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Cocoa Beans Market By Product Type (Cocoa Powder, Cocoa Butter, Cocoa Beverages, Others) By Application (Confectionery, Functional Food & Beverage, Pharmaceuticals, Cosmetics, Others) By Distribution Channel (Online Distribution Channel, Offline Distribution Channel) - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2028

What is the Global Production of Cocoa?

In 2020, global cocoa production reached 5,757,953 tonnes. This includes 68.4 percent from African countries, 17.3 percent from the Americas, 13.5 percent from Asian countries, and 0.8 percent from Oceania. Cote d'Ivoire accounts for around 38% of global cocoa bean production. It should be emphasised that the national economy of Cote d'Ivoire is strongly dependent on cocoa prices, with cocoa bean exports accounting for a significant amount of the country's export revenue. The tropical environment of the Cote d'Ivoire makes it ideal for Theobroma cocoa cultivation, and farmers there harvest a range of cash crops, with cocoa and coffee accounting for more than half.

What is the Market Size of Cocoa Beans Market in terms of value?

Global Cocoa Beans Market is projected to increase at a significant CAGR of 7.1 % in the coming years. In 2021, the global Cocoa Beans Market was valued at USD 11.2 billion and is projected to reach at value of USD 16.9 billion by 2028. The demand for Cocoa Beans is projected to increase substantially in the coming years and is presumed to generate revenue opportunity for the key industry players that worth USD 110 billion during the forecast period between 2022 and 2028

cocoa-beans-market

What is the Price Trends for Cocoa Beans?

Cocoa prices have risen by more than 8% since December 2020. The combination of high demand and constrained supply has resulted in a significant increase in cocoa prices, In addition, political uncertainty due to the 2020 elections in Ghana and the Ivory Coast had caused prices to rise. Ghana and the Ivory Coast produced a total of 60 percent of the world’s cocoa beans. The British pound is another major driver of cocoa prices this year. The British pound has a direct relationship with the price of cocoa. This is because London is one of the most important markets for physical cocoa.

Interesting Facts about Cocoa Beans Industry

  • The top 5 countries for Cocoa Beans exports are Cote d'Ivoire, Ghana, Ecuador, Cameroon, and Nigeria.
  • The top 5 countries for Cocoa Beans imports are Netherlands, United States, Malaysia, Germany, and Indonesia.
  • Factors such as rising chocolate demand and greater knowledge of cocoa's health advantages are helping to fuel the global cocoa market's expansion.
  • The market's expansion is hampered by a weakened supply network and fluctuating cocoa bean prices.
  • In the forecast period, North America will dominate the market in terms of worldwide share. Growing demand from the confectionery, cosmetics, and pharmaceutical sectors in the United States and Canada is expected to be a positive driver for regional market.
  • Cocoa butter was the most important product segment, accounting for more than half of the global market share. In the pharmaceutical sector, this substance is utilized as a lubricant.

Who are the Top 10 players/companies in the Cocoa Beans Market in terms of value and volume?

The key players in the global Cocoa Beans Market in terms of value and volume include Meridian Cacao Company, InterNatural Foods LLC, Cargill, Inc., The Barry Callebaut Group, Olam Group, Puratos Group, Blommer Chocolate Company, The Mexican Arabica Bean Company, Cemoi, Cocoa Supply Company, Jindal Cocoa, Costa Esmeraldas Cacao Co., Meiji Holdings Company, and United Cocoa Processor. These key players are concentrating on new product developments as well as technological innovation to enhance their production of Cocoa Beans to gain competitive market share at a global level. Moreover, some regional and country-level players are also investing heavily to expand their product portfolio and enhance their sales. For instance, in March 2022, Barry Callebaut announced the development of its Campbellfield facility in Melbourne, Australia. By producing safe, high-quality products, the new plant expands the company's geographical footprint in the Asia Pacific. The facility will be able to serve Australia's entire food sector, from global and local food manufacturers to artisanal and professional chocolate users. For instance, in September 2020, Häagen-Dazs introduced Ruby cacao ice cream. Ruby cacao beans are found in Ecuador, Brazil, and the Ivory Coast and are sourced and processed by Barry Callebaut. The pink color and flavor are produced by the bean's unique fermentation process.

Who are the Top 10 Countries in the Cocoa Beans Market?

In the global Cocoa Beans Market, the major countries are US, Canada, China, India, UK, Germany, France, Spain, Brazil, and Mexico. Within North America, the US accounts for a market leader in cocoa beans. Chocolate is popular during holidays such as Halloween, Christmas, and Easter in the United States. People are currently spending a lot of money on chocolate items. As a result, the country is one of the world's largest importers of cocoa beans. Furthermore, according to the US Census Bureau, Pennsylvania produces the most chocolate, accounting for half of the country's total output. The food business is one of the largest in the United States, contributing significantly to the high demand for chocolate. As a result, these factors are broadening the scope and expansion of the cocoa market.

Which is the Key Application Area in the Cocoa Beans Market?

