Demand for Cocoa Beans and Impact of COVID-19……..



The global cocoa beans market size is expected to reach USD 16.32 billion by 2025 registering a CAGR of 7.3%, according to a new report by Grand View Research, Inc. Growing popularity of cocoa beans as polyphenolic functional ingredient on account of their health benefits, such as reduced inflammation and risk of Cardiovascular Diseases (CVDs), better blood circulation, and improved cholesterol levels, is projected to remain a favorable factor. Furthermore, increasing usage of organic personal care products due to their long-lasting skin care benefits is expected to boost the demand for cocoa beans in the cosmetics sector, thereby driving the global market.
Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Increasing usage of cocoa butter as functional ingredient in the formulation of chocolates is also expected to be one of the key factors augmenting market growth. In addition, new product launches in premium categories including dark chocolate by major confectionery firms like Mondelēz International, Inc. is projected to expand the application scope of the product, thereby supporting market growth. On the other hand, pharmaceuticals is expected to remain the fastest-growing application segment with a CAGR of 8.1% from 2019 to 2025.
Key industry participants include The Hershey Company; Cargill, Inc.; The Barry Callebaut Group; Puratos Group; Blommer Chocolate Company; Cemoi; Meiji Holdings Company; Jindal Cocoa; and United Cocoa Processor. Alliances with distributors located in developing economies and product innovation are expected to remain critical success factors. In September 2017, Switzerland-based Barry Callebaut launched a new chocolate variant under the brand name, Ruby Chocolate. The new ruby cocoa beans-based chocolate is targeted for millennials and their desire for hedonistic indulgence.
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Further key findings from the study suggest:
·         Europe is expected to be the second fastest-growing regional market with a CAGR of 7.9% from 2019 to 2025
·         Positive outlook towards confectionery industry in countries including Germany, U.K., and France on account of higher consumption of chocolate (more than 5 kg per annum) is expected to have a positive impact on the region’s growth
·         Online channels generated a revenue of USD 1.93 billion in 2018 and is projected to be the fastest-growing distribution channel segment from 2019 to 2025
·         Rising popularity of e-commerce portals, such as Amazon and Chocolate Alchemy, due to increasing number of smartphone users is the key factor driving the cocoa beans market growth
·         Key companies include The Hershey Company; Cargill, Inc.; The Barry Callebaut Group; Puratos Group; Blommer Chocolate Company; Cemoi; Meiji Holdings Company; United Cocoa Processor, Inc.; and Jindal Cocoa
·         Manufacturers are targeting to achieve optimum business growth by implementing innovative strategies including new product development and significant investments in R&D
The global cocoa beans market size was estimated at USD 9.94 billion in 2018 and is projected to expand at a CAGR of 7.3% from 2019 to 2025. Rapidly growing chocolate industry in emerging economies including China and India is expected to boost the demand for cocoa beans as intermediates. Rising importance of coating in processing of vegetables, fruits, and cereals for improved flavor is projected to increase the product demand further.
The product finds application in industries such as, functional food & beverage, confectionery, pharmaceuticals, and cosmetics, on account of its health benefits, which include regulation of fatigue syndrome, excellent anti-oxidant properties, and reducing the impact of hyper-tension. There has been a rising demand for chocolate variants, such as milk chocolate, brownies, and dark chocolate, across the globe.
This is projected to help boost the global market growth over the forecast years. Furthermore, availability of chocolates in different flavors including mint, vanilla, and coffee is expected to have a positive impact on the global cocoa beans market. Cocoa plants are susceptible to pests and vulnerable to harsh climatic conditions, such as extreme dry weather.
Farmers have been facing challenges pertaining to yield and profitability due to weed accumulation, which increases the risk of crop damage. Also, the majority of cocoa farmers have shifted their focus to the cultivation of other high-yield crops. These challenges are projected to negatively affect the supply dynamics, thereby hindering market growth over the coming years.
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Cocoa butter was the largest product segment and accounted for more than 50% of global share. This product is used as a lubricant in pharmaceutical industry. It is also used as anti-oxidant, flavor enhancer, and preservative in food & beverage industry. This product form acts as emulsifier to prolong the shelf life and enhance the mouthfeel of chocolates.
Furthermore, it is used as aroma enhancer and humectant in the formulation of cosmetic goods. Rising popularity of natural cosmetics across the globe due to rising concerns about the adverse effects of synthetic products is projected to augment the demand for butter cocoa beans as functional ingredient.
Powder product segment is expected to witness the fastest growth at a CAGR of 8.0% from 2019 to 2025. Cocoa powder is used as an additive in formulations of chocolate syrups, cakes, chocolate confectioneries, and biscuits. Rising importance of alkalized cocoa powder as a flavor enhancer in chocolate products on account of their ability to lower the acidity and increase solubility is projected to remain favorable factor for the segment.
Grand View Research has segmented the global cocoa beans market on the basis of product, application, distribution channel:
Cocoa Beans Product Outlook (Revenue, USD Billion, 2015 - 2025)
·         Butter
·         Powder
·         Liquor
Cocoa Beans Application Outlook (Revenue, USD Billion, 2015 - 2025)
·         Confectionery
·         Functional Food & Beverage
·         Pharmaceuticals
·         Cosmetics
Cocoa Beans Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
·         Online
·         Offline
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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