• Cocoa is a plant from where the chocolate is produced. Bitter chocolate is provided by pressing roasted cocoa seeds between hot rollers. Cocoa powder is produced after squeezing the cocoa butter from bitter chocolate. Cocoa contains antioxidants called flavonoids.
• The increase of its demand in the various application is expected to drive the market growth at a higher CAGR during the forecast period.
• Health benefits of cocoa are one of the significant factors that are driving market growth.
• Cocoa helps in regulating the symptoms of intense fatigue syndrome, reduces hypertension, provides protection against sunburn, improves heart health, and others.
• Further, it has anti-oxidative, anti-depressant, and anti-inflammatory properties. Thus increasing awareness about health among people is driving the market growth.
• Also, growing end-user industries, such as food & beverages, cosmetics, pharmaceuticals, and others are propelling market growth. Cocoa contains proteins, minerals, vitamins, and amino acids which will increase the usage of these products as moisturizing, purifying and antioxidant agents. Additionally, the smell of cocoa care provides an instant good-mood feeling
• For instance, according to BPI; IQVIA (German Federal Association of the pharmaceutical industry) the worldwide pharmaceutical industry generated a revenue of 1,1,43 billion by 2017 which is increased by 28% from 2010.
• However, cocoa also has few adverse reactions like causing skin allergies, constipation, and it might trigger migraine headaches.
• It can also cause digestive complaints including stomach rumbling, nausea, intestinal discomfort, and gas.
• Based on the application the global cocoa market is broadly segmented as cosmetics, food, beverages, pharmaceuticals, and others
• Among all these functional food applications is accounted for significant market share and is expected to grow at a higher CAGR over the forecast period.
• Because chocolate is one of the most common flavors for a variety of functional food products such as protein snack bars, protein shakes, and also for other nutraceutical products.
• Additionally, manufacturers are into developing new innovative varieties, such as coated fruits, nuts, cereals, and many more. And the popularity of such products is increasing rapidly, especially in developed countries, thereby giving a push to the global cocoa market.
• Also, the easy availability of a wide variety of chocolate flavors and types of chocolates is resulting in increasing consumption. For instance, according to (International Cocoa Organization) in 2017, Switzerland was the highest consumer of chocolate, with an average consumption of 8.8 kilograms per person.
• The global cocoa market is segmented into North America, Europe, Asia Pacific, South America Cand Middle East & Africa.
• North America occupies the dominant share in the cocoa market. It is owing to the presence of a large number of major manufacturers of pharmaceuticals, and food & beverages.
• Over the forecast period, the Asia Pacific region is predicted to grow at a higher CAGR. It is owing to the massive demand for cocoa in food & beverage, and pharmaceutical industries. For instance, according to L’Oreal, in 2015, the total global cosmetic market was worth approximately 203 billion euros in which the Asia Pacific accounted for about 30%.
Cocoa Market Competitive Trends
• Significant players of the global cocoa market are The Barry Callebaut Group, Jindal Cocoa, The Hershey Company, Nestlé S.A., Cargill Incorporated, Puratos Group, Carlyle Cocoa, Cémoi, Mars, Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd., United Cocoa Processor, and others. Most of these leading companies operating in the global cocoa market are implementing a few of their key strategies such as product developments, mergers & acquisition, and others to maintain their share in this highly competitive market. For instance, in July 2018, Puratos Group has introduced its cocoa sourcing program to Papua New Guinea.
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