Cocoa Ingredients Market Overview with Demographic Data and Industry Growth Trends 2019-2023
Global Cocoa Ingredients Market – Overview
Globally, the demand for cocoa ingredients has been increasing from the food and beverages industries. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Cocoa Ingredients Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR during the forecast period.
Potential applications of cocoa in food, pharma, neutraceuticals, and personal care industries have a positive impact on its market growth. Based on the applications, personal care based application of cocoa ingredients will experience the highest growth rate during the forecast period. However, confectionery and bakery based application will dominate the market and will capture more than two-third of market share in overall cocoa ingredients market.
Recently, production of cocoa in Ghana has declined which will impact on overall cocoa exports to create huge supply and demand gap globally. According to the International Cocoa Organization, the 2016-17 surplus amounted to 371,000 tons, more than making up for the 174,000-tonne output shortfall the previous season. Higher demand and lower supply will increase the prices in the coming period. However, cocoa stocks are still relatively high, making rising price escaping unlikely.
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Global Cocoa Ingredients Market – Competitive Analysis
Key players are focused majorly on acquisition of small players to expand their business and penetrate the global cocoa ingredients market. Expansion is also one of the key strategies followed by acquisition. Expansion will help in capturing the major market and increasing the production capacity to meet the rising demand from consumer’s end thereby further contributing to increasing revenue.
The key players profiled in the global cocoa ingredients market are Archer Daniels Midland Company (U.S.), Cargill Inc. (U.S.), Barry Callebaut (Switzerland), Blommer Chocolate (U.S.), Cocoa Processing Company Ltd (Ghana), Mars Inc. (U.S.), Agostoni chocolate (U.S.), and Olam International Limited (Singapore) among many others.
Global Cocoa Ingredients Market – Segments
The global cocoa ingredients market has been divided into type, application, and region.
On The Basis Of Type
- Cocoa butter
- Cocoa powder
- Cocoa liquor
On The Basis Of Application
- Bakery & Confectionery
- Dairy products
Global Cocoa Ingredients Market – Regional Analysis
Among the regions, Africa will continue to dominate the Cocoa Ingredients Market with more than half of the market share. In Africa region, the Ivory Coast is the leading cocoa supplier across the globe. Key players like Nestle and Cadbury collect much of their cocoa from the Ivory Coast and Cocoa alone is responsible for almost two-thirds of the trade revenue coming into the nation. In upcoming years, cocoa production in Ivory Coast will fall as recently, serious concerns have been raised about cocoa production here due to increasing concern over child laborers, physical abuse and excessive working hours.