Nigeria Cocoa Processing Market Share, Size, Growth, Opportunity and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Nigeria Cocoa Processing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The Nigeria cocoa processing market grew at a CAGR of around 6% during 2015-2020. Cocoa processing refers to the conversion of cocoa beans into different forms, such as cocoa liquor, cocoa butter, and cocoa powder. Cocoa-based products are rich in theobromine, polyphenols, magnesium, zinc, iron, vitamins, etc. They offer numerous health benefits in controlling high blood pressure levels, improving cognitive health, enhancing metabolism, reducing chronic fatigue, etc. As a result, cocoa-based products find extensive applications across diverse industries, such as food and beverages, cosmetics, pharmaceuticals, etc.

In Nigeria, the presence of favorable climatic conditions and extensive land use for the sustainable production of cocoa is propelling the market for cocoa processing. In line with this, the Federal Government of Nigeria has launched numerous schemes and subsidies for cocoa farmers to ensure improved productivity and high-grade bean quality. Moreover, the Nigerian Export Promotion Council (NEPC) is focusing on expanding the trade activities for cocoa beans by establishing specialized units, such as the Cocoa Association of Nigeria (CAN). Besides this, the increasing penetration of western food trends in Nigeria is also driving the demand for cocoa-based baked goods, beverages, confectioneries, etc. Additionally, the growing awareness towards numerous anti-aging, moisturizing, and anti-inflammatory properties of cocoa beans is further catalyzing their usage in the cosmetics sector. The rising popularity of cocoa-infused grooming products, including soap bars, lotions, creams, lip balms, etc., is also bolstering the market growth. Moreover, cocoa products are extensively utilized as flavoring agents and coatings on medicines and supplements in the pharmaceutical industry. Looking forward, IMARC Group expects the Nigeria cocoa processing market to continue its moderate growth during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Nigeria cocoa processing market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on bean type, product type and application.

Breakup by Bean Type:

Forastero
Criollo
Trinitario

Breakup by Product Type:

Cocoa Butter
Cocoa Liquor
Cocoa Powder
Others

Breakup by Application:

Confectionary
Bakery
Beverages
Pharmaceuticals
Others

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Cocoa (Ile-Oluji) Limited, FTN Cocoa Processors Plc, Mondel?z International, Olam International and Saroafrica International Limited.

Key Questions Answered in This Report:

How has the Nigeria cocoa processing market performed so far and how will it perform in the coming years?
What is the impact of COVID-19 on Nigeria cocoa processing market?
What is the breakup of the market based on the bean type?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the Nigeria cocoa processing market and who are the key players?
What is the degree of competition in the market?