Cocoa, derived from the cocoa bean, is the key ingredient in chocolate and chocolate confections. The cocoa bean is the seed of the cacao tree, a tropical plant indigenous to the equatorial regions of the Americas – particularly the central and the south. With rich and deep, nutty flavours, cocoa has numerous health benefits such as flavonoids and antioxidants, and has been associated with improved heart health, better cognitive function, and mood enhancement. Not just a tasty treat after meals, or a snack, but cocoa also has a huge economic importance and contributes to the economies of countries like Ghana and Indonesia, among others.
According to SPER market research, Cocoa Market Size – By Process, By Product Type, By Quality, By Nature, By Application – Regional Outlook, Competitive Strategies and Segment Forecasts to 2032.’ state that the Cocoa Market is predicted to reach USD 20.91 billion by 2032 with a CAGR of 4.51%.
Organic products are becoming more and more popular, and manufacturers of cocoa and chocolate are taking note. Another advantage that manufacturers of cocoa goods and chocolate enjoy is the inclusion of organic cocoa. In addition to keeping people healthier, especially coupled with numerous health benefits like a decreased chance of high blood pressure and improved insulin sensitivity. It enables producers to charge the end users more and with a rise in disposable income, changes in tastes and food preferences, and the ever-increasing demand for delicious chocolate these few factors have been pushing the cocoa and chocolate manufacturers to produce even more.
Factors of environmental concern and economic stability of raw goods prices, the cocoa market faces many challenges that act as an impedance. Cocoa farming faces challenges like deforestation and CO2 emissions, improper use of pesticide, water wastage and loss of biodiversity, and climate change pose a variety of challenges to the cocoa sector. With a rising trend for organic and ethically sourced foods, the cocoa market has not escaped the grasp of market challenges and sourcing reasons like cultivation of forest land, and low income for cocoa farmers, along with the dynamic price fluctuations, and the increasing price trend of the cocoa bean, all act as a major hinderance and stifle the growth of the cocoa industry.
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Impact of COVID-19 on Cocoa Market
The sudden onset of the COVID-19 epidemic affected the global market. Strict lockdowns and other post-crisis measures enforced by the government resulted in industrial closures and disrupted supply chain operations across several end-use verticals. Mainstream chocolate consumption remained stable, but the craft chocolate faced difficulties. Due to stockpiling of goods, chocolate not being an essential item, but being a source of indulgence and comfort, the chocolate industry more or less remained unscathed. However, the craft chocolate sector and small chocolate businesses were affected the most, and a lower demand than usual affected sales and hurt cocoa supplies in storage and packing facilities.
Cocoa Market key players
Europe and North America region has excellent market growth prospects. The cocoa market is on the rise, driven primarily by factors of growing chocolate consumption and a preference for chocolate confections. Additionally, some of the key market players are Bloomer Chocolate Co., Nestle S.A., The Hershey Co., Meiji Holdings Co. Ltd., among others.
Cocoa Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Process
- Dutch Process
- Natural Process
By Product Type
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
By Nature
- Conventional,
- Organic
By Application
- Animal Feed, Bakery
- Confectionery
- Food and Beverages
- Pharma and Others
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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