Market Research Future (MRFR) in their report on the Cocoa Ingredients Market has announced moderate CAGR for the cocoa ingredients market during the forecast period (2017-2023).
Companies are investing substantial amounts in launching new products by extensively researching and developing products. Better logistical support is also enabling retailers to reach furthest corners with the product which is supporting market expansion.
Cocoa ingredients are sourced from cocoa beans and have several uses in industries such as confectionery to personal care products. The market is all set to benefit from the technological advancements that eased the method of procurement and processing. In addition, recently studied reports have declared that cocoa ingredients have several health advantages which can spur the Cocoa Ingredients Market growth.
- Europe is experiencing a high demand for cocoa ingredients based on high regional demand for chocolates.
- Nov 2017, to meet the rising demand for cocoa products, Olam Cocoa launched their innovative, premium cocoa powder deZaan D11BK. Cocoa is a reduced-sodium dark cocoa powder, which increases its overall nutritional value as consumers have high inclination towards low-sodium diet.
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Players profiled by MRFR for a better analysis of the Global Cocoa Ingredients Market includes-
- Barry Callebaut
- Archer Daniels Midland Company
- Cocoa Processing Company Ltd.
- Mars Inc.
- Blommer Chocolate
- United Cocoa Processors Inc.
- Olam International Limited
- The Hershey Company
- Agostoni Chocolate Inc
Recently, Ennovent and Zotter, two market giants, started exploring the Himalayan region in India, Nepal, and Bhutan to discover some new variants to develop new varieties. The bid would also help the regional farmers in their prosperity.
Chinese company Jiangsu Wuxi Taihu Cocoa Food Co. Announced that they would re-enter the finished chocolate products market. This can trigger growth in cocoa consumption.
MRFR’s assessment of the Global Cocoa Ingredients Market includes regions, namely, North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Latin America’s hold in the global market is quite substantial. Extensive investment in producing top-grade cocoa ingredients gave them the command of the market. The regional market grows substantial amount of ingredients which they then export to North America and Europe mostly.
Africa is also making enough contribution to claim the second spot. The regional investment is quite substantial. However, the region lacks in infrastructure. But the global interest in obtaining ingredients from the region can lift the market revenues for the region.
North America’s market mostly depends on the U.S. which is creating unprecedented demand for cocoa ingredients and its bakery and confectionery segment is growing at a remarkable speed. This associated market growth can provide substantial traction to the regional market. Europe’s market is experiencing similar traction. In addition, the presence of countries such as France, Germany, and Switzerland is proving to be beneficial for regional growth. These countries have made quite a name as the foremost chocolate producers.
The APAC market, on the other hand, is growing faster than any other region and the credit goes to improving economies and better farming practices. In this aspect, India, Indonesia, and Malaysia are expected to become significant contributors during the forecast period.
MRFR segmented the Global Cocoa Ingredients Market by Type and Application in their attempt to analyze the cocoa ingredients market in detail.
Based on the Type
The forastero segment has the maximum market share as its production volume is quite substantial in countries such as Africa, Brazil, and Ecuador. The ease of production is also playing a major factor, alongside features such as strong flavor and less bitterness of forastero cocoa.
Based on the Application
- Dairy Products
- Bakery & Confectionery
- Personal Care Products
The bakery & confectionery segment holds a maximum share of the global market. The personal care segment also has substantial growth. At the same time, demand for organic chocolate is driving the market ahead.
This segmentation would allow a holistic view that can be of aid in assessing the upcoming years for the market.
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