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West African countries like Ivory Coast, Ghana, and Nigeria, dominate the global cocoa market owing to the favourable weather conditions in the regions. Indonesia, along with these western African countries, is a significant producer of cocoa beans. Together, they account for nearly 70% of the total global market share. While Europe is the leading consumer market of cocoa, the Netherlands serves as the leading cocoa importer, importing nearly 25% of cocoa. Due to the growing demand for cocoa from its end-use markets, its global production has increased by nearly 5% from 2017 to 2020. The global cocoa market is being aided by its increased demand from food and beverage industry, particularly for the production of chocolate. In the emerging economies of the Asia Pacific, the demand for the product is expected to witness a robust growth in the forecast period due to the rising disposable incomes and growing awareness regarding the positive impact of cocoa consumption on health. Cocoa liquor, among other cocoa derivatives, can be used in diverse applications and, thus, has emerged as a leading derivative segment, which is further expected to be the fastest-growing segment due to its increasing popularity in the production of chocolate.
With the rising demand for organic and clean labelled products from the food and beverage sector, the manufacturers are seeking natural alternatives; thus, further propelling the cocoa industry forward. In August 2020, Barry Callebaut AG (OTCMKTS: BYCBF), a leading player in the industry, introduced Bensdorp Natural Dark, a 100% natural, dark cocoa powder with a superior taste, formulated using baking soda instead of alkalizing agents, making the brand suitable to be marked as clean. This can further be used in all major application segments such as bakery and pastry creations, cold drinks and beverages, ice cream and others, enabling food manufacturers to deliver a rich, chocolaty flavour naturally.
Market Breakup by Derivatives, Applications, and Regions:
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The major players in the global cocoa market are Olam International, Cargill Inc., Barry Callebaut AG, Cemoi Group, Cocoa Processing Company Limited, and Choco Ivoire (SAF Group). The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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