Cocoa Market- Opportunities, Geographic Segmentation and Competitive Landscape Report to 2024
Cocoa is a fatty bean obtained from Theobroma cocoa, It is dried and fermented after which processed further to extract cocoa powder, cocoa oil, cocoa butter, cocoa liquor and liqueur, and other solids. The demand for cocoa is mainly increasing due to its use in chocolate. The three common plants from which cocoa is derived are criollo, trinitario, and forastero. Of these, forastero has emerged as the most sought-after type of cocoa plants as it is known to produce the best quality of cocoa. Also cocoa products are known to have high flavonoid concentration, due to which they are known to be beneficial to people with cardiovascular problems.
The report presents a detailed assessment of the growth drivers and restraints impacting the global cocoa market. It compiles exhaustive information sourced via proven research methodologies and aimed at providing a better perspective of the global cocoa market. For the purpose of the study, the report segments the market based on various parameters and studies the factors impacting its trajectory across all these segments. Using Porter’s five forces it also offers information on the bargaining power of suppliers and buyers, threat from new entrants and product substitutes, and the degree of competition prevailing in the global cocoa market.
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Global Cocoa Market: Drivers and Restraints
The cocoa market is expected to report strong growth over the course of the forecast period. The market is largely driven by the increasing demand for chocolate and chocolate coatings around the world. Some of the most popular products where cocoa is found are sweet chocolate, dark chocolate, drinking chocolate, milk chocolate, and baking chocolate. The extensive use of cocoa is expected to be the chief growth driver of the global cocoa market. However, health concerns related to the high sugar-content in most cocoa-based products are expected to hamper the market’s growth to an extent.
The increasing consumption chocolate confectionary is strongly linked to the affordability of consumers. Hence, the cocoa market could witness a more elastic response in countries with lower income. As the disposable income of the consumers increase in the world’s advanced economies and the per capita income of consumers in emerging nations continue to rise, particularly in Eastern Europe, Africa, and Asia Pacific, the experts believe the fundamentals of demand for the cocoa market are very encouraging.
Despite negative impact of economic downturn witnessed, especially in developed markets, the demand for cocoa in the food and chocolate confectionaries market will continue to surpass through the forecast period. Also the newfound application in cosmetic and pharmaceutical industry will keep the pace of gains for the market high in the near future.
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Global Cocoa Market: Regional Outlook
Regionally, the global cocoa market can be segmented into North America, Asia Pacific, Europe, and Rest of the World. Countries such as Belgium, Ghana, Switzerland, and the U.K. have emerged as the global leaders in the cocoa market. Also, from a global perspective, markets in North America, Asia Pacific, and the Middle East have been exhibiting superior consumption and production of cocoa products. The recent trends of using cocoa as a raw material across diverse industries is also expected to give impetus to the cocoa market across the aforementioned regions.
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Global Cocoa Market: Vendor Landscape
The market study also profiles companies such as Wilbur Chocolate Company Inc., Kraft Foods Inc., Petra Foods Limited, Belcolade NV, Dutch Cocoa B.V, Cargill Cocoa & Chocolate, Blommer Chocolate Company, Ferrero S.P.A., Guan Chong Cocoa Manufacturer Sdn. Bhd., Organic Commodity Products Inc., and others. Besides including a detailed assessment of their product portfolio, the report also analyzes the strategies they adopted to strengthen their market position. Using SWOT analysis, the report presents insights into the strengths and weaknesses of the companies profiled. The analysis also offers information on the potential threats and opportunities that these companies could face over the course of the forecast period.