NEW YORK, NY / ACCESSWIRE / April 8, 2021 / The global cocoa market is estimated to display steady growth prospects for the period of forecast between 2021 and 2031. This can be attributed to the widespread use of cocoa and its derivatives in the food & beverage and cosmetics& personal care industry. As per the recent Fact.MR market study, the use of cocoa in luxury chocolate production will remain key to lucrative long-term opportunities for growth. The market is expected to display strong recovery through 2021 as the covid-19 pandemic subsides, supported by changes in consumer spending.
According to a report by the International Cocoa Organization (ICCO), the global gross cocoa production rose by 2.5% in 2019-20. Increasing levels of population levels, particularly in urban centers, and increasing awareness about health benefits associated with cocoa consumption are increasing adoption rates around the world.
'The rising demand for cocoa in the pharmaceutical sector is expected to create niche growth opportunities. Cocoa beans are finding use as lubricants in a number of pharmaceutical formulations. In addition, research into cocoa constituents has revealed superior antimicrobial and physicochemical properties widening its applications in drug development. This trend will play an important role for the foreseeable future of the market,' says the FACT.MR analyst.
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Cocoa Market- Key Takeaways
- Organic cocoa is reflecting faster rates of growth on the back of changes in consumer health awareness.
- Confectionary applications will continue holding major market share, supported by growing interest in premium offerings.
- France and England are key markets, projected to hold major share accounting for high levels of imports and consumption.
- China and India are reflecting strong growth potential, driven by consumption of mass produced offerings.
Cocoa Market- Driving Factors
- Rising demand for premium and dark chocolate products from around the world contribute to growth.
- Advances in the manufacturing and processing technologies of cocoa production is bolstering profitability.
- Growth of niche applications in the pharmaceutical and personal care sectors will positively influence market developments.
Cocoa Market- Major Restraints
- Environmental concerns associated with fluctuation in cocoa yields is a major concern for manufacturers.
- Changes in government policies impact production and sales profitability in the industry.
COVID-19 Impact on Cocoa Market
The global cocoa market has been adversely impacted by the covid-19 pandemic, largely owing to lockdown restrictions and the resultant changes in consumer spending patterns, as purchases have been largely focused on the essentials.
Limited manpower in the cocoa sector during the crisis has also impaired short-term growth in the industry. Cocoa is likely to recover steadily on the back of healthcare applications and the gradual relaxation of lockdown restrictions in 2021 and the coming decade.
Cemoi Chocolatier SA, Cargill Inc., JB Foods, Olam International Ltd, Blommer Chocolate Company, Barry Callebaut AG, Dutch Cocoa BV, Guan Chong Cocoa Manufacturers Sdn., BT COCOA, Natra SA, and Touton SA are some of the more prominent cocoa manufacturers in the global market.
In addition to capacity and portfolio expansions, leading players in the cocoa industry are focused on the development of corporate social responsibility strategies including sustainability and farmer friendly initiatives.
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In April 2021, the Ferrero Group announced the accomplishment of sourcing 100% sustainable cocoa as per independent standard in 2020with transparency efforts through supply chains. Also, Cadbury announced its Cocoa Life Programme, for its operations in India, which is aimed towards tending of cocoa plantations and is estimated to harvest approximately 20,000 tons of cocoa accounting for a third of Mondelez India's raw material requirements. In March 2021, Nestle announced the launch of its Incoa bar, which makes use of cocoa fruit pulp as flavoring agents, in an effort to minimize food waste and cutting sugar content.
About the Report
This study offers readers a comprehensive market forecast of the cocoa market. Global, regional and country-level analysis of the top industry trends impacting the cocoa market is covered in this Fact.MR study. The report offers insights on the cocoa market on the basis of product type (cocoa liquor, cocoa butter, and cocoa powder), form type (organic and conventional), process type (natural and dutch), and application (confectionary, pharmaceutical, functional foods, cosmetics, bakery, and beverages), across seven regions (North America, Latin America, Europe, CIS & Russia, Japan, Asia Pacific excluding Japan, and Middle East & Africa).
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