Cocoa Nibs Market Analysis, COVID-19 Impact, Future Growth, Business Prospects and Forecast to 2025
Global Cocoa Nibs Market is estimated to be valued at USD 1,306.3 Million by 2025, registering a CAGR of 4.67% during the forecast period. The global cocoa nibs market is expected to register a notable growth rate during the forecast period. The demand for cocoa nibs is projected to be driven by rising use as a topping. Moreover, cocoa offers several health benefits, which is expected to drive the growth of the cocoa nib’s market at the global level. However, the fluctuating prices of cocoa beans are projected to restrict the growth of the global cocoa nibs market during the forecast period of 2019 to 2025.
Europe constituted a dominant share of the global cocoa nibs market in 2018. The regional market is expected to exhibit a CAGR of 4.48% during the review period. The expansion of product portfolios by the major manufacturers is a significant factor for the growth of the cocoa nibs market in Europe. Apart from this, the high consumer preference for cocoa-based products is also anticipated to fuel the growth of the European cocoa nibs market during the forecast period.
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Germany and the UK are the major country-level market in Europe. However, France is projected to witness the highest CAGR of 4.88% during the forecast period, 2019-2025. North America accounted for a significant market share in 2018. However, Asia-Pacific is projected to register the highest CAGR of 5.25% during the forecast period 2019–2025. The growing awareness regarding the health benefits of cocoa products among the consumers is expected to boost the sale of cocoa nibs in Asia-Pacific. China held a major share of the Asia-Pacific market.
Market Research Future Recognizes Barry Callebaut AG (Switzerland), Cocoa Family Farms (US), Santa Barbara Chocolate (US), NOW Health Group, Inc. (US), Fine Cocoa Products Corporation (US), Sunfood Corporation (US), Viva Naturals (Canada), Navitas LLC (US), Nutrisure Ltd (UK), and United Cocoa Processor, Inc. (US) as the Key Players in the Global Cocoa Nibs Market.
Global Cocoa Nibs Market has been segmented on the basis of Category, Distribution Channel, and Region.
By category, the market has been divided into conventional and organic. The conventional segment accounted for a significant market share in 2018 and expected to retain its dominance throughout the forecast period. The growth of the conventional segment is attributed to the high antioxidant content in the conventional cocoa nibs helps reduce the damage caused by free radicals, which has been linked to premature aging. The high demand for conventional cocoa nibs can also be attributed to the easy availability and economical pricing. However, the organic segment is estimated to register a higher CAGR of 4.98% during the forecast period.
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By distribution channel, the global market has been bifurcated into store-based and non-store-based. The store-based distribution channel is estimated to retain its dominance throughout the forecast period. However, the non-store-based segment is projected to witness higher growth rate during the forecast period. E-commerce channels help expedite this process so manufacturers may reach a wide consumer base. The various discounts and offers available on online shopping sites and services such as free delivery make non-store-based distribution channels the preferred choice among customers. The store-based segment has been further categorized into supermarkets & hypermarkets, convenience stores, and others.
Geographically, the global cocoa nibs market has been categorized into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. As per MRFR analysis, Europe dominated the global market holding the largest share in 2018. The market in Asia-Pacific is expected to record the highest CAGR of 5.25% during the forecast period. Europe held the second-largest market share in 2018.
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