According to a new report published by Allied Market Research, titled, “Cocoa Market by Product Type, Process, Nature, Quality, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the global cocoa market size is expected to reach $15.5 billion by 2027 at a CAGR of 4.3% from 2021 to 2027.
The cocoa or cocoa bean is the seed of the Theobroma cacao (cacao tree), a tropical plant originally belonging to the equatorial regions of Americas. Cocoa is the dried and fermented seed of cacao tree from which cocoa liquor is produced. From this cocoa liquor, cocoa butter and cocoa powder is produced. Cocoa liquor is the main raw material for manufacturing chocolates. The cocoa products such as cocoa liquor, cocoa butter, and cocoa powder are widely used for making confections, used as flavoring in beverages, used as toppings in different foods, and used as fillings in bakery.
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Regional Outlook:
Region wise, Europe is the leading market for cocoa. Europe is the highest cocoa and chocolate consuming region. In 2019, the Netherlands accounted for the highest imports of cocoa in terms of volume and value. Switzerland is the top chocolate consuming country in Europe. The various nations such as Germany, France, and the UK, are among the top chocolate and cocoa consuming nations.
The players operating in the global cocoa market have adopted various developmental strategies to expand their market share, explore the cocoa market opportunity, and increase profitability in the market. The key players profiled in this report 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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On the basis of process, the Dutch process dominates the global cocoa market. In this process, the natural acid of cocoa is neutralized and the pH level is increased to as high as 8. The Dutch process reduces the bitter taste from cocoa liquor. The Dutch processed cocoa and the natural processed cocoa have different tastes and hence, they are interchangeably used in the confectionery and bakery industries to add the desired taste to the food products.
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