The global cocoa market attained a value of nearly USD 11 billion in 2019. The cocoa market is further expected to grow at a CAGR of 3.4% between 2020 and 2025 to attain a value of USD 13.52 billion.
The cocoa market is dominated by West African countries like Ivory Coast, Ghana, and Nigeria, owing to the favourable weather conditions in these regions for the production of the substance. The global supply grew by nearly 5% between 2017 and 2019, with Ivory Coast accounting for nearly 40% of the total global production. Indonesia is also a significant producer of cocoa beans. Ivory Coast, Ghana, Nigeria, and Indonesia together account for nearly three-fourths of the total global output of the product. Growing cocoa markets like Jamaica are receiving government aid to enhance their farming capabilities of the product, further propelling the cocoa market growth. Ivory Coast, Ghana, and Cameroon are the major exporters in the cocoa market. The Netherlands is the world's leading importers of the product, with Europe being its leading consumer market. The Netherlands imports nearly 25% of cocoa, followed by the United States and Germany.
The rapidly growing demand for organic or sustainable cocoa, along with higher nutritional content of the product, is expected to drive the cocoa market growth. The rising demand for derivatives of the product is further propelling the industry forward. The derivatives supply witnessed an increase of 6.5% between 2017 and 2019. Cocoa liquor, a leading derivative of the product, is expected to be the fastest growing derivative segment due to the diversification of its applications and its increasing preference in the production of chocolate.
Properties and Applications
Cocoa is derived from a tree called Theobroma cacao or cacao tree; a small evergreen tree usually found in the deep tropical areas of Mexico. The derivatives of the product can be divided into cocoa butter, powder, and liquor. Cocoa butter finds wide applications in the production of the following products:
The application sectors of cocoa powder include the following:
Cocoa liquor has wide applications in the production of the following:
The report also covers the regional cocoa markets like North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America.
Favourable weather conditions in Ghana is the major driving factor for the cocoa market growth. The introduction of a hand-pollination method by Ghana has led to increased production. The Asian markets are expected to show a fast-growing trend in chocolate consumption, which could be due to a rise in the disposable incomes of consumers, thus, aiding the growth of the cocoa market. The rising demand from consumer markets, such as China, India, the United States, and Europe, are driving the industry further. Chocolate production continues to be the main demand driver for the product with demand for cocoa butter expected to rise, especially in mature markets such as the United States and Europe, due to high consumer preferences. The primary driver for the rise in the grinding volume was the rising demand for cocoa powder from developing economies, like the Asia Pacific and Latin America.
With rising cases of heart disease, blood pressure, diabetes, and cancer, there is a sharp increase in the intake of natural food products that are effective in alleviating these conditions. Cocoa is rich in antioxidants and has been shown to decrease HDL, dilates blood vessels to relieve blood pressure, and increases insulin sensitivity. Also, the intake of dark chocolate is favoured as it contains minimal or no sugar. With the growing demand for clean label foods, the manufacturers of confectionery are switching to natural alternatives. Barry Callebaut has launched ‘Bensdorp Clean,’ a cocoa powder that is formulated using baking soda instead of alkalizing agents, making the brand suitable to be marked as clean. This is driving the growth of the overall cocoa market.
The prices of the product experienced a surge in the 2018-2019 period due to unfavourable weather conditions leading to a supply deficit. However, the prices are expected to recover and witness an increase in the forecast period.
The report gives a detailed analysis of the following key players in the global cocoa market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the cocoa market based on Porter's five forces model, along with giving a SWOT analysis.
