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The Nigeria cocoa processing market grew at a CAGR of around 6% during 2015-2020. Looking forward, IMARC Group expects the market to continue its moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
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.
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:
Breakup by Product Type:
Breakup by Application:
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.
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