LONDON — According to the latest market study released by Technavio, the global cocoa market is expected to grow at a CAGR of more than 3% during the forecast period.
This research report titled ‘Global Cocoa Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
The market demand for cocoa is driven by the steady demand for chocolates and the overall rise in individual consumption worldwide. The key cocoa producing countries in the world are the Republic of Côte d'Ivoire, Ghana, Indonesia, Nigeria, Brazil, and Cameroon.
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Additional Technavio Insights: Major trends in the global cocoa market
The report categorizes the global cocoa market into three major product segments:
- Cocoa liquor
- Cocoa powder
- Cocoa butter
Global cocoa liquor market
In terms of volume, the global consumption of cocoa is expected to reach approximately 1.6 million tons by 2020, growing at a CAGR of close to 3%. This segment accounts for over 35% of the market share.
The global cocoa liquor market is driven by the extensive use of these products in confectionery and bakery goods, ice creams, and desserts. The market is also experiencing changes in consumption preferences with growing demand for authentic single-origin cocoa liquor. The distinctive aromas and tastes of cocoa produced in countries like Ghana, Venezuela, and Ecuador allow vendors to achieve product differentiation and gain the interest of potential buyers.
Global cocoa powder market
In terms of volume, the global consumption of cocoa powder will reach 1.5 million tons by 2020, growing at a CAGR of close to 3%. The cocoa powder segment accounts for approximately 33% of the market share.
The main impetus for the growth of the cocoa powder market is its use as an ingredient and flavor enhancer in a wide assortment of bakery products like bread, cakes, muffins, baking mixes, cookies, pancakes, and waffles. The use of cocoa powder in beverages and dry mixes will grow considerably over the forecast period given the rising demand for a wide assortment of products ranging from rich-flavored full-fat cocoa powder to fat-reduced dark cocoa powder.
According to Arushi Thakur, an industry expert for food research at Technavio, “The rising average household income and emerging middle class population, will lead to an increase in the demand for bakery products, which in turn, will lead to a rise in demand for cocoa powder.”
It is anticipated that by 2020 the global middle class will be around 3.2 billion people. The demand for cocoa powder in terms of volume is highest in the US, Spain, France, Germany, the Netherlands, Italy, Russia, Malaysia, China, and Australia.
Global cocoa butter market
In terms of volume, the global consumption of cocoa butter is expected to reach 1.5 million tons by 2020, growing at a CAGR of close to 4%. The cocoa butter segment accounts for approximately 32% of the market share.
Cocoa butter that is certified by independent sustainability organizations like Fairtrade, UTZ Certified, and Rainforest Alliance is growing in demand and, in turn, opening new gateways for farmers and their communities. The demand for unique flavors of chocolate that utilize a range of cocoa butters with varying levels of deodorization has been growing over the years. Full-flavor cocoa butter gives additional flavor and intensifies the overall taste experience of the final product, while the more deodorized cocoa butters provide subtle flavors. “The demand for cocoa butter in terms of volume is highest in Germany, the US, the Netherlands, Belgium, France, the UK, Switzerland, Russia, Poland, and Canada,” says Arushi.
The top vendors highlighted by Technavio’s food and beverage research analysts in this report are:
- Archer Daniels Midland (ADM)
- Barry Callebaut
- Blommer Chocolate Company
- Cocoa Processing Company
- Olam
- Cargill
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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Source: Technavio
