Cocoa Market - What will be the key strategies adopted by manufacturers to win over competition and maintain a sustainable growth trajectory
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Weather plays a key part in determining the quality and quantity of cocoa beans that are cultivated each year, hence unfavorable weather conditions can lead to low yield, which remains a major concern for the overall cocoa market. Fact.MR’s recently published report reveals that the global market for cocoa will register a moderate CAGR of 3.3% between 2017 and 2022 to reach a valuation of US$ 40,206.9 Mn. For the last decade or so, a large number of consumers particularly in Westerns countries are opting for healthier alternatives over chocolate, many of them even quitting chocolate completely. This, in turn, is compelling manufacturers to replace chocolate with healthier ingredients in their indulgent products.
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Following excerpts from Fact.MR’s global cocoa market forecast will be ardent to the market’s future prospects
Cocoa liquor will continue to be the top selling cocoa product throughout the forecast period. In terms of revenue, cocoa liquor will account for over 44% share of the market by the end of 2017. Meanwhile, demand for cocoa powder is also likely to increase at significant pace over 2022.
Confectionary remains the largest application segment of the global cocoa market and is expected to account for over 28% revenue share of the market. Towards the end of assessment period, this segment is expected to reach a market valuation of US$ 10,423.9 Mn in 2022. Apart from food and beverage, cocoa also finds application in the cosmetic and pharmaceutical product.
In terms of revenue, Europe currently leads the global market for cocoa, and the trend is likely to continue throughout the forecast period. The region is expected to remain one of the most attractive market for cocoa products in 2017 and beyond. During the same period, North America in projected to retain its second spot in the global cocoa market.
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Some of the leading companies operating in the global market for cocoa include Barry Callebaut, Nestlé S.A, The Cocoa Processing Company Limited, ADM, Cemoi, Puratos Group, Mars, Inc., Bloomer Chocolate, Cargill, Inc. and United Cocoa Processor, Inc. Many of these players are emphasizing on product innovation and trying to develop low calorie and low fact cocoa products. Companies have ramped up their investments in scientific research programs dedicated to development of healthier food items.
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Key deterrents factoring the sluggish growth in global cocoa revenues: Unsuitable weather conditions witnessed across the globe are curbing a healthy production of cocoa strains and hindering the supply of fresh cocoa to areas with harsh environments. View complete report: https://www.futuremarketinsights.com/reports/cocoa-market Farmers are facing challenges occurring due to poor management of cocoa farms and negligent adoption of modern agricultural techniques Measures taken by governments to hike the end-user value of cocoa products are compelling
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