Future Market Insights analysts predict the cocoa derivatives market may grow from US$ 29.31 billion in 2023 to more than US$ 49.59 billion by 2033. During the forecast period, the market is expected to register a CAGR of 5.4%.
There is a growing interest in pesticide-free food products, which influences the demand for organically grown cocoa on the global market. As consumers pursue healthier lifestyles, they are inclined to consume safer products.
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.
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.
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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