The global cocoa beans market is expected to witness robust growth in the coming years owing to growth of chocolate confectionary industry. Majority of the overall production of cocoa beans is used in chocolate production as a raw material. In addition, increasing disposable income of middle-class population and growing popularity of cocoa powder and cocoa beverages are expected to support market growth in coming years. Factors, such as evolving taste, changing consumer demand, and rising health consciousness among consumers are also expected to increase the product demand. Widespread consumption of chocolate for celebrations as well as health benefits is likely to drive the market in future.
Extensive use of these beans in a wide range of applications, changing lifestyles and cultures, and rapid development in technology are expected to create several growth opportunities in the market. Key products associated with the market include cocoa butter, liquor, and powder. Cocoa butter holds a prominent share in the market owing to its high demand in industries, such as chocolate, food and beverages, cosmetics, and pharmaceuticals. Cocoa is a key ingredient in products associated with dairy, bakery, and beverages. The powder form is utilized in toppings, syrups, confectionary, and other food stuffs as a flavoring or coloring agent. Moreover, increasing government efforts to provide modern farming techniques for farmers is expected to create positive outlook for the market. Growing demand for organic products is also expected to propel market growth in future.
However, fluctuating prices of cocoa beans and low productivity due to increasing concerns regarding pests and diseases along with high dependency on seasons can challenge the market in near future.
Different types of cocoa beans include trinitario, forastero, and criollo. Creole holds a prominent share in the market owing to its widespread applications. It is also believed to be the most expensive type. Other types of beans are expected to witness high demand from various end-user industries in the coming years.
Europe is a leading region in the market in terms of consumption owing to fair trade and high demand for organic products. Demand for dark chocolate is increasing in the region due to its lower sugar content and health benefits, which could further boost market growth. Use of the product as an ingredient in chocolate and food and beverages industry is expected to increase in near future. Countries, such as Germany and U.K are contributing significantly to regional market growth owing to high demand for chocolates.
North America is expected to emerge one of the promising regions in the market owing to high demand for chocolates. The U.S. is a key contributor to regional market growth and is considered to be the leading consumer in the world. Asia Pacific is anticipated to witness significant growth in near future owing to increasing consumption of chocolates in developing countries, such as India and China. For instance, Hershey India Pvt Ltd, a part of The Hershey Company, introduced its Hershey’s Kisses brand of chocolates in India. They are available in three types, such as Milk Chocolate, Cookies ‘n’ Creme, and Almonds.
Latin America is likely to emerge highly lucrative owing to rising consumption of chocolates in Brazil, which could be attributed to improved economic conditions. Western Africa is likely to witness momentous growth in coming years. Côte d'Ivoire is the leading producer in the region, followed by Nigeria, Ghana, Togo, and Cameroon.
Some of the key players operating in the cocoa beans market are Tomric Systems, Inc.; The Mexican Arabica Bean Company; Jedwards International; PASCHA Company, InterNatural Foods LLC; and Meridian Cacao Company. Leading players are mainly focusing on practice of sustainable sourcing approaches in order to boost their brand image. For instance, Barry Callebaut launched its first pilot in Indonesia to drive systemic change in cocoa farming. This is the first of a series of five piolet programs, which are arranged in cocoa producing countries, to test theories of change and accelerate impact in sustainable production. The company aims to increase the income of farmers, eliminate child labor, and turn carbon positive.
