cacao beans market thriving: Market value is expected to double from US$ 13,603.2 million to US$ 26,392.2 million between 2023 and 2033, rising at an astonishing 6.9% CAGR. Increasing Call for Better Options Increases Demand for Organic Cocoa Beans, but Production Issues Prevent Supply from Keeping Up with Demand
The market for cacao beans is anticipated to expand at a strong 6.9% CAGR from 2023 to 2033, exceeding the 2.6% CAGR seen between 2018 and 2022. This noteworthy rise suggests that there was a spike in demand for the firm, as the market value of cacao beans went from US$ 13,603.2 million in 2023 to US$ 26,392.2 million in 2033.
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Demand for organic cocoa beans is rising due to consumer desires for healthier options, but supply cannot keep up with demand due to production problems.
Due to the health benefits and growing usage of cocoa beans in food processing, the chocolate market is predicted to expand rapidly in emerging economies. Another factor supporting cocoa bean sales is the growing acceptance of chocolate across a broad spectrum of flavours.
There must be a consistent and long-term need for premium beans in order to satisfy the demands of the various markets for goods based on cacao. In nations that produce cocoa, like Cameroon, vertical corporate integration is commonplace, with Barry Callebaut playing a significant role.
Key Takeaways from the Cacao Beans Market:
- The cacao bean market in India is expected to grow at a CAGR of 23.5% by 2033, driven by rising consumer demand for premium chocolates and a growing desire for cacao-based goods.
- The cacao beans industry in the United Kingdom is expected to increase modestly, with a CAGR of 3.8% by 2033, mainly due to the increasing popularity of artisanal chocolates and a growing emphasis on sustainable and ethically sourced cacao.
- China’s cacao bean market is forecast to increase steadily by 2033, with a CAGR of 4.8%, driven by the increasing adoption of Western confectionery trends, rising disposable incomes, and a growing taste for high-quality chocolate products.
- The expansion of the artisanal chocolate sector, rising consumer awareness of the health benefits of dark chocolate, and the emergence of boutique chocolatiers are expected to drive the cacao beans industry in Australia to develop at a CAGR of 3.2% by 2033.
- The market for cacao beans in Japan is anticipated to expand moderately, with a projected CAGR of 2.6% by 2033, driven by factors such as rising demand for high-end chocolate, an increase in health-related cocoa trends, and the incorporation of cacao into traditional Japanese desserts and confectionery.
Competitive Landscape
Market leaders in the cacao bean space on a global scale include businesses like Barry Callebaut, Cargill, Nestle, and Olam International. These multinational firms may get cacao beans from different origins and deliver their goods worldwide because of their enormous operations and supply chains across numerous locations.
Price, quality, sustainability, and certifications are a few examples of the variables that affect the competitive dynamics in the market for cacao beans. Many businesses have adopted responsible sourcing procedures and obtained certifications like Fairtrade and Rainforest Alliance due to rising customer awareness of fair trade, organic agriculture, and environmental sustainability.
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Global Cacao Beans Market by Category
By Bean Type:
- Forastero
- Trinitario
- Criollo
By Application:
- Food and Beverages
- Bakery and Confectionery
- Beverages
- Dairy Products
- Syrups, Toppings and Fillings
- Other Applications
- Pharmaceuticals
- Cosmetic and Personal Care
By Nature:
- Organic
- Conventional
By Sales Channel:
- B2B
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Independent Grocery Stores
- Specialty Stores
- Online Retail
By Product Type:
- Cacao Powder
- Cacao butter
- Paste/Liquor
By Voluntary Sustainability Standard (VSS):
- UTZ Certified
- Rainforest Alliance
- Fairtrade International
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Recent developments
- Hershey purchased Lily’s Sweets, a producer of low-sugar chocolate, in June 2021 as part of its efforts to increase the number of healthier snacking brands in its product lineup. Cynthia Tice started the business so she could use stevia to sweeten conventional chocolate delights.
- The demand for cocoa beans in Southeast Asia has increased dramatically. The region’s cocoa farmers, however, are unable to meet the product’s rising demand. As a result, more international trade is anticipated to occur in the global cocoa bean market in the upcoming years
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