Nigeria Cocoa Processing Market Size, Share, Demand | Forecast 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "Nigeria Cocoa Processing Market Report by Bean Type (Forastero, Criollo, Trinitario), Product Type (Cocoa Butter, Cocoa Liquor, Cocoa Powder, and Others), Application (Confectionary, Bakery, Beverages, Pharmaceuticals, and Others), 2023-2028" The study provides a detailed analysis of the industry, including the Nigeria cocoa processing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the Nigeria cocoa processing market?

The Nigeria cocoa processing market is expected to exhibit a growth rate (CAGR) of 6.76% during 2023-2028.

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What is cocoa processing?

Cocoa processing refers to the manufacturing process involved in transforming raw cocoa beans into various cocoa products. Cocoa beans are the primary ingredient used in the production of chocolate and cocoa-based products. The cocoa processing process typically involves several stages, including harvesting, fermentation, drying, roasting, grinding, pressing, and refining. Cocoa beans are obtained from the ripe fruit pods of the cocoa tree. The pods are carefully harvested by hand to ensure the beans are not damaged. They are then placed in fermentation containers or on banana leaves to ferment and are spread out to dry in the sun or using specialized drying equipment. Besides, dried cocoa beans undergo roasting to develop their characteristic flavor. The beans are heated at high temperatures, which affects their color, aroma, and taste. Moreover, the processed cocoa products, including cocoa powder and cocoa butter, are then utilized in various applications, such as chocolate production, baking, confectionery, beverages, ice cream, and other food products.

What are the growth prospects and trends in the Nigeria cocoa processing industry?

Currently, the rising awareness of the benefits of cocoa among the population of Nigeria is a key factor contributing to market growth. These benefits include mood enhancement, improved glucose metabolism, increased protein synthesis and energy production, as well as iron transportation. Additionally, there is a growing demand for premium and high-quality cocoa in the country. This, along with the increased demand for cocoa-based products such as cakes, ice creams, shakes, and chocolates, contributes to a positive market outlook. Moreover, the adoption of cocoa for treating ailments such as diarrhea, asthma, bronchitis, lung congestion, liver, bladder, and kidney issues is also driving market growth in Nigeria.

Furthermore, the favorable climatic conditions in Nigeria have led to an increase in cocoa production, adding to the market's positive influence. Nigeria is a significant exporter of premium quality raw cocoa, known for its aromatic nature and smoother flavors. This, combined with the widespread availability of cocoa products through offline and online distribution channels, including the thriving e-commerce industry, has accelerated the demand for cocoa processing in the country. Additionally, the use of cocoa in skincare products such as face washes, creams, lotions, and lip balms has further strengthened market growth. Lastly, the escalating demand for cocoa butter in the production of soaps and cosmetic products is also contributing to the market's expansion.

What is included in market segmentation?

The report has segmented the market into the following categories:

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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