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The use of cocoa extract has also proven to be cost effective to the manufacturers because it eliminates the use of stabilizing, masking and suspension agents in chocolate formulations. Currently, key players in the Cocoa Extract Market are focusing on harnessing the nutritive aspects of cocoa extract. For instance, in 2014, the company Cyvex Nutrition, Inc., which is a manufacturer and supplier of nutritional ingredients, developed an organic cocoa extract under the brand name CocoaNol, which is being marketed for its high antioxidant profile and targeted to meet the evolving needs of the health conscious consumers.
In the food & beverage industry, manufacturers are focusing on using ingredients which have a high nutritional profile and which also enable the manufacturers to make their production techniques more effective. Cocoa extract is aligned with both these trends in the food industry as it is being increasingly supported by scientific data regarding its health claims and has also proven to be more shelf life stable as compared to cocoa powder. The cocoa powder market is being increasingly overshadowed by the cocoa extract market and the critical factors which highlight its market growth are essential to be investigated. Also, cut throat competition in the confection vertical has led manufacturers to focus on offering better quality products and in terms of quality as well cocoa extract outshines its competitor cocoa powder, being able to provide richer aromas and flavors to the finished product. Also, many ingredient manufacturers and suppliers are strengthening their business relationships with the finished food product manufacturers in order to understand their production goals and develop customized products according to their needs.
Global Cocoa Extract Market: Segmentation
The cocoa extract market is segmented on the basis of product form, nature and end use.
On the basis of product form, the cocoa extract market is segmented as-
- Powder
- Liquid
On the basis of nature, the cocoa extract market is segmented as-
- Organic
- Conventional
On the basis of end use, the cocoa extract market is segmented as-
- Food & beverage industry
- Compounds
- Bakery
- Confectionery
- Breakfast cereals
- Dairy
- Functional food & beverages
- Infant Formula
- Dietary supplements
- Cosmetics & Personal Care
- Pharmaceutical Industry
Global Cocoa Extract Market: Key Players
Some of the key players operating in the global cocoa extract market are Bioriginal Food & Science Corporation, John Aromas, Phytoextract Pvt. Ltd, ETChem, Merck KGaA, CPC Ingredients, Tharakan and Company, PROVA SAS, Van Aroma, Indo-World, Haldin, Kerry Inc., The Green Labs and Cyvex Nutrition, Inc. amongst others.
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Product launches have dominated the cocoa extract market as there has been increasing focus on the antioxidant and nutrition rich profile of the cocoa extract which is being supported by new scientific research publications.
In May 2018, the company Prova launched a new range of cocoa extract and flavors. This variety of cocoa extract claim to be eight times stronger than cocoa powder and also have longer shelf life stability.
In 2017, the company Mars, Incorporated, which is a manufacturer of chocolate products and supplements, expanded the distribution of its cocoa extract based health supplements, available under the brand of CocoVia in U.K.
The Asia Pacific chocolate market growth is forecasted to outstrip its cocoa supply. Hence, manufacturers have tremendous opportunity to expand offerings of cocoa extract portfolio in this region. Rapid urbanization and rising disposable income of the consumers has led to increased consumption of chocolate which exhibits clear growth potential for the cocoa extract market in this region.
FMI will follow a modelling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
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