Cocoa Products Market size is $24.5 billion by 2019, growing at a CAGR of 3.1% during the forecast period 2020-2025. Increasing health benefits from cocoa driven products is a significant factor driving the cocoa products market during the forecast period 2020-2025. The increasing health benefits of cocoa to the human body includes reduce high blood pressure by improving nitric oxide levels, lower the risk of heart attacks and stroke. Moreover, several studies revealed that cocoa is rich in flavanols, which lower blood pressure by improving nitric oxide levels and blood vessels function. Cocoa containing between 30-1,218 mg of flavanols can reduce blood pressure by an average 2mmHg therefore, these key health benefits offered is driving the Cocoa Products Market during the forecast period 2020-2025. Moreover, in April 2019 Bloomer Chocolate Company, the largest cocoa processor and manufacturer in North America announced a new sustainability initiative supporting cocoa farmers in Cote ‘d Ivoire Africa to provide access to life basic needs including clean water, nutritional food, healthcare and basic education.
Key Takeaways
- The Cocoa Beans held the largest market share in 2019 owing to the rising demand of cocoa beans to manufacture a wide range of food and beverages.
- The Bakery is one of the fastest growing segments of cocoa products market owing to the growing trend towards ready-to-bake or ready-to-eat frozen items.
- Europe dominated the Cocoa Products Market attributed to its technological developments and growing innovations such as individually-quick-frozen method is set to propel the regional market growth during the forecast period 2020-2025.
By Type - Segment Analysis
By Type, the Cocoa Products Market is segmented into Cocoa Beans, Cocoa Powder, Cocoa Paste and Cocoa Butter. Amongst these, the Cocoa Beans held the largest market share in 2019 owing to the rising demand of cocoa beans to manufacture a wide range of food and beverages. Moreover, cocoa beans are also good for the cardiovascular system as they contain polyphenols, which has been proven to be quite beneficial for good heart health. In addition, several researches indicate that polyphenols as found in cocoa beans might reduce blood pressure. Furthermore, cocoa beans contain magnesium which is another nutrient that promotes good heart health. Magnesium increases heart strength and improves heart condition. This helps to ensure that that the heart continue to effectively pump blood. It also reduces the risk of blood clots. This in turn reduces the risk of strokes and heart attacks. Cocoa beans are also set to grow at highest CAGR of 3.9% in the forecast period of 2020-2025. Increasing health benefits along with changing lifestyle and rapid urbanization is driving the market of Cocoa Products Market during the forecast period 2020-2025.
By Application- Segment Analysis
The Bakery is one of the fastest growing segments of cocoa products market owing to the growing trend towards ready-to-bake or ready-to-thaw frozen items. Moreover, Quick-service restaurants and retail chain benefit from frozen bakery products, as they can now readily thaw frozen bakery products or prepare fresh items using frozen dough. In addition, ready-to-bake or ready-to-thaw includes less food wastage, as stores can bake based on demand, while keeping remaining products frozen and preserved. Furthermore, prolonged self-life offers benefits such as ease of availability whenever required and secure stocks during seasonal variations. Furthermore, the market growth is also being driven by the rising demand of convenience food products to save both customers time and effort, given their hectic schedules. Owing to these benefits there is an upsurge in the demands of these products in varied range of applications, thus, is estimated to witness significant growth during the forecast period 2020-2025.
Geography- Segment Analysis
Europe dominated the Cocoa Products Market with a share of 38% during the forecast period 2020-2025. Technological advancements coupled with the growing innovation such as individually quick-frozen method is driving the Cocoa Products Market. The method of freezing technique has significantly claimed its place in the Europe Frozen Bakery industry actuated by natural self-like promotion without the usage of any preservatives. Furthermore, the ingredients such as fruits, herbs, and vegetables used in bakery processes also depend largely on this unique freezing procedure whereby promoting the growth of cocoa market to propel positively.
Drivers –Cocoa Products Market
- Increasing Health Benefits
Increasing health benefits from cocoa products is a major factor driving the Cocoa Products Market during the forecast period 2020-2025. Cocoa reduce high blood pressure by improving nitric oxide levels, lower the risk of heart attacks and stroke; thereby propelling its demand in the application industries.
Cost-effectiveness is a major factor driving the Cocoa Products Market during the forecast period 2020-2025. Changing lifestyle along with the growing health concern and hectic schedules of people around the world is further propelling the industry growth. Furthermore, the wide acclamation in celebratory events and household occasion there is a demand for cakes and pastries and chocolates at affordable prices which is further contributing to its market growth.
Challenges – Cocoa Products Market
- Limited Production of Cocoa
Some of the factors that is set to impede the growth of Cocoa Products Market are limited production of cocoa and the increasing price of raw materials for bakery products during the forecast period 2020-2025.
Cocoa Products Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in Cocoa Products Market. Cocoa Products Market top 10 players are Artisan Confection Company, Bloomer Chocolate Company, Cargill Inc., Ciranda Inc., Internatural Food Llc. Kraft Food Group Inc., Nord Cocoa, Pascha Chocolate, Touton SA and Tradin Organic Agriculture BV .
Acquisitions/Product Launches
- In January 2019: Global Ingredients and Food Group Cargill launched its artisan chocolate brand Veliche Gourmet in the Netherland at the country leading hospitality fair, Horecava in Amsterdam.
