Future Market Insights analysts predict the cocoa derivatives market is on a trajectory of substantial growth, with projections indicating a surge from US$ 29.31 billion in 2023 to over US$ 49.59 billion by 2033, at a notable CAGR of 5.4%. Cocoa derivatives encompass various products derived from cocoa processing, including cocoa beans, cocoa butter, and cocoa powder, among others. The market is witnessing a significant rise in demand for organic and fair-trade cocoa derivatives, driven by consumer preferences for healthier and sustainably sourced products.
The demand for cocoa derivatives is being fueled by several factors. Firstly, there is a growing awareness of the health benefits associated with cocoa consumption, particularly its antioxidant properties and potential to alleviate various health conditions such as heart disease and diabetes. Additionally, consumer preferences for clean-label and natural food products are driving the adoption of cocoa derivatives in the food and beverage industry. Moreover, the rising popularity of gourmet chocolates, coupled with increasing consumer demand for premium and high-quality cocoa products, is further propelling market growth.
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Several factors are contributing to the growth of the cocoa derivatives market. The increasing demand for organic and sustainable cocoa products, driven by consumer preferences for ethically sourced ingredients, is a significant growth factor. Moreover, the nutritional content of cocoa derivatives, along with their potential health benefits, is driving market expansion. Additionally, the growing trend towards healthier food options and the development of cocoa derivatives with lower sugar content or higher nutritional value present lucrative opportunities for market players.
Increasingly, confectionery manufacturers are turning to natural alternatives as consumers demand clean-label foods. In response to this demand, Barry Callebaut has developed Bensdorp Clean, a cocoa powder formulated with baking soda instead of alkalizing agents that can be marked as clean. This is driving the cocoa derivatives market.
“A rapidly growing market for organic or sustainable cocoa products, as well as the nutritional content of the product, is expected to drive cocoa derivative market growth. The rising demand for product derivatives is further propelling the industry forward.” – says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The cocoa derivatives market is expected to record a CAGR of 5.4% over the forecast period.
- It is estimated that the cocoa derivatives market in Europe may remain strong during the forecast period.
- Among the segments, cocoa beans accounted for the leading market share of 7.4% in 2023.
- Confectionery segment, which holds 43% of the market share, is expected to generate lucrative revenues in the assessment period and the future.
- The United States cocoa derivatives market is expected to thrive at a CAGR of 4.5% over the forecast period.
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Competitive Landscape:
In light of the presence of several local and regional competitors, the cocoa industry is fragmented and highly competitive on a global basis. A variety of marketing strategies are used by cocoa derivatives manufacturers, including alliances, acquisitions, mergers, and collaborations. Certification and sustainability are becoming increasingly important for stakeholders in the cocoa derivatives industry.
Recent Developments:
- In May 2022, Blommer Chocolate Company and DouxMatok expanded their partnership by launching new chocolate and confectionery coatings.
- In March 2020, Nestlé committed to ending cocoa-related deforestation and fostering thriving cocoa-growing communities.
- In 2022, Lil’Goodness, a Bangalore-based startup for kid’s food, launched a zero-added prebiotic cocoa powder.
- In September 2020, Olam Group Ltd introduced Olam Cocoa. Professionals who bring its premium deZaan cocoa powders to restaurants, caterers, and pastry shops. Designed to meet the demand for cocoa ingredients among professional chefs and bakers, the strategy provides more cocoa ingredients to them.
Some key players supplying cocoa derivatives are
- Olam Group Ltd
- Indcre SA
- Cargill Inc
- Natra SA
- JB Foods Ltd
- Ecuakao Group Ltd
- United Cocoa Processor Inc
- Barry Callebaut AG
- Moner Cocoa SA
- BASF SE
- Bühler Group
- Mondelez International, Inc.
- Nestle S.A.
- Cocoa Processing Company Limited
- Cemoi Group
- The Hershey Company
- Touton S.A.
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Market Segmentation by Category
By Type:
- Cocoa Butter
- Cocoa Beans
- Cocoa Powder
- Others
By Category:
- Organic
- Conventional
By Application:
- Food and Beverages
- Bakery and Confectionery
- Dairy and Frozen Desserts
- Beverages
- Others
- Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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