Increasing awareness of the health benefits of consuming cocoa-rich products is anticipated to enhance the market's growth. With changing consumer preferences and rising awareness of the usage of cocoa in numerous industries such as cosmetics, pharmaceuticals, and personal care, the market for cocoa products worldwide is accelerating. Furthermore, the growing demand for chocolate products will surge the demand and customer base of cocoa products both locally and globally which helps in the market growth rate.
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Data Bridge Market Research analyses that the Global Cocoa Products Market was valued at USD 25,249.67 million in 2021 and is expected to reach the value of USD 39640.68 million by 2029, at a CAGR of 5.8% during the forecast period of 2022 to 2029. The increasing demand for the cocoa products will provide potential opportunities for the market growth in the forecast period.
Increasing health benefits of cocoa is anticipated to drive the market's growth rate
Increasing awareness of the health benefits of consumption of cocoa-rich products is anticipated to boost the growth of the cocoa products market. The health benefits involve reduced hypertension, and decreased chronic fatigue syndrome. Furthermore, cocoa elements also surge the eyes calories and help to maintain eyesight for longer. For instance, as per the U.S. National Library of Medicine National Institutes of Health Iron (Fe) deficiency is one of the most important nutritional problems in the world. Milk chocolate contains 5% of the RDA for iron for adult men and postmenopausal women (0.42 mg) per 100 kcal; dark chocolate provides 25% of the RDA (1.90 mg).
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 – 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type of Cocoa (Forastero Cocoa, Trinitario Cocoa, Criollo Cocoa), Product Type (Cocoa Beans, Cocoa Butter, Cocoa Powder & Cake, Cocoa Liquor & Paste, Cocoa Nibs, Others), Source (Inorganic, Organic), Application (Food & Beverages, Personal Care & Cosmetics, Dietary Supplements, Others), Distribution Channel (Direct, Indirect)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
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Market Players Covered
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Cemoi Chocolatier (France), Republica del Cacao (Ecuador), Nestlé S.A. (Switzerland), Mars Incorporated (U.S.), Fuji Oil Holdings Inc. (Japan), Guittard Chocolate Company (U.S.), Ghirardelli Chocolate Company (U.S.), Valrhona (France), Barry Callebaut (Switzerland), Alpezzi Chocolate (Mexico), Kerry (Ireland), Olam Group (Singapore), Tcho Ventures Inc. (U.S.), The Hershey Company (U.S.), Cargill, Incorporated (U.S.), Blommer Chocolate Company (U.S.), Foley's Candies L.P. (Canada), Puratos (Belgium), Ferrero (Italy)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
Global cocoa products market is categorized into five notable segments which are based on the basis of type of cocoa, product type, source, application and distribution channel.
- On the basis of type of cocoa, the market is segmented into forastero cocoa, trinitario cocoa and criollo cocoa.
The forastero cocoa segment of cocoa segment is anticipated to dominate the cocoa products market
The forastero cocoa segment is expected to dominate the global cocoa products market with 85.14% market share as they are majorly referred as the bulk cocoa produced in the major producing countries such as Ghana, Côte d'Ivoire, and Nigeria among others.
- On the basis of product type, the market is segmented into cocoa beans, cocoa butter, cocoa powder & cake, cocoa liquor & paste, cocoa nibs and others.
The cocoa beans segment of product type segment is anticipated to dominate the cocoa products market
The cocoa beans segment is expected to dominate the global cocoa products market with 53.73% market share as most of the cocoa beans is roasted and raw are used in industrial application in dark chocolate production
- On the basis of source, the market is segmented into inorganic and organic. The inorganic segment is expected to dominate the global cocoa products market with 72.45% market share as majority of the cocoa beans are produced using traditional method because of their cost effectiveness to small growers in Africa and Indonesian country.
- On the basis of application, the market is segmented into food & beverages, personal care & cosmetics, dietary supplements and others. The industrial segment is expected to dominate the global cocoa products market with 70.84% market share as dark chocolate composition is contains around 90% cocoa ingredients in form of butter and beans.
- On the basis of distribution channel, the market is segmented into direct and indirect. The direct segment is expected to dominate the global cocoa products market with 68.49% market share since direct distribution are tendered by large industrialists of food manufacturers and bulk requirement of the cocoa products and their wide presence have led their growth.
Major Players
Data Bridge Market Research recognizes the following companies as the major cocoa products market players in cocoa products market are Cemoi Chocolatier (France), Republica del Cacao (Ecuador), Nestlé S.A. (Switzerland), Mars Incorporated (U.S.), Fuji Oil Holdings Inc. (Japan), Guittard Chocolate Company (U.S.), Ghirardelli Chocolate Company (U.S.), Valrhona (France), Barry Callebaut (Switzerland), Alpezzi Chocolate (Mexico), and Kerry (Ireland).
Market Development
- In 2019, Cargill, Incorporated acquired Smet, one of Belgium's chocolates and sweet decorations suppliers. This will bring these companies together and their global gourmet chocolate activities. This will assist the company to increase their customer base and also helps them to focus on new its product portfolio.
Regional Analysis
Geographically, the countries covered in the cocoa products market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
As per Data Bridge Market Research analysis:
Europe is the dominant region in cocoa products market during the forecast period 2022 to 2029
Europe dominates the cocoa products market due to the extensive use of cocoa products in industrial settings. For instance, three of the biggest confectionery firms in the world, Mondelez International, Nestle, and Lindt & Sprüngli, use cocoa ingredients to manufacture roasted chocolate.
Asia-Pacific is estimated to be the fastest-growing region in cocoa products market the forecast period 2022 to 2029
Asia-Pacific is expected to grow during the forecast period of 2022 to 2029 due to the consumption of cocoa beans and butter which is used in the food and beverage industry as well as their love for the flavour of coffee.
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