Press release
Cocoa Ingredients Market Growth, Development Factors, Business Insights, Value Chain and Sales Channels Analysis 2029
As per the report, the cocoa ingredients market is gaining immense popularity due to several reasons. For instance, the increasing consumption of confectionery and bakery products worldwide augments the demand for cocoa ingredients. The increasing per capita income and the growing fondness and consumption of chocolates are expected to augment the market growth.
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COVID-19 Impact-
The global pandemic has inflicted a negative impact on market growth. The shutdown of production facilities due to stringent lockdown and curfews imposed during the initial days of the pandemic have hampered the market growth. The shortage of raw materials due to restrictions on global trade further aggravated the situation. The shutdown of bakeries and restaurants reduced the demand for the product. However, many countries are gradually easing the lockdown and curfew restrictions, and the market is slowly gaining traction. The market is expected to observe swift momentum post-pandemic.
Segmentation-
On the basis of type, the market segments into cocoa powder, cocoa butter, cocoa liquor, etc. On the basis of application, the market fragments into cosmetics and personal care, pharmaceuticals, and food & beverages. Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage-
The report provides a holistic assessment of the prospected market.
The report highlights key market trends, technological developments, and innovations, etc.
The report breaks down the competitive landscape and highlights key player rankings, new product launches, mergers, acquisitions, partnerships, etc.
The report envisages Porters' Five Forces Analysis for an unerring market prediction.
The report highlights the impact of the COVID-19 pandemic and suggests future growth strategies to prosper in the market.
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Drivers & Restraints-
Unparalleled Demand from Food & Beverage Industry to Augment Market Growth
The unparalleled demand for cocoa powder and liquor for the confectionary and bakery applications by the food and beverage industry is anticipated to bolster the global cocoa ingredients market growth. Additionally, the escalating demand for artisanal and high-quality chocolates and cocoa products is likely to fuel market growth.
The pharmaceutical industry's increasing utilization of cocoa ingredients in manufacturing medicines for gastrointestinal disorders, heart health, etc., is anticipated to foster market growth.
The rising consumer awareness regarding the health benefits proposed by consuming chocolates with high cocoa content is likely to augment the market growth.
The cosmetic industry's escalating utilization of cocoa ingredients to manufacture personal care products like face and body scrubs, face wash, body wash, etc., is anticipated to create lucrative growth opportunities for the market.
However, the fluctuating prices of raw materials may impede the market growth.
Regional Insights-
Rising Per Capita Income to Propel Growth in Asia Pacific
Asia Pacific is anticipated to witness strong growth in the global cocoa ingredients market share. The growth is attributable to the improving per capita income and enhancing standards of living. The increasing purchasing power enables the consumers to spend on indulgent confectionery products.
South America is expected to witness growth similar to that of the Asia Pacific. The increasing per capita income and improving living standards are expected to drive the consumption of cocoa ingredients in the upcoming years.
North America is likely to observe significant growth in the forthcoming years. The growing awareness regarding the potential health benefits of dark chocolates is expected to drive market growth.
Europe is anticipated to remarkable growth in the upcoming years. The value addition to cocoa ingredients, including organic production, fair-trade, etc., is expected to attract high sales and boost the market growth.
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Competitive Landscape-
Key Players Launch Niche Products to Enhance Global Market Presence
The global cocoa ingredients market is fairly consolidated and comprises key players operating at global and regional levels. The key players emphasize on enhancing their product portfolios through new product launches, innovations in flavors, developing new processing methods, etc. The key players also emphasize on enhancing global market presence through partnerships, acquisitions, mergers, expansions, etc. Olam Cocoa recently launched Twenty Degrees, a new premium cocoa business, in January 2021. The company aims to source premium quality cocoa beans from ten handpicked regions.
Key Players in the Global Cocoa Ingredients Market are:
Cargill Inc.
Archer Daniels Midland Company
The Hershey Company
Barry Callebaut
Olam International Ltd.
Mars Inc.
ICAM S.p.A.
United Cocoa Processor Inc.
Blommer Chocolate Company
Cocoa Processing Company Ltd.
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