(MENAFN- GetNews) As per Triton's research report, the global cocoa market gathered $11.70 billion in 2020, and is estimated to grow at a CAGR of 4.11% by 2028.
A recent study by Triton Market Research titled 'Global Cocoa Market' includes the Global Analysis and Forecasts by Product (Cocoa Butter, Cocoa Liquor, Cocoa Powder), Quality (Fine Flavor, Specialty, Bulk), End-user (Food & Beverages, Confectionery, Bakery, Other End-users), Process (Natural Process, Dutch-Process), Type (Conventional, Organic), and by Geography (North America, Middle East and Africa, Europe, Asia-Pacific, Latin America).
Cocoa beans refer to a tropical crop widely used to produce chocolates, cocoa powder, and cocoa liquor.
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Triton's report denotes that the global cocoa market is likely to grow at a CAGR of 4.11% over the projected phase 2021-2028. It is also estimated to gain revenue worth $16.70 billion by 2028.
Globally, ruby chocolate is considered the fourth type of chocolate apart from dark, milk, and white chocolates. It has a pink color, offering an intense sensorial delight. Moreover, they grow under unique climate conditions found in Brazil, Ecuador, and Ivory Coast. This has led to the rise in demand for ruby cocoa beans. Thus, the increase in the use of ruby cocoa beans and the adoption of the bean-to-bear chocolate-making process are estimated to open new avenues for the cocoa market. However, low productivity, coupled with fluctuations in the price of cocoa beans, is impeding the cocoa market's growth.
The cocoa market is broadly segmented into product, quality, end-user, process, and type. The product section is divided into cocoa butter, cocoa liquor, and cocoa powder. Based on quality, it is divided into fine flavor, specialty, and bulk. The end-user section is subdivided into food & beverages, confectionery, bakery, and other end-users. In terms of process, it is categorized into natural process and Dutch-process. Lastly, the type section is branched into conventional and organic.
Europe holds the largest market for cocoa globally. This is because the regions have a robust chocolate processing and manufacturing industry, requiring high volumes of cocoa beans. Moreover, the industry processes bulk of cocoa, which has ultimately increased the demand for cocoa. Furthermore, its cocoa market is diverse as producers source cocoa beans from different origins to cater to the consumer opting for various cocoa-based products. Such factors are driving the demand for cocoa, thereby adding to the growth of the cocoa market across the region.
Archer Daniels Midland, Touton SA, Puratos Group, Olam International Limited, Cargill Incorporated, The Hershey Company, Barry Callebaut AG, Nestle SA, Natra SA, Guan Chong Berhad, Meiji Holdings Co Ltd, Mondelez International, Blommer Chocolate Company, Ferrero Group, and Lindt and Sprüngli AG are distinguished companies in the cocoa market.
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Question & Answer: Cocoa Market
Question 1: What significant factors are estimated to open new avenues for the cocoa market?
Answer: Globally, ruby chocolate is considered the fourth type of chocolate apart from dark, milk, and white chocolates. It has a pink color, offering an intense sensorial delight. Moreover, they grow under unique climate conditions found in Brazil, Ecuador, and Ivory Coast. This has led to the rise in demand for ruby cocoa beans. Thus, the increase in the use of ruby cocoa beans and the adoption of the bean-to-bear chocolate-making process are estimated to open new avenues for the cocoa market.
Question 2: What factors are impeding the cocoa market's growth?
Answer: Factors such as low productivity, coupled with fluctuations in the price of cocoa beans, is impeding the cocoa market's growth.
Question 3: Which region holds the largest market for cocoa globally?
Answer: Europe holds the largest market for cocoa globally. This is because the regions have a robust chocolate processing and manufacturing industry, requiring high volumes of cocoa beans. Moreover, the industry processes bulk of cocoa, which has ultimately increased the demand for cocoa. Furthermore, its cocoa market is diverse as producers source cocoa beans from different origins to cater to the consumer opting for various cocoa-based products. Such factors are driving the demand for cocoa, thereby adding to the growth of the cocoa market across the region.
Question 4: Which are the distinguished companies in the cocoa market?
Answer: Archer Daniels Midland, Touton SA, Puratos Group, Olam International Limited, Cargill Incorporated, The Hershey Company, Barry Callebaut AG, Nestle SA, Natra SA, Guan Chong Berhad, Meiji Holdings Co Ltd, Mondelez International, Blommer Chocolate Company, Ferrero Group, and Lindt and Sprüngli AG are distinguished companies in the cocoa market.
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Global Functional Carbohydrates Market
The global functional carbohydrates market is expected to extend at a CAGR of 6.57% based on revenue through the period of 2019-2028. It is expected to garner revenue worth $7053.32 million.
Functional carbohydrates help reduce blood lipid levels, strengthening immunity rather than supplying energy to the body.
The rising demand for functional carbohydrates in cosmetic products, increasing use of functional carbohydrates in industrial applications, and growing functional carbohydrates awareness are driving the studied market's growth. Functional carbohydrates have applications across various sectors, including textile, cosmetics, and animal feed industries.
Additionally, functional carbohydrates in pharmaceutical products and innovative formulas in products are anticipated to offer lucrative opportunities for the functional carbohydrates market.
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