocoa make one of the crucial drivers responsible for the expansion and growth of the global cocoa market. Aggressive advertisements and promotional activities by chocolate manufacturers for brand recognition is another major driver in the cocoa market.
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Chocolate producing companies are turning to advertisements and publicity to incite people to endorse their products and thus, drive sales and improve their consumer base. Increased demand for cocoa from various food applications is also being witnessed. Availability of a wide variety of chocolate flavours and different types of chocolates is resulting in growing consumer base. These factor are contributing to overall revenue growth of the cocoa market. Manufacturers are developing and launching new and innovative varieties, such as coated vegetables, fruits, nuts, cereals, etc., and the growing popularity of such varieties is increasing steadily, especially in developed countries.
The global cocoa market will witness high demand for organic cocoa. However, the demand for conventional cocoa will be higher during the forecast period. Difficulties faced by farmers in producing cocoa using organic farming methods is also suppressing the production of organic cocoa. Organic cocoa worth approximately US$ 300 million will be used in a wide variety of applications globally by the end of 2026.
As per the report, the demand for organic cocoa butter and organic cocoa liquor is expected to remain higher than the demand for organic cocoa powder. Naturally-processed organic cocoa will witness higher demand in comparison to Dutch processed organic cocoa. During the forecast period, a major amount of organic cocoa produced around the globe is anticipated to be used up for the production of confectionery products, functional food products, beverages and cosmetics.
The global cocoa market for conventional cocoa will be mainly conquered by end uses, such as confectionary, functional foods, beverages and bakery items. The report also assesses that in 2016, approximately US$ 3.5 billion worth of revenue was generated from the sales of conventional cocoa powder. Nevertheless, revenue derived from the sales of conventional cocoa liquor will rise at the highest CAGR of 4.5%. By the end of 2026, conventional cocoa products derived from Dutch processing techniques will dominate the cocoa market and bring in approximately US$ 10 billion to the global revenue.
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Key Producers of Cocoa
Some of the major companies operating in the Cocoa market space are nited Cocoa Processor, Carlyle Cocoa, Blommer Chocolate Company, Mars Incorporated, Cargill Incorporated, The Hershey Company, Meiji Holdings Company, Ltd. and India’s Jindal Cocoa. The companies in Cocoa market are focusing on expanding their market presence by establishing new processing facilities to leverage their strength.
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