Pune, Aug. 07, 2020 (GLOBE NEWSWIRE) -- The global cocoa and chocolate industry is set to gain impetus from the increasing demand for premiumized offerings and specialty chocolate products. This is mainly occurring because of the rising emphasis on the bean-to-bar concept. Fortune Business Insights™ provided this information in a new report, titled, “Cocoa and Chocolate Market Size, Share & COVID-19 Impact Analysis, By Type (Cocoa Butter, Cocoa Liquor, Cocoa Powder, Dark Chocolate, Milk Chocolate, White Chocolate, and Filled Chocolate), By Application (Food & Beverages, Cosmetics, Pharmaceuticals, and Others), and Regional Forecast, 2020-2027.”
The report further states that the global market size was USD 44.35 billion in 2019 and is projected to reach USD 61.34 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.
Browse Summary of this Research Report with Table of Content: https://www.fortunebusinessinsights.com/industry-reports/cocoa-and-chocolate-market-100075
The outbreak of the COVID-19 pandemic is causing heavy losses for several industries. They are reducing the workforce and are maintaining social distancing to keep up with the ‘new normal.’ Some of them have also halted their operations to prevent the transmission of the virus. Our reports are specially created to offer elaborate details about the current situation and its effects on every market.
This Report Answers the Following Questions:
- What are the market growth drivers, hindrances, & opportunities?
- How will the companies surge sales of cocoa & chocolates?
- Which region is expected to dominate the market in future?
- Which segment is set to lead the market in the coming years?
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Drivers & Restraints-
High Demand for Specialty Cocoa Beans to Augment Growth
The increasing demand for specialty & premium chocolates, especially in the developed countries, such as Germany, Belgium, France, and the U.S. since the past few years is set to boost the cocoa and chocolate market growth in the near future. Apart from that, consumers nowadays are getting very conscious about the ingredients used in chocolates as some of them are affected by allergies caused because of lactose, while the others are inclining towards vegan cocoa and chocolate products. Also, the increasing preference towards specialty cocoa beans is expected to spur the market growth.
However, the COVID-19 pandemic has caused a sudden slump in the sales and production of these chocolates. People are purchasing healthy products to boost their immunity and are focusing on buying other essentials, instead of premium chocolates. This factor may hinder growth.
Segment-
Cocoa Ingredients Segment to Grow Rapidly Owing to Their Wide Applications
Based on type, the market is bifurcated into chocolate & cocoa ingredients. Out of these, the cocoa ingredients segment generated 45.7% cocoa & chocolate market share in 2019. It is anticipated to grow rapidly in the forthcoming years on account of their usage in a variety of products, such as indulgent baked commodities, ice cream, nutritional drinks, non-alcoholic beverages, and confectionery.
Regional Analysis-
Increasing Trend of Consuming Sugar-free Products to Favor Growth in Europe
In 2019, North America held USD 9.55 billion in terms of revenue. The region and Europe have been in the leading positions for being the major importers of cocoa and chocolate products. Europe has huge growth potential owing to the ongoing trends of consuming sugar-free, low-fat, and fat-free cocoa and chocolate products. Asia Pacific is anticipated to exhibit a significant CAGR in the coming years stoked by the surging demand for chocolate confectioneries from the developing nations, such as India and China.
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Competitive Landscape
Key Players Focus on Unique Product Developments to Fulfil Consumer Demand
The market possesses a highly consolidated structure. The key companies are focusing on research and development activities to create new cocoa & chocolate products to cater to the transforming needs of the consumers. Below are two of the latest industry developments:
- January 2020: Nestlé unveiled its latest KitKat Gold that provides a delicious blend of smooth milk chocolate and smooth milk chocolate, topped with sweet caramel notes and sweet caramel notes. It will be available across Europe and other specific countries throughout 2020.
- July 2019: Nestlé developed a novel chocolate made out of the cocoa fruit. The only ingredients present in the product are pulp and beans. It doesn’t have any refined sugar. It will soon be launched in Japan and is considered to be the first 70% dark chocolate made entirely out of cocoa fruits.
List of the Leading Companies Operating in the Cocoa and Chocolate Market. They are as follows:
- Barry Callebaut, AG (Zürich, Switzerland)
- Cargill, Inc. (Minnesota, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- Olam International (Singapore)
- Fuji Oil Company Ltd. (Osaka, Japan)
- ECOM Agroindustrial Corporation Ltd. (Pully, Switzerland)
- Cocoa Processing Co. Ltd.
- Touton S.A. (Bordeaux, France)
- Niche Cocoa Industry Ltd. (Tema, Ghana)
- BD Associates Ghana Ltd. (Tema, Ghana)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Market
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Source Launches, and Mergers & Acquisitions
- Cocoa Price & Trade Analysis
- Qualitative Analysis (In relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Cocoa and Chocolate Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Cocoa Ingredients
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
- Chocolate
- Dark
- White
- Milk
- Filled
- Cocoa Ingredients
- By Application
- Food & Beverages
- Confectionery
- Bakery
- Dairy
- Others
- Cosmetics
- Pharmaceuticals
- Others
- Food & Beverages
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
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Have a Look at Related Research Insights:
Chocolate Confectionery Market Size, Share & Industry Analysis, By Type (Dark, Milk, and White), By Category (Premium, Seasonal, and Every Day), and Regional Forecast, 2019 – 2026
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Confectionery Market Size, Share & Industry Analysis, By Type (Chocolate, Sugar, and Gums), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Departmental Stores, and Online Retails), and Regional Forecast, 2019 – 2026
Compound Chocolate Market Size, Share and Global Trend By Type (Chip, Slab, Coatings, Others), By Application (Confectionery, Bakery, Dairy, Others), and Geography Forecast till 2026
Real and Compound Chocolate Market Size, Share & Industry Analysis, By Type (Real Chocolate and Compound Chocolate), By Form (Chips, Slabs, Coatings, and Others), By Application (Confectionery, Bakery, Dairy and Frozen Products, Beverages, and Others), and Regional Forecasts, 2019 - 2026
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