New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Cocoa Derivatives Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Cocoa Butter, Cocoa Beans, Cocoa Powder, and Others), Category (Organic and Conventional), and Application [Food and Beverages (Bakery and Confectionery, Dairy and Frozen Desserts, Beverages, and Others), Personal Care, and Others]”; the global cocoa derivatives market size is expected to grow from USD 27.80 billion in 2022 to USD 37.79 billion by 2028; it is estimated register a CAGR of 5.3% from 2022 to 2028.
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Global Cocoa Derivatives Market – Report Scope:
| Market Size Value in | USD 27.80 Billion in 2022 |
| Market Size Value by | USD 37.79 Billion by 2028 |
| Growth rate | CAGR of 5.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 153 |
| No. of Tables | 85 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Type, Category, and Application |
Cocoa Derivatives Market: Competitive Landscape and Key Developments
Olam Group Ltd, Indcre SA, Cargill Inc, Natra SA, JB Foods Ltd, Ecuakao Group Ltd, United Cocoa Processor Inc, Barry Callebaut AG, Moner Cocoa SA, and Altınmarka Gıda San ve Tic AS are among the key players operating in the cocoa derivatives market. These companies have a widespread presence across the world, which allows them to serve a large number of customers.
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Cocoa Derivatives Market: Segmental Overview
Based on type, the cocoa derivatives market is segmented into cocoa butter, cocoa beans, cocoa powder, and others. The cocoa beans segment held the largest market share in 2022, and the cocoa powder segment is expected to register the highest CAGR during the forecast period. Cocoa beans are oval dark brownish seeds that promote healthy digestion due to their fiber contents. Although bitter, they are widely eaten raw. Nevertheless, cocoa beans are mainly ground for the production of chocolate. The fiber content helps soften bowel movements and prevent hemorrhoids, along with helping with other digestive conditions. Per serving, cocoa contains more heart-healthy flavonoids, which have been linked to improved heart health.
Based on category, the cocoa derivatives market is segmented into organic and conventional. The conventional segment held a larger market share in 2022, and the organic segment is expected to register a higher CAGR during the forecast period. Synthetic fertilizers, pesticides, insecticides, herbicides, and fungicides are used in conventional cocoa farming. Genetically modified organisms or genetically modified crop varieties used by cocoa growers deliver consistent crop yields. Conventional farming involves planting these crops in full, direct sunlight, which leads to rapid crop growth and allows the growth of more plants in the given area.
Based on application, the cocoa derivatives market is segmented into food and beverages, personal care, and others. The food and beverages segment held the largest market share in 2022. Cocoa derivates are widely used in making bakery products, beverages, confectioneries, dairy products, and snacks. Emerging clean-label and vegan products demand from the consumers lead to burgeoning sales of plant-based ingredients, such as cocoa butter, cocoa powder, cocoa nibs, and cocoa liquor. Such increasing demand for plant-based products in food & beverage industry is fueling the cocoa derivatives market growth.
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Rising Demand for Cocoa-Based Confectioneries Drives Global Cocoa Derivatives Market Growth:
Cocoa is increasingly being used in formulating a different variety of beverages and confectionery products, such as milkshakes, cakes, croissants, and hot cocoa. The influx of cocoa-based confectioneries has increased tremendously in developed and developing economies in the last several years due to growing consumer spending on various indulgent confectioneries, particularly chocolate-based products, and the surging popularity of molded and countline chocolates. Moreover, key manufacturers are adding new chocolate types, such as dark chocolate and ruby chocolate, to their portfolio. In February 2022, Hershey's created the limited-edition "Celebrate SHE" cocoa-based bars to commemorate all women and girls. The brand highlighted “SHE” in the center of the milk cocoa-based bar. The launch of such innovative cocoa-based confectioneries would further accelerate the cocoa derivatives market growth.
Europe held the largest share of the cocoa derivatives market in 2022. The market growth in the region is attributed to the increasing popularity of gourmet chocolates among Europeans. Hence, different high-end chocolate brands have extensively been looking for ways to differentiate their products, along with focusing on sourcing single-estate products. Thus, the demand for high-quality cocoa and single-origin cocoa flavors is on the rise in the region. For instance, Valrhona Inc., the world's finest chocolate producer based in France, has been harvesting cocoa beans from Maria Trinidad Sanchez, a single-origin cocoa estate from Further, consumer inclination toward healthy living triggers the demand for superior-quality cocoa derivatives, such as cocoa butter, cocoa powder, and cocoa beans.
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Impact of COVID-19 Pandemic on Global Cocoa Derivatives Market Growth:
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverage industry. The shutdown of manufacturing units led to disturbances in global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of various countries in Europe, Asia Pacific, and North America on international travel compelled companies to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of various markets.
Before the onset of the COVID-19 pandemic, the demand for cocoa derivatives was high due to HUGE demand for cocoa-based confectioneries among consumers across the world. However, manufacturing industries faced unprecedented challenges after the onset of the pandemic in 2020. The manufacturers of cocoa derivatives faced significant challenges due to supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. These constraints created a shortage of raw materials, which affected the production and distribution of cocoa derivatives, leading to increased prices. There are limited cocoa-farming countries across the world, and the cocoa derivative production depends on these countries for raw material supply. However, lockdown and travel restrictions led to a huge demand and supply gap in the cocoa derivatives market.
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