Global Cocoa Processing Market by Bean Type (Forastero, Criollo, Trinitario), Product Type (Cocoa Butter, Cocoa Liquor, Cocoa Powder), Application (Confectionary, Bakery, Beverages, Pharmaceuticals & Others), Key Players and Region – Industry Outlook to 2027.
The global cocoa processing market size reached US$ 15.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.8 Billion by 2027. Cocoa beans grow inside yellowish-green cocoa pods on the trunks of the Theobroma cacao tree. Cocoa processing includes fermentation, drying, and aging of cocoa beans, after which cocoa powder, liquor, and butter are obtained. Cocoa is a good source of magnesium, due to which it helps in catalyzing protein synthesis and energy production. Apart from this, it is also rich in copper, which aids in improving glucose metabolism, brain development, and iron transportation. As a result, cocoa-based products are considered superfoods and help in boosting mental performance and uplifting mood.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Cocoa finds application in the production of several food products, especially in the chocolate industry. It remains an indispensable raw material in the food and beverage industry for manufacturing chocolate biscuits, cakes, ice cream, shakes, and milk. In addition to this, cocoa beans are a good source of flavonoids, like proanthocyanidins and theobromine, which are known for their anti-inflammatory, anti-aging, and antioxidants properties. As they help in mitigating the risk of heart diseases like arrhythmia, cardiomyopathy, and heart failure, cocoa-based products like energy bars have a high demand among health-conscious consumers. Besides this, cocoa butter finds application in the personal care industry. Over-the-counter skin products made with cocoa butter, like lotions, lip balms, creams, and soap bars, are mostly preferred by consumers due to their moisturizing properties. Additionally, cocoa products are utilized as flavoring agents and coatings on supplements and medicines in the pharmaceutical industry.
Global Cocoa Processing Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being: BARRY CALLEBAUT N (BARN.SW), Cargill, Archer Daniels Midland Co (NYSE: ADM), Olam International Limited, Blommer Chocolate Company, MONDELEZ INTERNATIONAL INC (NASDAQ: MDLZ), Guan Chong Bhd (GNCH.KL), Ecom Agroindustrial Corp. Limited, BT Cocoa, Nestle S.A. (OTCMKTS: NSRGY), Cocoa Touton Processing Company Limited and Groupe CEMOI.
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Key Insights from the Report:
Based on the bean type, the market has been segmented as forastero, criollo and trinitario. Currently, forastero represents the most popular bean type for cocoa processing, holding the largest share.
On the basis of the product type, cocoa liquor accounts for the majority of the overall market share, followed by cocoa powder and cocoa butter.
The market has been categorized based on the application into confectionery, bakery, beverages, pharmaceuticals and others. Amongst these, confectionery represents the largest application segment in the market.
Region-wise, Europe exhibits a clear dominance in the market. Other significant regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.