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The market for cocoa solids is being propelled by the growing utilisation of cocoa in various end-use sectors, such as cosmetics, food and beverages, among others. With the increasing consumption of chocolate, the demand for cocoa solids is witnessing healthy growth. The rising inclination toward chocolate confectionery products and the surging sales of premium chocolates due to the emerging middle-class population are also augmenting the market for cocoa solids.
The increasing demand for cocoa solids in various cosmetics and personal care products such as creams, lotions, and lip balms, among others, is fuelling the market growth. As the trend of do-it-yourself skincare is surging, consumers are increasingly utilising cocoa solids in skincare products. Further, the surging research and development (R&D) activities to determine the efficacy of cocoa solids to reduce oxidative stress, while decreasing skin damage and reducing ageing signs, is expected to boost their demand in the cosmetics and personal care sector in the forecast period.
Some of the leading companies in the market for cocoa solids are Olam International Limited (SGX: VC2) and Cargill Incorporated. The latter completed the USD 100 million expansion of its cocoa processing facilities in Yopougon, Côte d’Ivoire, in November 2021. This would boost the cocoa grinding capabilities of the company while making the plant the largest cocoa-grinding plant in Africa.
With the investment, the company upgraded its safety improvements and infrastructural enhancements to boost its production capacity by 50% and supply dark brown cocoa powders, which are in high demand. As the company installed a new technology at its Yopougon plant, it is ideal for serving various cocoa powders in the Middle Eastern, African, and Eastern Europe markets. Such expansions are bolstering the market for cocoa solids.
The major players in the global cocoa solids market are Cargill Incorporated, United Cocoa Processor, Inc., Guan Chong Berhad (GCB), Keliffs Nutrients Pvt Ltd, and Olam International Limited, among others. 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.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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