Cocoa Beans Market Share, Size, Price and Analysis Report, 2025
7
March 2019, The
global Cocoa
Beans Market is expected to witness robust growth in the coming years
owing to growth of chocolate confectionary industry. Majority of the overall
production of cocoa beans is used in chocolate production as a raw material. In
addition, increasing disposable income of middle-class population and growing
popularity of cocoa powder and cocoa beverages are expected to support market
growth in coming years. Factors, such as evolving taste, changing consumer
demand, and rising health consciousness among consumers are also expected to
increase the product demand. Widespread consumption of chocolate for
celebrations as well as health benefits is likely to drive the market in
future.
Extensive use of these beans
in a wide range of applications, changing lifestyles and cultures, and rapid
development in technology are expected to create several growth opportunities
in the market. Key products associated with the market include cocoa butter,
liquor, and powder. Cocoa butter holds a prominent share in the market owing to
its high demand in industries, such as chocolate, food and beverages,
cosmetics, and pharmaceuticals. Cocoa is a key ingredient in products
associated with dairy, bakery, and beverages. The powder form is utilized in
toppings, syrups, confectionary, and other food stuffs as a flavoring or
coloring agent. Moreover, increasing government efforts to provide modern
farming techniques for farmers is expected to create positive outlook for the
market. Growing demand for organic products is also expected to propel market
growth in future.
However, fluctuating prices of
cocoa beans and low productivity due to increasing concerns regarding pests and
diseases along with high dependency on seasons can challenge the market in near
future.
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Different types of cocoa beans
include trinitario, forastero, and criollo. Creole holds a prominent share in
the market owing to its widespread applications. It is also believed to be the
most expensive type. Other types of beans are expected to witness high demand
from various end-user industries in the coming years.
Europe is a leading region in
the market in terms of consumption owing to fair trade and high demand for
organic products. Demand for dark chocolate is increasing in the region due to
its lower sugar content and health benefits, which could further boost market
growth. Use of the product as an ingredient in chocolate and food and beverages
industry is expected to increase in near future. Countries, such as Germany and
U.K are contributing significantly to regional market growth owing to high
demand for chocolates.
North America is expected to
emerge one of the promising regions in the market owing to high demand for
chocolates. The U.S. is a key contributor to regional market growth and is
considered to be the leading consumer in the world. Asia Pacific is anticipated
to witness significant growth in near future owing to increasing consumption of
chocolates in developing countries, such as India and China. For instance,
Hershey India Pvt Ltd, a part of The Hershey Company, introduced its Hershey’s
Kisses brand of chocolates in India. They are available in three types, such as
Milk Chocolate, Cookies ‘n’ Creme, and Almonds.
Latin America is likely to
emerge highly lucrative owing to rising consumption of chocolates in Brazil,
which could be attributed to improved economic conditions. Western Africa is
likely to witness momentous growth in coming years. Côte d'Ivoire is the
leading producer in the region, followed by Nigeria, Ghana, Togo, and Cameroon.
Some of the key players
operating in the cocoa beans market are Tomric Systems, Inc.; The Mexican
Arabica Bean Company; Jedwards International; PASCHA Company, InterNatural
Foods LLC; and Meridian Cacao Company. Leading players are mainly focusing on
practice of sustainable sourcing approaches in order to boost their brand
image. For instance, Barry Callebaut launched its first pilot in Indonesia to
drive systemic change in cocoa farming. This is the first of a series of five
piolet programs, which are arranged in cocoa producing countries, to test
theories of change and accelerate impact in sustainable production. The company
aims to increase the income of farmers, eliminate child labor, and turn carbon
positive.
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