According to the global cocoa processing market report by IMARC Group, reached a volume of 4.86 Million Tons in 2020. Looking forward, the market expects to exhibit moderate growth during 2021-2026.
Cocoa processing refers to the process of converting cocoa beans into products such as cocoa powder, liquor and butter. These cocoa-based products are rich in magnesium, which catalyzes protein synthesis and energy production, and copper, a mineral required for iron transport, glucose metabolism and brain development. They are also considered as superfoods with the ability to boost mental performance as well as enhance mood.
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Market Trends:
Cocoa beans have high amounts of flavonoids, proanthocyanidins and theobromine, which are known for their antioxidant, anti-inflammatory and anti-aging properties. Flavonoids are further associated with reduced risk of cardiovascular diseases, such as arrhythmia, heart attack, cardiomyopathy and heart failure. This has led to an increase in the demand for cocoa-based products among health-conscious consumers. Also, cocoa remains an indispensable raw material for the global chocolate industry, which is significantly contributing to the market growth. Apart from the chocolate industry, the uses of cocoa are widening in a number of other applications from bakery, dairy, beverages to cosmetics and pharmaceuticals. In the personal care industry, cocoa-based products, such as cocoa butter, are found in over-the-counter skin products, such as lotions, lip balms, creams and soap bars, which are intended to moisturize the skin and treat chapped lips. They are also used as coating and flavoring agents in various supplements and medicines.
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.
Global Cocoa Processing Market 2020-2025 Analysis and Segmentation:
Competitive Landscape:
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.
