Mobile Devices Segment Is The Largest Segment Driving The Growth Of Cocoa Market
The global Cocoa Market is estimated to be valued at US$ 13145.13 Mn or Mn 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 pods and is an essential ingredient in chocolate and cocoa powder products. It provides a rich, creamy, and slightly bitter taste. Cocoa is gaining popularity due to its high antioxidant content that helps in lowering blood pressure and reduces the risk of heart disease.
Market key trends:
The trend of increasing consumption of chocolate mainly driven by the young population is a key trend in the cocoa market. Chocolate confectionery products are becoming increasingly popular celebration gifts as well as a snack option. Consumers seek chocolate products that offer functional health benefits in addition to taste. Cocoa contains flavonoids that act as antioxidants and provide various health benefits such as improved cognitive function and reduced inflammation. This has led to an increased demand for cocoa products fortified with extra cocoa powder and extracts.
SWOT Analysis
Strength: Cocoa has various health benefits such as containing antioxidants that can improve heart health. It is also a popular raw material used in various food & beverage products.
Weakness: Cocoa production is vulnerable to weather changes and climate change. Farmers face issues such as cocoa bean swelling shoot virus disease or witch's broom disease that damage cocoa crops.
Opportunity: Rising health consciousness is prompting product innovation using cocoa extracts and powders. There is also scope to promote cocoa in new regions and countries.
Threats: Pricing pressure from consumers and competition from alternative chocolate sources impact profits. Child labor allegations associated with cocoa farming can damage brand reputation.
Key Takeaways
The Global Cocoa Market is expected to witness high growth, exhibiting a CAGR of 3.4% over the forecast period, due to increasing demand for chocolates and chocolate-flavored products. The market size for 2023 is projected to reach US$ 13145.13 Mn.
Regional analysis: North America dominates the global cocoa market currently due to widespread popularity of chocolates. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. Increasing disposable income and Western influence on diets have boosted cocoa consumption in several APAC countries.
Key players: Some of the prominent 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 companies are focusing on strategies such as new product launches, partnerships, and expansions to strengthen their market position.
Read More: https://cmiresearch.blogspot.com/2023/12/growing-demand-for-chocolate.html
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