According to the latest report by IMARC Group, titled "Nigeria Cocoa Processing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Nigeria cocoa processing market is expected to grow at a CAGR of 6.76% during 2023-2028. Cocoa bean or cacao bean is primarily used to produce cocoa solids or powder and cocoa butter, which are further processed to produce various products, such as chocolate, bakery goods, ice cream, and milk drinks. Cocoa processing involves mixing the selected cocoa material with an aqueous solution of a specific alkaline compound at increased temperatures and possibly increased pressures. The two main methods involved in cocoa processing include fermentation and drying. Cocoa products, such as cocoa butter, are used as an essential ingredient in the formulation of over-the-counter personal care products, including lotions, lip balls, creams, and soap bars, that help humidify the skin and treat chapped lips.
Nigeria Cocoa Processing Market Trends:
The market in Nigeria is primarily driven by the increasing awareness about the health benefits offered by cocoa beans. In line with this, cocoa continues to be an important raw material for the chocolate industry in Nigeria, which is positively influencing the cocoa processing market. Furthermore, the widespread application of the product in bakeries, milk and beverage products, cosmetics, and personal care products is catalyzing the market across the country. Moreover, due to their antioxidant, anti-ageing, and anti-inflammatory properties, cocoa beans are extensively used in the pharmaceutical industry, thus favoring the market growth. Additionally, the Federal Government of Nigeria is taking various favorable initiatives to increase cocoa bean production. They are offering subsidies for cocoa farmers, which is expected to create numerous growth opportunities in the market. Some of the other factors contributing to the market include the inflating disposable income levels of the masses, the introduction of flavored chocolates, and the easy product availability via online and offline organized retail channels.
- On the basis of the bean type, the market has been segmented into Forastero, Criollo, and Trinitario.
- Based on the product type, the market has been categorized into cocoa butter, cocoa liquor, cocoa powder, and others.
- On the basis of the application, the market has been classified into confectionery, bakery, beverages, pharmaceuticals, and others.
- 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 include Cocoa (Ile-Oluji) Limited, FTN Cocoa Processors Plc, Mondelez International, Olam International and Saroafrica International Limited.
|Base Year of the Analysis
||Bean Type, Product Type, Application
||Cocoa (Ile-Oluji) Limited, FTN Cocoa Processors Plc, Mondelez International, Olam International and Saroafrica International Limited
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