Cocoa Market Proposals & Trends Leading to 3.3% CAGR Growth during 2017-2022
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Cocoa, which is obtained from processed cocoa beans, is usually available in powdered or liquid form. Cocoa continues to be the key ingredient for chocolate production. The West African countries, including Cote d'Ivoire, Ghana, Nigeria and Cameroon are the leading producers of cocoa in the world.
Rising popularity of cocoa based products such as cocoa drinks, dark chocolate, cocoa butter and cocoa liquor is reflecting positively on the global cocoa market. Demand for cocoa products, especially chocolate has surged in emerging countries such as India and China. Moreover, introduction of cocoa based health drinks and a range confectionary items is also driving the global sales of cocoa.
There has been strong economic growth witnessed in emerging markets across the globe, particularly in the APEJ region led by China and India. Rising affluence and a greater disposable income has allowed people to indulge in commodities that were once considered ‘luxuries’ such as chocolates. While the per capita chocolate consumption in APEJ is still lower than that of developed countries, it is rising at a much higher rate which this will directly benefit the global cocoa market. With a CAGR of 3.3%, the global cocoa market is anticipated to grow to over US$ 40 billion in 2022 from a value of just US$ 35 billion in 2017.
3 Key Takeaways from Fact.MR’s Forecast on Cocoa Market
· Cocoa liquor will continue to be the top selling cocoa product throughout the forecast period. In terms of revenue, cocoa liquor will account for over 44% share of the market by the end of 2017. Meanwhile, demand for cocoa powder is also likely to increase at significant pace over 2022.
· Confectionary remains the largest application segment of the global cocoa market and is expected to account for over 28% revenue share of the market. Towards the end of assessment period, this segment is expected to reach a market valuation of US$ 10,423.9 Mn in 2022. Apart from food and beverage, cocoa also finds application in the cosmetic and pharmaceutical product.
· In terms of revenue, Europe currently leads the global market for cocoa, and the trend is likely to continue throughout the forecast period. The region is expected to remain one of the most attractive market for cocoa products in 2017 and beyond. During the same period, North America in projected to retain its second spot in the global cocoa market.
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Cocoa Liquor Most Lucrative Segment in Global Cocoa Market
Cocoa liquor has a revenue share of almost 45% of the product type segment in the cocoa market in 2017 and it is predicted to grow at a steady rate during the forecast period. By this time, Europe should contribute almost US$ 5 billion i.e. 30% of the cocoa market and key stakeholders are advised to devise appropriate strategies to target both this region and segment of the cocoa market.
Higher CAGR Seen in Cocoa Butter over Cocoa Powder in Cocoa Market
Cocoa butter is likely to grow at a moderate CAGR, but relatively higher than cocoa powder. In the case of cocoa butter, the market opportunity may grow to more than US$ 9 billion in 2022 from under US$ 7.7 billion in 2017. While Europe consists of 1/3rd of the market by regional contribution, North America is close on its heels and is an equally lucrative opportunity in the cocoa market.
Dutch Segment Slightly Outpaces Natural Segment in Cocoa Market
With a revenue share of over 50%, the Dutch segment is larger than the natural segment which holds the remaining revenue share of the market. The Dutch segment is poised to record a modest CAGR during the forecast period. The natural segment is expected to account for a sizeable revenue share of the market.
Confectionary and Beverages More than Half the Global Cocoa Market
The combined revenue contribution of the confectionary and beverage segment in the global cocoa market is over 50%. The confectionary segment is predicted to grow by more than US$ 1 billion to exceed US$ 10.4 billion by the end of the forecast period. The beverage segment is forecast to be worth more than US$ 7.5 billion in 2017 and Europe comprises the largest regional market for both on account of its longstanding heritage in both confectionary making and beverage brewing.
Overall, the global cocoa market is projected to increase at a stable CAGR during the forecast period. As a luxury food item, its demand will continue to be influenced by ever-evolving consumer tastes and preferences. The global cocoa market is also likely to be influenced by regulations surrounding global trade and raw material supply from various companies. Major players operating in the market will look to consolidate their position by strengthening their supply chain in the market.
The report has profiled companies such as United Cocoa Processor, Meiji Holdings Company, Ltd., Blommer Chocolate Company, Mars, Incorporated, Cemoi Chocolatier SA, Puratos Group, Cargill Incorporated, Nestlé S.A., The Hershey Company, and The Barry Callebaut Group as key manufacturers of cocoa in the global market.
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