The key applications of Cocoa Beans Market include Confectionery, Functional Food & Beverage, Pharmaceuticals, Cosmetics, and Others. The food and beverage sector occupied the major share in the Cocoa market.  Cocoa's popularity as a universal flavor drives up demand in the food and beverage industries. Chocolate is one of the most popular and widely consumed food products in the world, making cocoa one of the most widely used flavors in a wide range of food and beverages consumed worldwide. With the growing popularity of the chocolate flavor, the majority of food and beverage businesses include cocoa beans in many of their culinary products and traditional recipes. This is done to attract more customers. With the increased popularity of chocolate flavors and rising cocoa production, the global cacao market is expected to rise rapidly throughout the projected period in the food and beverage sector.

What are the Major Driving Factors for Cocoa Beans Market?

Cocoa bean demand is expanding globally as the chocolate confectionery industry grows. Cocoa butter's growing popularity has become one of the primary drivers of global demand. The historical significance of Cocoa bean use in health care and other treatments has played a significant influence on its popularity. Cocoa bean demand in the cosmetic business is being driven by its positive benefits for skin and health. The government is taking the lead in educating farmers about modern technologies that will aid in the production of cacao beans. The availability of chocolate in a variety of tastes, such as vanilla, mint, and coffee, is predicted to boost the global demand for Cocoa beans. Furthermore, consumer demand for organic Cocoa beans is likely to give many potential prospects for key Cocoa bean market participants in the approaching years.

What are the Major Restraints for Cocoa Beans Market?

Farmers have issues relating to the production and profitability of weed accumulation, which increases the danger of crop damage. Most Cocoa farmers have shifted their focus to other high-yielding crops. These challenges are projected to have a detrimental influence on supply dynamics and stymie market expansion in the future years. Cocoa beans are highly dependent on seasonal and environmental conditions, and commodity price variations are projected to limit the global Cocoa bean market's growth throughout the projection period.

Which Region Dominated the World Cocoa Beans Market?

In the forecast period, North America will dominate the market, accounting for a major share of the worldwide share. Growing demand from the confectionery, cosmetics, and pharmaceutical sectors in the United States and Canada is expected to be a positive driver. Furthermore, during the next eight years, urbanization and rising disposable income levels in Mexico are likely to offer new doors. There is a high level of consumer awareness about the health advantages of cocoa, which is pushing the consumption of dark chocolate in the North American chocolate confectionery sector. Furthermore, the presence of significant firms like Cargill Incorporated, Blommer Chocolate Company, and others has aided the expansion of the cocoa market in terms of innovation, production, and consumption. These reasons are moving the North American cocoa market forward.

Over the estimated period, Asia-Pacific is expected to have the quickest growth rate in the cocoa market. This expansion can be attributed to cocoa product innovation. Furthermore, with changing lifestyles leading to increasing cocoa grindings, the region has been among the top growth regions for chocolate producers. Furthermore, rising urbanization, enhanced retail distribution, and an increase in disposable income are some of the other reasons that are broadening the scope and growth of the APAC cocoa market. Organic and natural products are becoming increasingly popular in South Korea. To meet current industry trends, chocolate manufacturers obtain specialty branded raw materials such as organic and kosher cocoa.

Segmentation of Global Cocoa Beans Market-

Cocoa Beans Market- By Cocoa Bean Type   

  • Criollo Cocoa Beans
  • ForasteroCocoa Beans
  • Trinitario Cocoa Beans

Cocoa Beans Market- By Product Type         

  • Cocoa Powder
  • Cocoa Butter
  • Cocoa Beverages
  • Others

Cocoa Beans Market- By Application 

  • Confectionery
  • Functional Food & Beverage
  • Pharmaceuticals
  • Cosmetics
  • Others

Cocoa Beans Market- By Distribution Channel          

  • Online Distribution Channel
  • Offline Distribution Channel

Frequently asked questions about the Global Cocoa Beans industry

The COVID-19 pandemic's influence on the cocoa bean market is expected to be minimized to some extent. Chocolate is the most frequent product derived from cocoa beans. Despite the fact that it does not fall under the category of necessary products, consumers are increasingly acquiring it.

In the forecast period, North America will dominate the market, accounting for a major share of the worldwide share. Growing demand from the confectionery, cosmetics, and pharmaceutical sectors in the United States and Canada is expected to be a positive driver.

The chocolate industry's high demand for cocoa beans drives the global cocoa bean market. In addition, a surge in demand for chocolate-based products is propelling the worldwide cocoa bean market forward.

Cocoa butter was the most important product segment, accounting for more than half of the global market share.

The food and beverage sector occupied the major share in the Cocoa market. Cocoa's popularity as a universal flavor drives up demand in the food and beverage industries.

Cocoa Beans Market Scope

Report Attribute Details
Market Value in 2021 USD 11.2 billion
Market Value in 2028 USD 16.9 billion
CAGR 7.1 %
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Jun 2022
Category:  Food & Beverage
Report ID:   58019
Report Format:   PDF
Pages:   160
Rating:    4.7 (89)
Delivery Time: 24 Hours to 48 Hours   
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