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Cocoa Market Analysis
6.1 Figure: Global Cocoa Historical Market (2015-2019) & Forecast (2020-2025)
6.2 Chart: Global Cocoa Market Breakup by Derivative
6.2.1 Cocoa Butter
6.2.2 Cocoa Powder
6.2.3 Cocoa Liquor
6.3 Figure: Market Breakup by Derivative: Historical Market (2015-2019) & Forecast (2020-2025)
6.3.1 Cocoa Butter
6.3.2 Cocoa Powder
6.3.3 Cocoa Liquor
6.4 Chart: Global Cocoa Butter Market Breakup by Application
6.4.2 Cosmetic and Pharmaceutical
6.5 Figure: Market Breakup by Application: Historical Market (2015-2019) & Forecast (2020-2025)
6.5.2 Cosmetic and Pharmaceutical
6.6 Chart: Global Cocoa Powder Market Breakup by Application
6.6.2 Baby Food and Desserts
6.7 Figure: Market Breakup by Application: Historical Market (2015-2019) & Forecast (2020-2025)
6.7.2 Baby Food and Desserts
6.8 Chart: Global Cocoa Liquor Market Breakup by Application
6.8.2 Drinks and Coatings
6.9 Figure: Market Breakup by Application: Historical Market (2015-2019) & Forecast (2020-2025)
6.9.2 Drinks and Coatings
6.10 Chart: Global Cocoa Market Breakup by Region
6.10.1 North America
188.8.131.52 United States of America
184.108.40.206 United Kingdom
6.10.3 Asia Pacific
6.10.4 Latin America
6.10.5 Middle East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
6.11 Figure: Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
6.11.1 North America
126.96.36.199 United States of America
188.8.131.52 United Kingdom
6.11.3 Asia Pacific
6.11.4 Latin America
6.11.5 Middle East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
7 Global Cocoa Beans Price Analysis
7.1 North America Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.2 Europe Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.3 Asia Pacific Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.4 Latin America Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.5 Middle East and Africa Historical Price Trends (2015-2019) and Forecast (2020-2025)
8 Global (HS Code: 1801) Trade Analysis
8.1 Major Exporting Countries: By Value and Volume
8.2 Major Importing Countries: By Value and Volume
9 SWOT Analysis
10 Porter’s Five Forces Analysis
10.2 Buyer’s Power
10.3 Supplier’s Power
10.4 New Entrants
10.5 Degree of Rivalry
11 Value Chain Analysis
12 EMR’s Key indicators for Demand
13 EMR’s Key Indicator for Price
14 Competitive Landscape & Supplier Analysis
14.1 Olam International
14.1.1 Company Overview
14.1.2 Financial Analysis
14.2 Cargill Inc.
14.2.1 Company Overview
14.2.2 Financial Analysis
14.3 Barry Callebaut AG
14.3.1 Company Overview
14.3.2 Financial Analysis
14.4 Cemoi Group
14.4.1 Company Overview
14.4.2 Financial Analysis
14.5 Cocoa Processing Company Limited
14.5.1 Company Overview
14.5.2 Financial Analysis
14.6 Choco Ivoire (SAF Group)
14.6.1 Company Overview
14.6.2 Financial Analysis
15 Events and Developments
Additional Customisations Available:
16 Manufacturing Process
16.1 Detailed Process Flow
16.2 Operations Involved
16.3 Mass Balance
17 Production Cost Analysis and Project Economics
17.1 Land, Location and Site Development
17.3 Plant Machinery
17.4 Cost of Raw Material
17.9 Other Capital Investment
18 Procurement Strategy
18.1 Contract Terms
18.2 Buying and Sourcing Trends
18.3 Storage and Warehousing
18.4 Certifications and Regulations
18.5 Risk Factors
The global cocoa market attained a value of nearly USD 11 billion in 2019. It is expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 3.4%. The cocoa market is projected to reach USD 13.52 billion by 2025.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its derivative, the global cocoa market can be segmented into cocoa butter, powder, and liquor, with cocoa liquor expected to be the fastest growing segment. On the basis of application, the derivatives find their applications in chocolate, cosmetic and pharmaceutical, baby food and desserts, and drinks and coatings, among others. The major regional markets for the product are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa. The key players in the above industry include Olam International, Cargill Inc., Barry Callebaut AG, Cemoi Group, Cocoa Processing Company Limited, and Choco Ivoire (SAF Group).
The major drivers of the industry such as rising disposable incomes, increasing population, healthy production growth, rising demand for the product in the Asia Pacific region, and an increasing awareness about the health benefits of the product and its derivatives are driving the growth of the cocoa market globally. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
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