The Cocoa Derivatives Market has witnessed robust growth due to rising demand for cocoa-based products globally. Key factors driving this surge include increasing consumer awareness about health benefits, the thriving confectionery industry, and a growing trend of premium chocolate consumption. Additionally, innovations in cocoa derivatives processing and expansion of production regions contribute to its promising future.
According to experts at Future Market Insights, the market for cocoa derivatives might increase from US$ 29.31 billion in 2023 to over US$ 49.59 billion by 2033. The market is anticipated to grow at a CAGR of 5.4% over the course of the projected period.
The global market for organically cultivated cocoa is influenced by consumer demand for pesticide-free food items. Consumers are more likely to choose safer items as they strive for healthier lifestyles.
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There has been an increase in the consumption of natural foods that can ease the symptoms of heart disease, blood pressure, diabetes, and cancer due to an increase in cases of heart disease, blood pressure, diabetes, and cancer. Cocoa is packed with antioxidants and has been shown to lower HDL, dilate blood vessels, lower blood pressure, and increase insulin sensitivity. It is also recommended to consume dark chocolate since it contains minimal or no sugar.
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.
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.
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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.
Key Segments
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, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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