The Global Cocoa Market is Estimated to Acquire CAGR of 4.11% by 2028

Triton Market Research presents the Global Cocoa Market segmented by Quality (Specialty, Fine Flavor, Bulk), Type (Organic, Conventional), Product (Cocoa Powder, Cocoa Butter, Cocoa Liquor), End-user (Bakery, Confectionery, Food & Beverages, Other End-users), Process (Natural Process, Dutch-Process), and Geography (North America, Asia-Pacific, Middle East and Africa, Europe, Latin America). It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton Market Research's report estimates that the global cocoa market is estimated to advance at a CAGR of 4.11% during the projected period 2021-2028.

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Cocoa beans are the key cash crop of a tropical region majorly used to manufacture chocolate. Besides this, cocoa is used in cocoa powder, as well as cocoa liquor.

The growth in demand for cocoa is primarily owing to the surge in chocolate consumption. Earlier, Europe, North America, and Latin America were the primary consumers of chocolates; however, in recent years, the demand for chocolate has grown significantly across the Asia-Pacific and other regions. This surge in chocolate consumption, along with the health benefits offered by cocoa, is driving the growth of the cocoa market. However, low productivity and fluctuations in cocoa prices are hampering the overall development of the cocoa market.

The Asia-Pacific is anticipated to emerge as the fastest-growing region in the cocoa market over the forecasted period. The innovations in cocoa products are likely to have a considerable impact on the studied market. Moreover, the region's growth can be attributed to changing lifestyles, rapid urbanizations, growing disposable income, and improved retail distribution. Other than this, the influence of international flavor in cocoa products is also contributing to the growth of the cocoa market.

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The leading companies in the cocoa market include Touton SA, Nestle SA, Meiji Holdings Co Ltd, Olam International Limited, The Hershey Company, Blommer Chocolate Company, Barry Callebaut AG, Archer Daniels Midland, Guan Chong Berhad, Lindt and Sprüngli AG, Mondelez International, Cargill Incorporated, Ferrero Group, Natra SA, and Puratos Group.

Several prominent companies have high production output, reducing the cost of chocolate and cocoa. As a result, new companies will be required to produce a large quantity at a price similar to competitors to sustain in the market and may face a cost disadvantage. Moreover, customer loyalty to identifiable brand names further creates barriers for new companies. Thus, the threat of new players is likely to remain low. On the other hand, several existing companies are developing new product lines and investing heavily in advertisements, which indicates the competition level to be high over the upcoming years.

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