The global Cocoa Market is estimated to be valued at US$ 13145.13 Mn or US$ 13.15 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cocoa is extracted from cocoa beans, which are seeds obtained from cocoa trees. Cocoa is high in antioxidants and contains polyphenols that provide numerous health benefits. Cocoa is majorly used in chocolate confectionaries such as bars, candy, cookies, snack bars, and drinks. It is known to boost heart health, improve cognitive function, reduce blood pressure, and prevent obesity. Cocoa is versatile and affordable for consumers, food and beverages industry.
Market key trends:
Growing demand for high-quality single-origin and organic cocoa-based products is driving the cocoa market growth. Rising preference for naturally sourced and minimally processed ingredients is prompting manufacturers to develop customized specialty cocoa products. Developing economies in Asia Pacific region offer significant opportunities for cocoa producers due to rising health-conscious population and growing chocolate confectionaries market in the region. Cocoa producers are investing in sustainable cocoa farming practices to address issues of deforestation and child labor in cocoa supply chains. Technological developments in cocoa processing are helping manufacturers produce customized cocoa ingredients and meet diverse end-user needs.
Porter's Analysis
Threat of new entrants: Low barrier to entry as cocoa farming requires relatively low investment. However, established players have strong global supply chain and distribution network.
Bargaining power of buyers: Large buyers such as food corporations have significant bargaining power due to their huge demand. They can negotiate on price and demand high quality.
Bargaining power of suppliers: Cocoa farmers have low bargaining power due to fragmented supply base and dependence on global traders and grinders. Suppliers are price takers in the market.
Threat of new substitutes: Alternatives like synthetic cocoa and cocoa extracts have potential to substitute real cocoa. However, no direct substitute for cocoa exists in the market.
Competitive rivalry: Intense competition among global grinders and brand owners. Major players differentiate through quality, innovation, effective supply chain and brand marketing.
Key Takeaways
The Global Cocoa Market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing demand for chocolate confectioneries and cocoa powder in developing economies. The market size is estimated to reach US$ 13145.13 Mn by 2023.
The Asia Pacific region is projected to be the fastest growing market for cocoa during the forecast period. Rapid urbanization, rising disposable incomes and growing health consciousness among consumers in China and India provide opportunities.
Key players operating in the cocoa market are The Barry Callebaut Group, The Hershey Company, Nestle S.A., Cargill Incorporated, Puratos Group, CÃmoi, Mars, Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd., Carlyle Cocoa, Jindal Cocoa, and United Cocoa Processor. These players differentiate through superior quality products and expansion in emerging markets.
Read More: https://www.trendingwebwire.com/cocoa-market-size/
