The retail shelves of chocolates are witnessing the presence of a wide range of chocolates such as milk chocolates, dark chocolates, drinking chocolate and other beverages. While portraying the ever-growing popularity of chocolates, extensive use of cocoa in the production of chocolates has proved beneficial for the Cocoa Market Growth. The consumption trend of chocolate is directly connected to the rising discretionary income which enables consumers to purchase food items including chocolates that were previously categorized as luxury items. In addition, growing demand for chocolates in emerging economies presents lucrative opportunities for the cocoa market in the coming years.
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As a Ubiquitous Flavor, Cocoa Market to Gain Ground in the Food and Beverage Industry
Humongous consumption and production of chocolates explain increasing appetite for cocoa, making cocoa the most widely consumed flavor in the food and beverage industry. Owing to the increasing popularity, manufacturing titans in the food and beverage sector are actively using fine or flavored cocoa in a variety of food products and traditional recipes to expand their consumer base. Demand for cocoa liquor has intensified dramatically in the food and beverage industry in the recent past against the backdrop of rising preference for cocoa flavor across the globe. An optimistic outlook for cocoa liquor demand in future is expected to bode well for the cocoa market.
Cocoa Market to Dip Toes into New Ventures Following "Organic" and "Gluten-free" Consumer Trends
Rising incidences of lifestyle health diseases have prompted consumers to become health conscious and proactive in their purchase of food products. Demand for organic products is gaining traction with consumers seeking to avoid consumption of harmful chemicals. As the diagnosis of gluten sensitivity increases across the globe, gluten-free food products are highly sought after among not only sensitive consumers but health-conscious consumers as well. To aim the consumer base with such a high health consciousness, manufacturers in the cocoa market are focusing on delivering innovative and healthier cocoa products with lesser sugar content and as organic and gluten-free origin. Further, by manufacturing cocoa liquor products with the non-GMO material, the cocoa market is expected to attract health-conscious consumers. Amidst the rising incidences of consumers quitting chocolate consumption, as cocoa manufacturers dip their toes into novel production methods of organic and gluten-free products, cocoa market to witness an impressive growth trajectory during the review period.
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Cocoa Market to Witness Challenges in Maintaining Sustainable Growth
Although the popularity of cocoa flavor and ingredients for the preparation of majority of the food and beverage products is persistently rising, the global cocoa industry seeks additional investments to maintain a sustainable growth in the foreseeable future. As manufacturers make additional expenses to receive certification of approval to distribute their cocoa products in the market, prices of cocoa in the global market has witnessed a significant rise. Rising prices of cocoa have added economic uncertainties in the international cocoa market, in turn, creating challenges for the growth of the cocoa market in the coming decade. In addition, dwindling agricultural production conditions in leading cocoa producing regions are threatening the persistent growth of the cocoa production during the estimated future. However, initiatives by major standard bodies to improve quality as well as the quantity of cocoa can be promising for the future growth of the cocoa market.
Market Definition
The seed of Theobroma cacao is fully dried and fermented to derive cocoa or cocoa beans. As the literal meaning of Theobroma is "food of the gods", cocoa was originally used as a ritual beverage in multiple South American Cultures. Later, as the fundamental ingredient of the chocolate, demand for cocoa has grown impressively with the annual consumption of over 4.5 million tons of cocoa in chocolate production across the globe. Apart from chocolate, cocoa is highly utilized in the production of confectionery products, cocoa liquor, cocoa powder, and cocoa mass among others.
Competition Landscape
The cocoa market is expected to observe an intense competitive scenario among existing as well as emerging market players. Key market players operating in the cocoa market include Cargill, Inc, Olam International Ltd, Barry Callebaut AG, Guan Chong Cocoa Manufacturers Sdn., Natra SA, Touton SA, BT COCOA, Dutch Cocoa BV, Blommer Chocolate Company, JB Foods, and Cemoi Chocolatier SA. To win over the competition, existing as well as emerging players are leveraging business strategies such as new product launches, collaborations and acquisitions to maintain their position in the global market space.
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