Market Research Report
Global Cocoa Market Forecast 2021-2028
|Global Cocoa Market Forecast 2021-2028|
Published: September 14, 2021
Content info: 201 Pages
Delivery time: 2-3 business days
The global cocoa market is projected to register a CAGR of 3.94% during the forecast period, 2021-2028. The primary factors propelling the market growth include the growing demand for chocolates and the health benefits of cocoa.
Cocoa is the basis of chocolate. It is a highly concentrated powder made from chocolate liquor, a paste made from cocoa beans. It is used as a flavoring ingredient in beverages, and is the central ingredient in chocolate confections and chocolates.
The increasing consumption of chocolates worldwide contributes to the growing demand for cocoa. The Americas and Europe were the earlier consumers of chocolate, attributed to their culture and traditions. However, in recent years, emerging economies in Asia-Pacific have witnessed a rise in the consumption of cocoa products. In addition, countries like India and China have a dense population, which increases demand and consumption. Also, advertising strategies and social media influence impact people's buying decisions. As a result, chocolate is considered a healthy treat for all ages, thus defying stereotypes.
Furthermore, restaurants and bakery shops are seeing an increase in the number of consumers. Also, the growing disposable incomes, particularly in middle-class households, benefit market growth. Such factors lead to increased preference for high quality chocolates. Additionally, the premium quality and dark chocolates have high cocoa content. These are also considered an ideal gifting option. Such factors enable market growth. However, price fluctuations and low productivity hamper the market growth.
The geographical analysis of the global cocoa market includes the assessment of Europe, North America, Asia-Pacific, and Rest of World. Europe is the dominating region in the global market, with a diverse cocoa market offering growth opportunities for specialty and mainstream cocoa.
The intensive competitive rivalry is signified by enhanced retail distribution, rising R&D, and strong market penetration. Natra SA, Barry Callebaut AG, Olam International Ltd, Nestle SA, Puratos Group, etc., are among the major companies in the market.