The latest report by IMARC Group, titled “Cocoa Processing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global cocoa processing market reached a volume of more than 4 Million Tons in 2016, growing at a CAGR of around 2% during 2009-2016. Cocoa bean, also known as cacao bean or simply cocoa or cacao, is the dried and fully fermented fatty seed of the Theobroma cacao or cocoa tree. The four major types of cocoa which are used for cultivation include criollo, forastero, trinitario and nacional. Cocoa processing is the process of converting the cocoa beans to obtain different products such as cocoa liquor, cocoa butter, cocoa cakes and cocoa powder.
Highlights of the global cocoa processing market:
- Diverse applications of cocoa remain the key factor driving the market growth.
- Europe holds the largest share in the global cocoa processing market.
- The market is expected to reach a volume of around 5 Million Tons by 2022.
The global cocoa processing market is catalysed by the rising demand for processed cocoa products, particularly in the production of chocolate. Cocoa butter and powder are the main ingredients used to manufacture chocolate. Cocoa powder is also used in various products like bakery, ice cream, milk drinks, etc. As cocoa powder cannot be replaced by any other product, it remains an indispensable raw material for the global chocolate industry. Thus, the thriving demand for cocoa products is stimulating the cocoa processing market across the globe. Apart from this, cocoa is also used in the manufacturing of cosmetic and skin care products such as face masks, moisturisers, lipsticks and soaps, and several pharmaceutical products. Driven by rising disposable incomes, urbanisation and changing dietary habits, the demand of cocoa based products in emerging regions is showing strong growth, which is further boosting the market. Owing to the aforementioned factors, the market is expected to reach a volume of around 5 Million Tons by 2022.
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The report has segmented the market on a regional basis with some of the major regions being Europe, Africa, North America, South America and Asia Pacific. Currently, Europe holds the largest processing capacity for cocoa beans, accounting for more than a third of the total global cocoa processing in the world, followed by Asia. On evaluating the competitive landscape, it is found that Barry Callebaut, Cargill, ADM, Blommer and Mondelez are the key players operative in the market.
The report has examined the global cocoa processing market on the basis of:
- North America
- South America
- Asia Pacific
- Barry Callebaut
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