In recent years, the demand for chocolate confectioneries in emerging economies has shown a favorable trend, owing to increased consumer spending on decadent confectionery items, particularly chocolate confectioneries. Thus with the increasing use of cocoa in confectionery, food & beverages, the bakery is expected to drive the cocoa market size.
Cocoa is also used in the cosmetics, healthcare, pharmaceuticals, and nutraceuticals industry as flavoring and coloring agents. Furthermore, antioxidants contained in cocoa help delay the signs of aging, keep skin healthy, activate fat burn, and have a psychologically stimulating effect. Thus the increased adoption of cocoa in cosmetics, and the pharmaceutical sector is expected to boost the growth of the cocoa market.
Based on product type, the cocoa liquor segment was the highest contributor to the market, with USD 4,837.1 million in 2019, and is expected to maintain its dominance during the forecast period. Cocoa liquor, often known as chocolate liquor, is a necessary ingredient in the production of raw chocolate. Cocoa liquor is also used to make cocoa butter and cocoa powder.
Based on process, the Dutch process segment is expected to grow at the highest CAGR of 4.3% during the forecast period. The natural acid in cocoa is neutralized in the Dutch process, and the pH level is raised to as high as 8. The bitterness of cocoa liquor is reduced using the Dutch method. Because the flavors of Dutch-processed cocoa and naturally processed cocoa differ, they are used interchangeably in the confectionery and bakery industries to impart the desired flavor to food products.
Based on nature, the Organic segment is expected to grow at the highest CAGR of 5.0% during the forecast period. Chemical fertilizers and pesticides are not used in the production of organic cocoa. Organic cocoa is also healthier to ingest, thus people are willing to spend a greater price for it. As a result, the organic segment of the global cocoa market is predicted to grow at the fastest rate.
Based on quality, Around 90% of the global cocoa produced is bulk cocoa. However, the specialty segment is expected to grow at the highest CAGR of 4.6% during the forecast period.
Based on application, Food & beverages segment is expected to grow at the highest CAGR of 4.4% during the forecast period.
Europe is the main market for cocoa in the world. Europe is the world's largest consumer of cocoa and chocolate. In terms of both volume and value, the Netherlands imported the most cocoa in 2019. The country that consumes the most chocolate in Europe is Switzerland.
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
SIMILAR REPORTS :
- The global cocoa products market size was valued at USD 24.5 Billion in 2019 and is projected to grow at a CAGR of 3.1% to reach a value of USD 30.2 Billion in 2026.
- Organic Cocoa market is segmented by Type, and by Application. Players, stakeholders, and other participants in the global Organic Cocoa market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by Type and by Application for the period 2016-2027.
- Global Bulk (Ordinary) Cocoa Sales Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product-Type: Cocoa Liquor, Cocoa Butter, Cocoa Powder, Application: Confectionery, Food and Beverage, Others.
- Global Fine or Flavour Cocoa Sales Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product-Type: Cocoa Liquor, Cocoa Butter, Cocoa Powder, Application: Chocolates Market, Alcoholic Drink Market, Cosmetics Market, Pharmaceutical Market, Others.
- Global Cocoa Powder Market Research Report BY Product-Type: Natural Cocoa Powder, Alkalized/Dutch-process Cocoa Powder, Application: Chocolate, Beverage & Dairy, Desserts, Baking and Biscuit, Others. On the basis of product type, the alkalized/dutch-process cocoa powder segment is projected to account for the largest revenue share during the forecast period; this segment was estimated to account for 56.89% revenue share in 2019. While the natural cocoa powder segment will grow at the fastest rate during the forecast period.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.