NEWARK, Del, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The cocoa liquor market is forecast to expand at 6% CAGR through 2033, as per FMI’s analysis. The industry’s size is predicted to reach a valuation of US$ 7,021 million in 2023.
The market for cocoa liquor is expected to expand at a steady rate in the following years. Chocolate manufacturers extensively use cocoa liquor in their production processes. Even in emerging economies, deep penetration of cocoa-infused confectioneries is feeding the market’s growth.
Consumers are seeking variety in the taste of food and beverages and showing a special preference for chocolate flavor. Thus, the growing demand for chocolaty sweets and food is pushing the sales of cocoa liquor among multiple end users.
The market is backed by escalating demand for specialty or artisan chocolates. These premium chocolates are mostly used for gifting purposes. Low-calorie dark chocolate is also gaining widespread prominence across the globe, as reflected by the uptake of cocoa liquor-infused goods. To meet the high demand for chocolates, the production of cocoa liquor is increasing. Manufacturers are investing and building their units in different geographies to spread their operations wide.
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Companies are also focusing on adopting sustainable practices in the production of cocoa liquor. This is credited to the growing knowledge regarding dreadful environmental situations, which is fueling customers to make eco-conscious decisions while purchasing.
Businesses are also aligning their production activity to profit from the running trend of organic chocolate goods and clean-label products. Additionally, increasing cognizance of the health benefits associated with cocoa liquor is expected to boost its demand among end users.
Top Highlights from the FMI’s Analysis of Cocoa Liquor Market:
- The United States holds the dominant status in the cocoa liquor industry globally. In 2022, the market held 21.8% value share.
- The United States market is closely followed by Germany, which acquired 20.6% market share in 2022.
- The Japan cocoa liquor industry gained a 3.5% value share, and the Australia cocoa liquor industry gained a 2.1% value share.
- From 2023 to 2033, India is expected to proceed with a 7.6% CAGR.
- The Chinese cocoa liquor industry is projected to expand at a CAGR of 6.7%.
- The United Kingdom cocoa liquor industry is expected to unfold at a CAGR of 6% in the years to follow.
- On the basis of product type, Dutch cocoa liquor assumed a market share of 57% in 2022.
- Based on cocoa variety, the forastero segment gained a maximum market share of 80% in 2022.
- Under the category of form, the wafers segment accounted for 41% in 2022.
- Based on application, the chocolate and confectionery segment acquired 35.1% market share in 2022.
"Rising global demand for premium chocolate signifies a growing niche market, prompting industry leaders like Mars and Ferrero to diversify offerings with cocoa liquor integration, a strategic move capturing the evolving consumer preferences."—opines our key research consultant.
Market Update: Key Innovations Taking Place in the Market
- Hershey India revealed two new flavors in October 2021 under the ‘Hershey’s Exotic Dark’ category of premium chocolates. The latest flavors have ‘Guava & Mexican Chili’ and ‘Blackberry Granules’ composed of whole roasted California Almonds. These flavors are aimed at next-gen consumers who have constantly changing palates.
- Nestle introduced a new range of ‘Icona’ bars, which is a distinct product that employs cocoa fruit pulp as an eco-friendly and healthy sugar substitute. As per the company’s reports, the ‘Icona’ bar is soon going to be launched in the Netherlands, France, and other countries in Europe. By incorporating cocoa fruit pulp, sugar usage in chocolate can be drastically reduced, along with product wastage during chocolate manufacturing.
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Cocoa Liquor Market by Category
By Product Type:
- Dutch
- Natural
By Cocoa Variety:
- Forastero
- Criollo
- Trinitario
- Other Cocoa Varieties
By Form:
- Wafers
- Blocks
- Chips
- Liquid
By Application:
- Chocolate and Confectionery
- Ice Cream
- Food and Beverage Coatings
- Beverages
- Bakery
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of Food and Beverage Domain:
Cocoa Maker Market: The value of the global cocoa maker market was US$ 2,055.4 million in 2022, and it is anticipated to reach US$ 2,123.2 million in 2023. The total sales of cocoa producers are also expected to increase at a 3.3% CAGR between 2023 and 2033, surpassing a worth of US$ 2,937.6 million by the end of 2033 due to the increased utilisation of cocoa goods across various industries.
Cocoa Market: In 2023, it's anticipated that the worldwide cocoa market will be worth US$ 15,156.7 million. Sales of all cocoa are anticipated to increase at a 4.7% CAGR from 2023 to 2033, valuing the market at US$ 23,981.1 million at the end of that year.
Cocoa Powder Market: Throughout the forecast period of 2022 to 2032, the cocoa powder market is anticipated to expand at a moderate CAGR of 2.9%.
Cocoa Butter Market: During the projected period, the cocoa butter market is anticipated to grow at a modest CAGR of 1.7%. In 2022, the cocoa butter market was worth US$8,890.5 million. The market is currently valued at US$ 8548.6 million and is projected to reach US$ 10,558.9 million in 2033.
Cocoa Bean Extract Market: Sales of cocoa bean extracts reached US$ 7.6 billion in the FY 2021 and are anticipated to grow at a 3.9% Y-o-Y rate to US$ 7.9 billion in the following year. A CAGR of 3.4% is anticipated for the market for cocoa bean extract from 2022 to 2032. It is anticipated to be worth US$ 11 billion by 2032.
Cocoa Based Polyphenols Market: By 2022, the market for cocoa-based polyphenols is expected to be valued around US$ 87.1 million, growing at a CAGR of 5.8% from 2022 to 2032. By the end of 2032, the market for cocoa-based polyphenols is anticipated to be worth roughly US$ 153.2 million.
Cocoa Derivatives Market: The net worth of the cocoa derivatives market is anticipated to increase from US$ 29.31 billion in 2023 to US$ 49.59 billion or more by 2033. From 2023 to 2033, the market is projected to grow at a 5.4% CAGR.
Organic Cocoa Market: The Organic Cocoa Market was estimated to be worth USD 8.3 billion in 2022 and is anticipated to increase at a CAGR of 3.3% from 2022 to 2032, when it will be worth USD 11.5 billion. According to recently released market analysis data from Future Market Insights, the demand for organic cocoa worldwide is expected to increase by 3.9% Y-o-Y in 2022.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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