The global cocoa market is growing due to the growing demand of cocoa-based products such as cocoa drinks, chocolate, cocoa butter, and cocoa liquor. Demand for Natural Cocoa, particularly chocolate, has risen dramatically in emerging markets such as India and China in recent years. Additionally, the advent of cocoa-based health drinks and a variety of new chocolate confectionery goods is pushing global cocoa consumption.
On the other hand, the market is being challenged by high production costs and a lack of cocoa supplies. Weather plays a big role in influencing the quality and amount of cocoa beans that are grown each year, thus bad weather can lead to low yield, which is a major issue for the industry.
Cocoa Market: Key Takeaways
- Throughout the predicted period, cocoa liquor will be the most popular cocoa product. By the end of 2017, cocoa liquor will have taken over 44% of the market in terms of revenue.
- Confectionery will continue to be the largest application area of the global cocoa market, accounting for over 28% of total sales. This sector is anticipated to achieve a market valuation of US$ 10,423.9 Mn by the conclusion of the evaluation period in 2022.
- Europe currently dominates the global market for cocoa in terms of revenue, and this trend is expected to continue during the projected period. In 2017 and beyond, the region is likely to be one of the most attractive markets for Natural Cocoa.
Demand for Low-fat Cocoa Powder Growing, Preference for Cocoa from Organic Sources Gaining Ground
Consumers have grown more health conscious and proactive in their food purchases as the incidence of lifestyle diseases has increased.
Organic products are becoming more popular among people who want to avoid consuming dangerous chemicals.
Gluten-free food products are in high demand among not just sensitive but also health-conscious consumers as the number of gluten sensitivity diagnoses rises around the world.
Manufacturers in the cocoa market are working on offering novel and healthier chocolate products with lower sugar content, as well as organic and gluten-free origins, to cater to a consumer base with such a high level of health concern.
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