Rapidly rising chocolate industries in emerging economies, including China and India, are expected to fuel demand for cocoa beans as intermediates. According to Statista, the average per capita consumption stands at 4.3 kg in 2020 in China. The increasing importance of coating for improved flavoring in the processing of vegetables, fruit and cereals is projected to further increase the demand for products. The product is used in industries such as functional food & beverage, confectionery, pharmaceuticals and cosmetics, taking into account its health benefits, including fatigue syndrome regulation, excellent antioxidant properties and reducing the impact of hypertension. There has been an increasing demand for chocolate variants, such as chocolate milk, brownies and dark chocolate, all over the globe. Growing consumer appetite for fine and craft chocolate in line with improved spending capacity is a sign that craft chocolate will have the same consumer interest as other innovative food products such as craft beer and craft cheese. As high quality is the main concern of today’s consumers, bean-to-bar chocolate manufacturers are inclined to show the purity of beans that weigh on the same scale as the growing demand for cocoa beans. Because of its disease-resistant and high-yielding nature, the Forastero type of cocoa beans is used in most of the world’s chocolate production, accounting for more than 80% of its share. Forastero remains highly preferred by chocolate manufacturers over Criollo and Trinitario. High acceptance of chocolate in the F&B sector as a key flavor to create variation in product offerings will continue to catalyze the overall growth of the cocoa beans market.
Global Cocoa Beans Market is valued approximately at USD 10.66 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.4% over the forecast period 2020-2027 and is estimated to reach 18.87 Billion by 2027.
The regional analysis of the global Cocoa Beans Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the industry in 2019. Rising demand from the U.S. and Canada confectionery, cosmetics, and pharmaceutical sectors is expected to remain a favorable factor. In addition, urbanization and rising disposable income levels in Mexico are expected to open new avenues over the next eight years. Asia Pacific is expected to see the fastest growth in the CAGR from 2019 to 2027. Prominent markets in this region include China and India. Growing target population base coupled with increased health awareness and a shift in consumer preferences is expected to have a positive impact on the regional market.
Major market players included in this report are The Hershey Company, Cargill Incorporated, The Barry Callebaut Group, Nestle S.A., Meiji Holdings Company, Jindal Cocoa, United Cocoa Processor, Cemoi, Blommer Chocolate Company, Puratos Group
The detailed segments and sub-segment of the market are explained below:
By Product: Butter, Powder, Liquor
By Distribution Channel: Online, Offline
By Application: Confectionery, Functional Food & Beverage, Pharmaceuticals, Cosmetics
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Cocoa Beans Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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