According to the latest report by IMARC Group, titled “Cocoa Processing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global cocoa processing market reached a value of US$ 13.1 Billion in 2017. Cocoa beans, also known as cacao beans, are the dried and fully fermented fatty seeds of the Theobroma cacao tree. Cocoa processing refers to the process of converting these 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. In addition, these products, particularly chocolate, are considered as superfoods with the ability to boost mental performance as well as enhance mood. Cocoa-based products are hard-to-substitute and indispensable raw materials used in a number of food and non-food applications.
Global Cocoa Processing Market Trends:
Cocoa beans have high amounts of flavonoids, proanthocyanidins and theobromine which are known for their anti-oxidant, anti-inflammatory and anti-aging properties. Flavonoids are also known to reduce the risk of cardiovascular diseases, such as arrhythmia, heart attack, cardiomyopathy, heart failure, etc. This has led to an increase in the demand for cocoa-based products among the health-conscious consumers, thereby boosting the market growth. Moreover, the use of cocoa-derived phytochemicals as an effective approach for skin protection is also gaining traction in the cosmetics industry. Owing to this, cocoa-based products are being used in products such as lipsticks, soaps, face masks, moisturizers, etc. Moreover, with elevating incomes of the consumers, particularly in the emerging economies, there has been a rise in the demand for chocolates, especially among the young generation. However, the rising concerns regarding obesity and overweight can have an adverse impact on the demand for cocoa-based products. Looking forward, the market is projected to reach a value of US$ 14.9 Billion by 2023, expanding at a CAGR of 2.2% during 2018-2023.
Global Cocoa Processing Market Summary:
- Based on type, the market has been segmented into forastero, trinitario and criollo beans. Amongst these, forastero represents the most popular type of cocoa beans grown and processed globally.
- On the basis of type, the market has been segregated as cocoa liquor, cocoa powder and cocoa butter. Currently, cocoa liquor is the leading product type, holding the largest market share. It is widely used in the production of both dark and milk chocolate, and various other confectionery and bakery items.
- Based on application, the report finds that confectionary is the dominant application segment with nearly a half of the global share. Other major application segments include food and beverages, cosmetics and pharmaceuticals.
- On a geographical front, Europe represents the largest market, holding more than a third of the total global share. The region is witnessing an increase in the demand for fair trade and organic cocoa products. Other major regions include Africa, North America, Latin America and Asia (with Oceania).
- The cocoa processing market is concentrated in nature with some of the key players being Barry Callebaut, Cargill, Olam International Limited, Blommer Chocolate Company, Mondelez International, Guan Chong Berhad, Ecom Agroindustrial Corp. Limited, BT Cocoa, Nestlé SA, Cocoa Touton Processing Company Limited and Groupe CEMOI.
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