The specialty cocoa segment is expected to grow at a significant pace, especially in Europe. Specialty cocoa is a special type of high quality cocoa that is of single origin and is produced by applying good pre and post-harvesting techniques. It has a differentiated genotype than the common cocoa or the bulk cocoa. Europe is expected to be the largest market for specialty cocoa, due to the growing demand and consumption of high quality chocolate and chocolate products.
According to the report published by Allied Market Research, the global cocoa market generated $12.8 billion in 2019, and is projected to reach $15.5 billion by 2027, witnessing a CAGR of 4.3% from 2021 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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According to the opinions of numerous CXOs of top corporations, the players in the cocoa industry are placing a strong emphasis on storytelling as a strategy for marketing. The backstories of the things that customers and consumers purchase and consume hold their attention intensely. The product’s backstory may have a significant impact on the customer’s choice to purchase. When developing their branding strategy, the producers and processors of chocolate and cocoa goods give storytelling their full focus. Customers are curious in the origins of products, which presents a chance for cocoa producers and traders to highlight the origin of the cocoa, particularly in the case of specialty cocoa. Mostly, the storytelling strategy is used by the chocolate manufacturing companies showing cocoa beans and cacao tress in their advertising. Nestle Kit-Kat and Cadbury Bournville are the examples of chocolate brands that use storytelling strategies.
Additionally, the CXOs added that the market for specialty cocoa and exquisite flavor cocoa is being driven by Europe’s appetite for premium chocolates. Although they are less common, these two cocoas are incredibly well-liked for their flavor and quality. As a result, it is anticipated that in the years to come, demand for speciality and fine flavor cocoa would increase significantly. The development of the global cocoa market is also being aided by the expanding use of cocoa in sectors including confectionery, food and beverage, cosmetics, and medicines.
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Key Take Away of the Study
- Cocoa liquor segment is expected to grow at highest CAGR of 4.4% during the forecast period
- Dutch process segment is expected to grow at highest CAGR of 4.3% during the forecast period.
- Organic segment is expected to grow at highest CAGR of 5.0% during the forecast period.
- Specialty segment is expected to grow at highest CAGR of 4.6% during the forecast period.
- Animal Feed segment is expected to grow at highest CAGR of 6.1% during the forecast period.
- Asia-Pacific dominates the market and is expected to grow at highest CAGR of 4.6% during the forecast period.
The report offers detailed segmentation of the global cocoa market based on product type, process, nature, quality, application, and region.
According to the cocoa market forecast, on the basis of product type, the cocoa liquor segment was the highest contributor to the market, with $4,837.1 million in 2019, and is expected to sustain its significance during the forecast period. The cocoa liquor, also known as chocolate liquor is the essential item required to produce raw chocolate. Cocoa butter and cocoa powder are also produced from cocoa liquor.
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Therefore, rise in demand for chocolates, and growth in use of cocoa liquor in confectionery, food & beverages, bakery, cosmetics, and pharmaceutical sector will boost the demand for the cocoa liquor.
Based on nature, the conventional segment held the highest market share in 2020, holding 91% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the organic segment is estimated to register the highest CAGR of 5.0% from 2021 to 2027.
Based on application, the confectionary segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the animal feed segment is projected to register the highest CAGR of 6.1% from 2021 to 2027.
Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2027. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 4.6% during the forecast period.
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Leading players of the global cocoa market analyzed in the research include Cargill, Inc., Olam International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.
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