The cocoa bean market surpassed the US $ 10 billion mark in 2019; Growing preference for organic ingredients to drive growth, according to future market outlook
The Global cocoa bean market is expected to be valued at around US $ 10 billion in 2019. Future Market Insights, predicts that the cocoa bean market is expected to show a high growth rate of over 7% in terms of value during the forecast period 2019- 2029.
Cocoa beans have been reaching consumers for a very long time in the form of chocolate blocks and bars. Cocoa beans were therefore in great demand in the industrial sector. But a recent increase in demand for natural and organic products, in greater transparency, has allowed cocoa beans to gain popularity with households and food service operators. Continued innovation to incorporate chocolate in one form or another into the products they make has increased the demand for cocoa beans.
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Key takeaways from cocoa beans market research
- Forastero cocoa beans are widely used because the availability of this type of cocoa beans is higher than any other type. But the demand for Criollo beans is the highest as they are very scarce and are less grown in commercial plantation due to their low yield.
- Cocoa beans are mainly used in the bakery and confectionery sector. Demand for cocoa beans is expected to increase dramatically in the catering industry, especially in European countries
- Leading manufacturers in the global cocoa market are expected to offer innovative and healthier cocoa products using cocoa beans with the aim of attracting health-conscious consumers around the world. Raw chocolate bars, vegan quinoa bars, and “ruby” chocolate are just a few of the products companies have brought to market to engage their health-conscious consumers.
- With the presence of the major cocoa grinders / processors in countries like the Netherlands, Germany, Belgium, France, UK and others, the European Union is expected to be the most lucrative region in the world. Global cocoa beans market throughout the period 2019 to 2029.
“Despite price fluctuations and the inconsistency of supply and demand for cocoa beans, the demand for chocolate products has not diminished. On the contrary, the incorporation of chocolate flavor into the pharmaceutical and nutraceutical industry has increased the demand for cocoa beans globally. However, organic and high quality cocoa beans are introduced to the market because consumers are willing to pay a higher price for quality products, ”says an IMF analyst.
As cocoa continues to be a popular flavor and ingredient for the majority of dessert preparations, the global cocoa industry needs more investment in order to maintain sustainable growth in the future. Cocoa prices in the international market are increasing due to the additional expense incurred by manufacturers to obtain certifications to distribute the cocoa beans in the market. Rising cocoa prices and economic uncertainties in the global market are creating challenges for the global cocoa bean market. However, specific steps are taken by regulators to reduce this inconsistency.
Some of the major players operating in the cocoa bean market are Cargill Inc., Theobroma BV, Olam International Limited, Ciranda Inc., Edna Group, Barry Callebaut AG, Dutch Cocoa BV, Kakao Berlin, Niche Cocoa Industry Ltd., PT. Danora Agro Prima, Nederland SA, Cocoa Processing Company, India Cocoa Pvt Ltd., United Cocoa Processors Inc., BT Cocoa, among others.
The cocoa supply chain is concentrated both vertically and horizontally, as most cocoa and chocolate companies strategically merge with competitors. For example, major processors Barry Callebaut and Cargill after its merger with ADM will produce around 70-80% of the global coverage.
- In January 2020, Häagen-Dazs launched two new ice creams containing ruby cocoa. The ruby cocoa beans used in these products were obtained and processed by Barry Callebaut.
- SoChatti, an artisanal brand of Trade Secret Chocolates, has launched a 72% dark chocolate, made with cocoa beans from locations like Peru, Tanzania, and Trinidad, which is a squeezable vegan chocolate.
- Mars, Inc. has worked with agricultural analysis company Nature Source Improved Plants to increase cocoa yields. Mars is well known for its treats that use cocoa beans in its production, and therefore is interested in maintaining a sustainable supply of cocoa.
Find more valuable insights into the cocoa bean market
Future Market Insights in its new offering offers an unbiased analysis of the global cocoa beans market, presenting historical demand data (2014-2018) and forecast statistics for the period 2019-2029. The study reveals compelling insights into the cocoa beans market based on product type (forastero, criollo and trinitario), distribution channel (B2B and B2C) and end application (food and beverage, pharmaceuticals) , cosmetics and personal care, pet food, household products). / retail, catering / HoReCa) in seven major regions.
ANALYSIS OF THE MARKET STRUCTURE FOR COCOA BEANS
- Market consolidation in European countries remains a key to achieving distinct competitive chains.
- The concentration of the cocoa supply chain at the vertical and horizontal levels is attributable to the recent merger of the cocoa and chocolate companies.
- Collaborations with agricultural research institutes also remain a key area of intervention for market players for advances in the genetic modification of cocoa trees.
- Baseline year – 2018
- Forecast period – 2019-2029
- CAGR over 2019-2029 – 7%
- Expected market value in 2029 – US $ 21 billion
- Segments Covered – Product, End Application, Distribution Channel
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COCOA BEAN MARKET TAXONOMY
The global cocoa beans market is segmented in detail to cover all aspects of the market and present the readers with comprehensive market information.
type of product
End use application
- Food and drinks
- Bakery and confectionery
- Dairy products
- Syrup, fillings and garnishes
- Other applications
- Cosmetics and personal care
- Pet food
- Household / Retail
- HoReCa / Food service
- Hypermarkets / Supermarkets
- Convenience Stores
- Independent grocery stores
- Specialty stores
- Online retail
- North America
- Latin America
- East Asia
- South Asia