The global cocoa products market size was valued at $24.5 billion in 2019 and is projected to grow at a CAGR of 3.1% to reach a value of $30.2 billion in 2026. Based on product type, the cocoa beans segment accounted for the highest contribution in the cocoa products market and is expected to continue the lead throughout the forecast period. Cocoa is a product that can be derived by processing the seeds of the cacao tree. Cocoa has its origin in Latin America, however today it is cultivated in almost all tropical regions from West and Central Africa to Asia and Oceania. There are numerous products manufactured from cocoa seeds such as cocoa liquor, cocoa butter, and cocoa powder. Cocoa powder is predominantly used to manufacture chocolate confectionaries and cocoa paste, which is used to produce desserts. Cocoa butter is extensively used in pharmaceutical and cosmetic industries to manufacture skin care products. Cocoa liquor can be used as a product on its own or can be mixed with other products to make confectioneries.
The cocoa products market opportunity, size and trend have been analyzed in the report. The report has been segmented based on product type, application, and region. By type, it is classified into cocoa beans, cocoa butter, cocoa powder & cake, cocoa paste & liquor and chocolate. Based on application, it is categorized into application, confectionery, food & beverages, cosmetics and pharmaceutical. Based on region, it is analyzed across North America that includes the U.S., Canada, and Mexico; Europe that includes the UK, the Netherlands, Germany, France, Spain, Italy, Turkey, and rest of Europe; Asia-Pacific that includes Malaysia, Indonesia, Singapore, Japan, China, India, and rest of Asia-Pacific; and LAMEA that comprises Brazil, CÃ´te d’Ivoire, and rest of LAMEA.
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Scope of the Global Cocoa Products Market
Global Cocoa Products Market, By Product Type
• Cocoa Beans
• Cocoa Butter
• Cocoa Powder & Cake
• Cocoa Paste & Liquor
Global Cocoa Products Market, By Application
• Food & Beverages
Global Cocoa Products Market, By Region
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• North America
• Asia Pacific
• Middle East and Africa
• South America
Europe dominated the cocoa product market in 2018. This is owing to Europe is a mature market where the retail infrastructure has remained quite steady over the years. This is attributed to the increasing consumption of consumer goods and beverages, because of an increase in spending power of the people living in the region.
A recent development in the market for a cocoa product: In September 2015, Ghana’s Cocoa Research Institute introduced a new multiplicity of cocoa with new fine-flavours. The flavours involved fruit, herbal, floral, wood nuts and caramel notes with chocolate bases.
In October 2016, Blommer Chocolate Company, US, announced its plan to acquire only certified cocoa from 2020 onwards to adhere to cocoa industry standards.
Players in the cocoa products industry have utilized business expansion and product launch to improve their product portfolio and improve market share. The key players profiled in the cocoa products market include Cargill, Ciranda, FUJI OIL CO., LTD., Guan Chong Berhad (GCB), Puratos Group, The Hershey Company, Touton S.A, Tradin Organic, and United Cocoa Processor.
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