Cocoa & chocolate are most popular products used to provide taste, texture, and flavor to food and also anti-oxidant, nutritional, anti-ageing property, protection from disease-causing free radicals, prevention from cancer and provides other functional benefits. Cocoa butter, cocoa powder, and cocoa liquor are some of the major ingredients used to manufacture chocolates and widely used in applications such as confectionery, pharmaceuticals, food & beverage, and personal care.
Cocoa is segregated into natural cocoa and dutch cocoa. Natural cocoa is powder made from roasted cocoa beans which is bitter. On the other hand, Dutch process cocoa powder is used to modify color and to give milder taste as compared to natural cocoa. Demand for cocoa has been increasing substantially since the last few years. Also, wide acceptance of chocolate-flavored drinks, milk, bakery products, ice-creams, and liquor chocolates will sustain the demand throughout the coming period.
Consumption of cocoa & chocolates is mainly driven by perceived health benefits such as antioxidant effects, anti-aging, stress relieve, and blood pressure regulation. Reasons for continuous increasing demand for cocoa & chocolates are rapid urbanization and widespread availability of chocolate and derived products owing to increasing demand for chocolates for bakery and confectionery-based applications. In addition, increasing demand for natural and organic products in developed as well as developing countries has opened new opportunities for the target products. The high production cost of cocoa & chocolate and availability of chocolate substitute is an important factor which could impact price of cocoa & chocolate negatively.
A trend observed in the target market is cocoa & chocolate manufacturers are trying to reduce production cost. Another trend is chocolates with customized structure, colour, ingredients, and texture attributes gaining momentum across the globe. In addition, with the introduction of fair trade and organic, vegan dark seasonal chocolates, and dairy-free is estimated to exhibit promising growth of cocoa & chocolates.
$127,190.3 Mn
4.2%
- By Type
- By Region
- By Application
$ XXXX Mn
Despite negative impact of economic downturn witnessed especially in developed markets, the demand for cocoa & chocolates in the bakery & confectionery items is likely continue to surpass through the forecast period. Consumer awareness pertaining to health benefits of cocoa has led to some of the important innovations and increasing demand for high-quality fine flavor cocoa are showing enormous potential growth in North America and Europe. In developed countries, increasing demand for chocolates in festive season, which is supporting growth of cocoa & chocolate. India is currently one of the fastest-growing cocoa & chocolate market, with demand significantly rising over the past years. Rapid urbanization, increasing spending power, and changing consumer tastes and preferences have triggered increasing appetite for cocoa & chocolates.
Some of the key players profiled in the global cocoa & chocolate market are Fonterra, Westland, Nutrinnovate Australia, Tatura, Glanbia, Idaho Milk, Erie Foods, Darigold Ingredients, Grassland, Paras Kerry, and Enka St. Key trend observed in the target market is that key players are focusing on product development activities in order to sustain in the target market and to expand their customer base.
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