What Are Latest Innovations, Drivers & Dynamics of Cocoa Market ? Major Players are Carlyle Cocoa, The Hershey Company, Puratos Group, Lindt & Sprungli, and United Cocoa Processor Inc.

Global Cocoa Market-Insights
Cocoa beans are dried, fully fermented, and processed to extract cocoa butter, cocoa liquor, and cocoa powder. Forastero, trinitario, and criollo are the three main varieties of cocoa plant, of which Forastero beans are most widely consumed and comprises around 85% of the world production of cocoa.

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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

Growing demand for chocolate and chocolate coatings are major factors propelling growth of the market. Moreover, abundant application of cocoa products such as cocoa butter, liquor, and powder is contributing to growth of the market. Cocoa is extensively used in various products, including drinking chocolate, dark chocolate, sweet chocolate, baking chocolate, and milk chocolate. Cocoa offers several health benefits as it contains high flavonoids concentration that help in reducing cardiovascular problems.

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However, declining soil fertility, changing climate and weather conditions are some of the factors adversely affecting the productivity of cocoa beans. According to the World Cocoa Foundation, variation in climate conditions affect cultivation of cocoa in a several ways including pest infestation and reduction in pod weight. Furthermore, the changing climatic conditions causes shrinkage of cocoa growing areas in leading cocoa producing countries such as Côte d’Ivoire and Ghana. These factors restrain growth of the global cocoa market.

Europe held a dominant position, in terms of revenue, in the global cocoa market and is expected to maintain its dominance over the forecast period, witnessing highest CAGR among all. According to the Center for the Promotion of Imports (CBI), Ministry of Foreign Affairs, in 2016, Europe accounted for more than half of global cocoa bean imports, with Germany, the Netherlands and Belgium being the largest importers in the region. Furthermore, the Netherlands is the major direct importer of cocoa beans from emerging economies such as Ivory Coast, Ghana, Cameroon, Nigeria, and Peru.

According to CBI, European countries such as Czech Republic, Denmark, Finland, and Slovakia recorded highest annual growth rate in cocoa bean importing from emerging economies between 2010 and 2014. Moreover, the rising demand for specialty chocolate is fuelling demand for fine flavor cocoa in Europe. This in turn, supporting the overall growth of cocoa market in the region.

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