Increasing prevalence of dark chocolates around the world is attributed to cocoa powder which forms an important ingredient in variety of dark chocolates. This in turn is fuelling the demand for cocoa powder in the global cocoa market. Increasing awareness of health benefits from dark chocolates, especially among adult consumers, has added to the consumption growth of chocolates made from cocoa powder. Also, rising inclination of young consumers towards chocolates is another factor fuelling robust demand for cocoa powder sub-segment. Children are primary consumers of chocolates. However, chocolates are gaining prevalence among adults owing to its benefits such as lowering cholesterol, assisting in building muscles and maintaining fitness.
Global Cocoa Market Driven By Increasing Demand for Premium Quality Packaged Cocoa Products
The global cocoa market is estimated to witness a modest CAGR of 3.4% during 2016 to 2026 to reach a value of US $14.5 billion by 2026 end, according to the report by Future Market Insights (FMI). The demand for cocoa powder among several food applications is increasing since recent past. There is robust increase in demand for premium quality cocoa powder based packaged products such as chocolates, cookies, chocolate coated fruits, and caramelised chocolates for some occasions such as Christmas, birthdays, weddings and New Year is rapidly increasing. This is another prominent factor driving the demand for cocoa powder sub-segment in the global cocoa market during the forecast period (2016 to 2026).
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Conventional Cocoa Liquor to Witness 4.3% CAGR During 2016 to 2026
Cocoa powder is considered to fall under both categories viz. organic and conventional. In 2016, the conventional cocoa powder accounted for more than 30% value share of global cocoa market. However, a slight decline in value share is estimated to be witnessed by this segment to be valued a bit less than 35% by 2026 end. The conventional cocoa liquor sub-segment is estimated to be most attractive in the global cocoa market, registering 4.3% CAGR during 2016 to 2026 in terms of value. The organic cocoa liquor sub-segment is estimated to remain dominant in the global cocoa market during the forecast period.
The Value of Cocoa Consumption to Surpass US $300 Million by 2026 End
For the clarity of consumer preference, the global cocoa market is bifurcated into conventional cocoa market and organic cocoa market. As per FMI’s report, the organic cocoa won’t outpace the demand for conventional cocoa during 2016 to 2026. The consumption value of organic cocoa is anticipated to surpass US $300 million by 2026 end. Demand for organic cocoa liquor and organic cocoa butter is expected to remain higher than organic cocoa powder. Naturally processed organic cocoa is likely to gain traction during the forecast period as compared to that of Dutch processing techniques.
Western Europe Remains Dominant in Global Cocoa Market
Western Europe is expected to remain a dominant region in the global cocoa market and estimated to witness 4.1% CAGR during the forecast period. Rising demand for conventional cocoa in Western Europe is predicted to drive the cocoa market in this region. On the other hand, North America is anticipated to register significant growth in cocoa market in terms of value during the forecast period. This region is estimated to witness 3.5% CAGR in the global cocoa market during 2016 to 2026.
United Cocoa Processor, Blommer Chocolate Company, Cargill Incorporated, Carlyle Cocoa, Mars Incorporated and The Hershey Company are major US-based cocoa manufacturers and prominent for cocoa contribution in the global market. Other key players include India’s Jindal Cocoa and Japan’s Meiji Holdings Company Ltd.