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| Global Cocoa Market |
The global Cocoa Market is estimated to be valued at US$ 13145.13 Mn or US$ 13.15 Bn in 2023 and is expected to exhibit
a CAGR of 3.4% over the forecast
period 2023 to 2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Cocoa is extracted from cocoa beans, which are seeds obtained from cocoa trees.
Cocoa is high in antioxidants and contains polyphenols that provide numerous
health benefits. Cocoa is majorly used in chocolate confectionaries such as
bars, candy, cookies, snack bars, and drinks. It is known to boost heart
health, improve cognitive function, reduce blood pressure, and prevent obesity.
Cocoa is versatile and affordable for consumers, food and beverages industry.
Market key trends:
Growing demand for high-quality single-origin and organic cocoa-based products
is driving the cocoa market growth. Rising preference for naturally sourced and
minimally processed ingredients is prompting manufacturers to develop
customized specialty cocoa products. Developing economies in Asia Pacific
region offer significant opportunities for cocoa producers due to rising
health-conscious population and growing chocolate confectionaries market in the
region. Cocoa producers are investing in sustainable cocoa farming practices to
address issues of deforestation and child labor in cocoa supply chains. Technological
developments in cocoa processing are helping manufacturers produce customized
cocoa ingredients and meet diverse end-user needs.
Porter's Analysis
Threat of new entrants: Low barrier to entry as cocoa farming requires
relatively low investment. However, established players have strong global
supply chain and distribution network.
Bargaining power of buyers: Large buyers such as food corporations have
significant bargaining power due to their huge demand. They can negotiate on
price and demand high quality.
Bargaining power of suppliers: Cocoa farmers have low bargaining power due to
fragmented supply base and dependence on global traders and grinders. Suppliers
are price takers in the market.
Threat of new substitutes: Alternatives like synthetic cocoa and cocoa extracts
have potential to substitute real cocoa. However, no direct substitute for
cocoa exists in the market.
Competitive rivalry: Intense competition among global grinders and brand
owners. Major players differentiate through quality, innovation, effective
supply chain and brand marketing.
Key Takeaways
The Global
Cocoa Market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period,
due to increasing demand for chocolate confectioneries and cocoa powder in
developing economies. The market size is estimated to reach US$ 13145.13 Mn by 2023.
The Asia Pacific region is projected to be the fastest growing market for cocoa
during the forecast period. Rapid urbanization, rising disposable incomes and
growing health consciousness among consumers in China and India provide
opportunities.
Key players operating in the cocoa market are The Barry Callebaut Group, The
Hershey Company, Nestle S.A., Cargill Incorporated, Puratos Group, CÃmoi, Mars,
Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd., Carlyle
Cocoa, Jindal Cocoa, and United Cocoa Processor. These players differentiate
through superior quality products and expansion in emerging markets.
Read More:
https://www.trendingwebwire.com/cocoa-market-size/