(MENAFN- Introspective Market Research) The innovative methods and premium flavoring for different chocolate confectionaries from the industry players are blooming among all the age-groups directly impacting the Cocoa & Chocolate market.
According to the current analysis of Introspective Market Research, the global Cocoa & Chocolate market was valued at USD 50.44 Billion in 2019 and is expected to reach USD 75.80 Billion by the year 2026, at a CAGR of 6.05%.
Being the most used ingredients for any sugar confectionary, bakery or any other sweets, the growth for the cocoa & chocolate market has been on the rise since past few years. The high demand for the premium chocolate specialty and the confectionary has been on the rise since past few decades. The different forms of chocolate & Cocoa sweets and cookies have always been an eye-catching flavor for the audience for every age group. Hence, the favorable growth of the cocoa and chocolate market.
According to the analyst, the market share for Cocoa & Chocolate is on rise because of the large demand from the online stores and the restaurants wanting to have different specialties to attract the customer-base to have profitable revenue generation for the hotel industry. The increasing disposable income and the changing lifestyle in the countries has raised the demand for the Cocoa & Chocolate market. The production and sales for the cocoa and chocolate market has witnessed a sudden decrease in the market due to the pandemic. In the early 2020, the panic buying for all the food and hoarding of processed food and confectionary during the lockdown affected the market rapidly and contributed to its market share. The lockdown witnessed by every country due to the novel corona virus has escalated the market with a rapid speed in the year 2021 and is expected to increase more in the forecast period.
The Cocoa & Chocolate market is segmented by Application (Confectionary, Food & Beverages, Cosmetics and Pharmaceuticals), by Cocoa Type (Cocoa Butter, Powder and Liquid), by Chocolate Type (Dark, White, Milk and Filled). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest - Cargill Cocoa and Chocolate added a new cocoa powder, Gerkens C T 70, in February 2019, to its cocoa powder brand increasing the market size due to the hyped sale of it.
- Barry Callebaut, one of the biggest industry giants, in May 2019, introduced ruby artisanal pink chocolate made from pure ruby cocoa beans, also known as the fourth type of chocolate in the United States and Canada which grew the market at a rapid speed in the United States.
- Asia-Pacific is the largest region dominating the market with the highest market share followed by Europe and North-America.
Key Participants like Barry Callebaut AG, Cargill Inc., Nestle S.A., Olam International, Fuji Oil Company Ltd., ECOM Agro-industrial Corp. Ltd., Cocoa Processing Co. Ltd., Touton S.A., Niche Cocoa Industry Ltd., BD Associates Ghana Ltd. and many others.
For this report, Introspective Market Research have segmented the Cocoa & Chocolate markets market on the basis of Region: Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2026)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Rest of LATAM
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