Cocoa bean, also called as cacao bean are dried, fully fermented, and processed to extract cocoa butter, cocoa liquor, and cocoa powder. Forastero, trinitario, and criollo are the three main varieties of cocoa plant. Forastero beans are most widely consumed and comprises around 85% of the world production of cocoa.
Major factors propelling growth of the market include growing demand for chocolate and chocolate coatings worldwide. Moreover, wide applicability of cocoa products such as cocoa butter, liquor, and powder, is considered as another factor supporting the overall growth of the market. Cocoa is extensively used in various products, including drinking chocolate, dark chocolate, sweet chocolate, baking chocolate, and milk chocolate. Cocoa products contains high flavonoids concentration, which helps in reducing cardiovascular problems.
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However, declining soil fertility, changing climate and weather conditions is adversely affecting the productivity of cocoa beans. According to the World Cocoa Foundation, variation in climate conditions significantly impacts the cultivation of cocoa in a number of ways including pest infestation and reduction in pod weight. Furthermore, the changing climatic conditions will lead to shrinkage of cocoa growing areas in leading cocoa producing countries such as Côte d’Ivoire and Ghana. This stands as one of the major factor restraining growth of the global cocoa market.
Europe held a dominant position, in terms of revenue, in the global cocoa market and is expected to maintain its dominance over the forecast period, witnessing highest CAGR among all. According to the Center for the Promotion of Imports (CBI), Ministry of Foreign Affairs, in 2016, Europe accounted for more than half of global cocoa bean imports, with Germany, the Netherlands and Belgium being the largest importers in the region. Furthermore, the Netherlands is the major direct importer of cocoa beans from emerging economies such as Ivory Coast, Ghana, Cameroon, Nigeria, and Peru. According to CBI, European countries such as Czech Republic, Denmark, Finland, and Slovakia recorded highest annual growth rate in cocoa bean importing from emerging economies between 2010 and 2014. Moreover, the rising demand for specialty chocolate is fuelling demand for fine flavor cocoa in Europe. This in turn, supporting the overall growth of cocoa market in the region.
Among source types, organic cocoa is expected to record the fastest growth, witnessing highest CAGR during the forecast period. Organic cocoa accounted for a small share in the cocoa market in 2016. Increasing demand for organic cocoa due to the increasing concern regarding the food safety coupled with environmental concerns among consumers.
Based on applications, the cocoa market is segmented into bakery items, beverages, confectionary, cosmetics, functional foods, and pharmaceutical. Among applications, confectionary segment held a dominant position in the market in 2016, and is expected to maintain its dominance over the forecast period, witnessing highest CAGR among all. Cocoa is largely been used in confectionary application, as a colorant and flavor ingredient. Moreover, cocoa powder used in confectionary application increases the nutritional values and the shelf life of the end product.
Based on product types, the cocoa market is segmented into cocoa butter, cocoa liquor, and cocoa powder, with cocoa liquor being the major contributor in the growth of global cocoa market in 2016. Cocoa liquor is a pure chocolate and is a mixture of cocoa butter and cocoa powder. It is the key raw material for dark chocolate and milk chocolate. Moreover, it is also used in desserts, drinks, bakery products, ice cream, and ice cream coatings.
Based on process, the market is segmented into dutch and natural process. Dutch process segment held a dominant position in the cocoa market in 2016. It is a type of cocoa that have been washed in the alkaline solution of potassium carbonate, in order to neutralize its acidity. The process also confer a darker color to cocoa powder.
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Major players operating in the global cocoa market include Archer Daniels Midland, Blommer Chocolate Company, Barry Callebaut, Cargill Inc., Cocoa Processing Company, Mars Incorporated, Carlyle Cocoa, The Hershey Company, Puratos Group, Lindt & Sprungli, and United Cocoa Processor Inc.