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Spiraling disposable incomes and improving lifestyles are one of the key factors driving the market growth.
HYDERABAD, TELANGANA, INDIA, January 25, 2023 /einpresswire.com / -- IndustryARC, in its latest report, predicts that cocoa & chocolate market size is estimated to reach $62.4 billion by 2027, growing at a CAGR of 4.4% during the forecast period 2022-2027. Cocoa seeds can be described as fermented Theobroma cacao seeds commonly used around the world for their extracts. Unlike other crops, the cocoa crop is not period or time-bound and can be grown throughout the year. Hot and humid weather is the most suited for the cocoa crop; therefore, several African countries such as Ivory Coast, Ghana, Cameron, and Nigeria are the biggest producers of Cocoa beans worldwide. Cocoa is generally sold in liquid, paste, and cocoa powder forms in the market. Moreover, cocoa has several remedial benefits, such as preventing infectious intestinal disease and lowering the risk of bronchitis, asthma, and lung congestion. Cocoa beans are an inextricable ingredient in chocolate making. Both cocoa and chocolate are used as flavoring agents in the production of confectioneries and flavored beverages. Moreover, the growing confectionery industry, soaring demand for innovative flavors, growing popularity of chocolate among millennials, bettering retail industry in developing countries, urbanization, and improving disposable incomes are the factors set to drive the growth of the Cocoa & Chocolate Market for the period 2022-2027.
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This IndustryARC report on the Cocoa & Chocolate Market highlights the following areas -
1. Geographically, the North America Cocoa & Chocolate Market accounted for the highest revenue share in 2021. The growth is owing to. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
2. Changing tastes & preferences of people, expanding cuisine culture, ameliorating retail infrastructure in developing nations, health benefits associated with moderate consumption of chocolate, soaring disposable income levels, proliferating population, the rising popularity of confectioneries among millennials, and quick urbanization are the factors said to be preeminent driver driving the growth of Cocoa & Chocolate Market. Augmenting unemployment, soaring inflation, and environmental catastrophes are said to reduce market growth.
3. Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Cocoa & Chocolate Market report.
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Cocoa & Chocolate Market Segment Analysis-By Nature : The Cocoa & Chocolate Market based on nature can be further segmented into organic and conventional. The conventional segment held the largest share in 2021.
Cocoa & Chocolate Market Segment Analysis-By Distribution Channel : The Cocoa & Chocolate Market based on distribution channels can be further segmented into offline and e-commerce. The offline segment held the largest share in 2021.
Cocoa & Chocolate Market Segment Analysis-By Geography : The Cocoa & Chocolate Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World.
The top 5 players in the Cocoa & Chocolate Industry are -
1. Cargill Inc.
2. Touton S.A.
3. Cocoa Processing co Ltd.
4. Olam International
5. Barry Callebaut AG
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