According to the latest report by IMARC Group, titled “Cocoa Processing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cocoa processing market size reached 4.29 Million Tons in 2018. Cocoa processing refers to the process of converting cocoa 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. They are also considered as superfoods with the ability to boost mental performance as well as enhance mood.
Global Cocoa Processing Market Trends:
Cocoa beans have high amounts of flavonoids, proanthocyanidins and theobromine, which are known for their antioxidant, anti-inflammatory and anti-aging properties. Flavonoids are further associated with reduced risk of cardiovascular diseases, such as arrhythmia, heart attack, cardiomyopathy and heart failure. This has led to an increase in the demand for cocoa-based products among health-conscious consumers. Also, cocoa remains an indispensable raw material for the global chocolate industry, which is significantly contributing to the market growth. Apart from the chocolate industry, the uses of cocoa are widening in a number of other applications from bakery, dairy, beverages to cosmetics and pharmaceuticals. In the personal care industry, cocoa-based products, such as cocoa butter, are found in over-the-counter skin products, such as lotions, lip balms, creams and soap bars, which are intended to moisturize the skin and treat chapped lips. They are also used as coating and flavoring agents in various supplements and medicines. Looking forward, the market value is projected to reach 4.66 Million Tons by 2024, expanding at a CAGR of 1.40% during 2019-2024.
- Based on the bean type, the market has been segmented as forastero, criollo and trinitario. Currently, forastero represents the most popular bean type for cocoa processing, holding the largest share.
- On the basis of the product type, cocoa liquor accounts for the majority of the overall market share, followed by cocoa powder and cocoa butter.
- The market has been categorized based on the application into confectionery, bakery, beverages, pharmaceuticals and others. Amongst these, confectionery represents the largest application segment in the market.
- Region-wise, Europe exhibits a clear dominance in the market. Other significant regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Barry Callebaut Group, Cargill Incorporated, Olam International, Blommer Chocolate Company, Mondel?z International, Inc., Guan Chong Bhd, Ecom Agroindustrial Corp. Limited, Cocoa Touton Processing Company Limited, Nestlé SA and Transmar Group.
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