The scope of our recent study on the ""Cocoa Derivatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Category, and Application"" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The cocoa derivatives market is expected to grow from US$ 27,807.13 million in 2022 to US$ 37,799.86 million by 2028; it is estimated to register a CAGR of 5.3% from 2022 to 2028.
Cocoa derivatives are cocoa products derived from the processing of cocoa. The types of cocoa derivatives include cocoa beans, cocoa butter, and cocoa powder. These derivatives are also available in organic and conventional categories. The demand for organic and Fairtrade-certified cocoa beans is growing in the global market. Consumers are inclined toward consuming safer products that help them maintain overall health. The rising interest in pesticide-free food products positively affects the demand for organically grown cocoa. According to the World of Organic Agriculture 2022 report by the Research Institute of Organic Agriculture (FiBL) and the International Federation of Organic Agriculture Movements (IFOAM), the cultivation area of organic cocoa across the world reached 3.1% in 2020. Further, Lindt & Sprüngli have indicated that their organic cocoa products sales in Europe are growing at a much faster pace than overall cocoa products sales. Thus, manufacturers are adding organic products to their portfolios to cater to the increasing demand. For instance, Barry Callebaut offers domestically produced, organic-certified, non-alkalized cocoa powder.
Based on category, the cocoa derivatives market is segmented into organic and conventional. The conventional segment held a larger market share in 2021, and the organic segment is expected to register a higher CAGR during the forecast period. Conventional cocoa farming involves the use of synthetic fertilizers, pesticides, insecticides, herbicides, and fungicides. Genetically modified organisms or genetically modified crop varieties used by these cocoa growers deliver consistent crop yields. Conventional farming involves planting these crops in full, direct sunlight, which leads to rapid crop growth and allows the growth of a larger number of plants in the given area.
The cocoa derivatives market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Europe held the largest market share in 2021, and Asia pacific is expected to register the highest CAGR during the forecast period. The market growth in the region is attributed to the increasing popularity of gourmet chocolates among Europeans. Hence, different high-end chocolate brands have extensively been looking for ways to differentiate their products, along with focusing on sourcing single-estate products. Thus, the demand for high-quality cocoa and single-origin cocoa flavors is on the rise in the region. For instance, Valrhona Inc., the world's finest chocolate producer based in France, has been harvesting cocoa beans from Maria Trinidad Sanchez, a single-origin cocoa estate from Further, consumer inclination toward healthy living triggers the demand for superior-quality cocoa derivatives, such as cocoa butter, cocoa powder, and cocoa beans.
Impact of COVID-19 Pandemic on Cocoa Derivatives Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverage industry. The shutdown of manufacturing units led to disturbances in global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of various countries in Europe, Asia Pacific, and North America on international travel compelled companies to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of various markets.
Changes in socioeconomic situations negatively impacted the consumption pattern of premium products in 2020. The restrictions imposed by governments of several countries in the world during the global crisis caused financial losses for farmers growing cocoa in small yet relevant cocoa-producing countries as the production surpassed the demand in the initial months of the pandemic. This led to a significant decline in the prices of cocoa. According to the International Cocoa Organization (ICCO), in New York, cocoa contract prices averaged ~US$ 2,528 per ton in January 2021, registering a 6% decrease compared to prices in the previous year (US$ 2,675 per ton). Moreover, the shutdown of facilities in the personal care, and food & beverages industries affected the performance of the cocoa derivatives market.
The report segments the cocoa derivatives market as follows:
Based on type, the cocoa derivatives market is segmented into cocoa butter, cocoa beans, cocoa powder, and others. In terms of category, the market is segmented into organic and conventional. The cocoa derivatives market, by application, is segmented into food and beverages, personal care, and others. Based on geography, the cocoa derivatives market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id:sales@premiummarketinsights.com