With use across a number of burgeoning end-use industries including bakery, confectionery, beverages, and pharmaceuticals – the ceaseless demand for cocoa is expected to continue to boost the cocoa market.
Firstly, the voluminous consumption of chocolate of various types world over stokes magnanimous demand for cocoa. Sweet chocolate, drinking chocolate, baking chocolate, dark chocolate, and milk chocolate are some popular products for which cocoa is used.
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For use in chocolate, cocoa bean obtained from the plant Theobroma cocoa is dried and fermented, and later processed further to obtain cocoa powder. Cocoa butter, cocoa oil, cocoa liqueur, and other solids are also extracted from cocoa bean using this process. Besides unique flavor, cocoa beans are used for high flavonoid content, which is known to be benefit individuals with cardiovascular diseases.
Expansion of product Range focus of Keen Players for Sustainability
The large volume production of cocoa of different grades warrants regulations to maintain standards in the cocoa market. To that end, key players in the cocoa market are vying for sustainability and certification of their cocoa products. Keen players are also focusing on product development to expand their product range. Such moves open new opportunities for growth in the cocoa market.
Some key players to name in the cocoa market are The Barry Callebaut Group, Nestle S.A., Puratos Group, Mars, Incorporated, Meiji Holdings Company Ltd., Jindal Cocoa, The Hershey Company, Cargill Incorporated, Cemoi, Blommer Chocolate Company, Carlyle Cocoa, and United Cocoa Processor.
The growth of cocoa market is strongly linked to affordability for chocolate confectionery. As disposable incomes continue to grow in several parts of the world, consumer spending on gourmet foods including chocolate confectionery is set to be steep. Consumption of dark chocolate is also known to lift up mood and abate anxiety, because of which it is widely consumed among young adults. This bolsters the cocoa market.
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