Nigeria Cocoa Processing Market Expected to Rise at 7.2% CAGR during 2022-2027

According to the latest report by IMARC Group, titled "Nigeria Cocoa Processing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," The Nigeria cocoa processing market is expected to exhibit a CAGR of 7.2% during 2022-2027.This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Industry Definition and Application:

Cocoa bean is a seed of the cocoa tree used to produce cocoa-based products through various methods, such as farming and pod storage. It can be dried using different drying methods to prevent deterioration from bacteria. It is crushed or chopped into pieces to prepare salad dressings and ice cream toppings. It reduces bitterness, helps produce chocolate flavor, and removes the mucilaginous coating to allow the cotyledons to expand. It is a rich source of magnesium, which assists in catalyzing protein synthesis and energy production. Cocoa bean also improves cognitive health, strengthens the immune system, reduces the side effects of radiation therapy, and lowers the risk of heart attack, stroke, and diabetes. It is converted into various forms, such as cocoa powder, cocoa butter, and cocoa liquor, via cocoa processing. Cocoa processing comprises cleaning, fermenting, drying, roasting, winnowing, nib grinding, alkalization, and liquor pressing of cacao beans. At present, it is widely utilized in the food and beverage (F&B), pharmaceutical, and cosmetics industries across Nigeria.     

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Nigeria Cocoa Processing Market Trends and Drivers:

At present, the rising awareness about the benefits of cocoa, such as uplifting mood, enhancing glucose metabolism, increasing protein synthesis and energy production, and iron transportation, among the population of Nigeria represents one of the key factors contributing to the growth of the market. Besides this, there is an increase in the demand for premium and high-quality cocoa in the country. This, along with the growing demand for cocoa-based products, such as cake, ice cream, shakes, and chocolates, is offering a positive market outlook. In addition, the rising adoption of cocoa to treat diarrhea, asthma, bronchitis, lung congestion, liver, and bladder and kidney ailments is bolstering the market growth in the country.

Apart from this, the increasing production of cocoa in Nigeria due to favorable climatic conditions is positively influencing the market. In line with this, Nigeria is a major exporter of premium quality raw cocoa, which is aromatic and consists of smoother flavors. This, coupled with the wide availability of cocoa products through offline and online distribution channels, along with the thriving e-commerce industry, is catalyzing the demand for cocoa processing in Nigeria. Additionally, the increasing utilization of cocoa in skin care products, such as facewashes, creams, lotions, and lip balms, is strengthening the growth of the market in the country. Furthermore, the escalating demand for cocoa butter in the production of soaps and cosmetic products is supporting the growth of the market.

Report Segmentation:

The report has segmented the market into the following categories:

Competitive Landscape:

Cocoa (Ile-Oluji) Limited
FTN Cocoa Processors Plc
Mondelez International
Olam International
Saroafrica International Limited.

Breakup by Bean Type:

Forastero
Criollo
Trinitario

Breakup by Product Type:

Cocoa Butter
Cocoa Liquor
Cocoa Powder
Others

Breakup by Application:

Confectionary
Bakery
Beverages
Pharmaceuticals
Others

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Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

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