In terms of value, the global cocoa market is anticipated to expand at a CAGR of 3.4 % during the forecast period and is expected to account for US$ 14,572 Mn by 2026 end. Demand for dark chocolates is high due to health benefits such as reducing hypertension, reducing symptoms of chronic fatigue syndrome, protecting against sunburn, promoting heart health etc. Dark chocolate is also a powerful source of antioxidants, which includes polyphenols, flavanols, catechins and others. These properties of dark chocolate is expected to drive the market growth over the forecast period. The global cocoa market is currently witnessing major opportunity like application of cocoa in cosmetics and pharmaceuticals industries. As a result of increasing awareness of healthy skin and health benefits of cocoa, application in these industries is expected to witness robust increase over the forecast period. Global cocoa market has been segmented by application which includes confectionery, functional food, bakery items, beverages, cosmetics and pharmaceutical. Among all the application segment confectionery segment is projected to account relatively high CAGR of 3.6% during the forecast period.
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On the basis of product type, the global cocoa market has been segmented into cocoa powder, cocoa butter and cocoa liquor. Cocoa liquor segment is expected to represent largest share in terms of value. Revenue contribution of this segment to the global cocoa market is expected to increase at a CAGR of 3.1 % from 2016 to 2026.
The global cocoa acid market is further segmented on the basis of process which includes Natural and Dutch. Among both the segments Dutch type was dominant in terms of value and it registered a significant value share of 73.9% in 2016. Awareness among adult consumers regarding the various health benefits associated with dark chocolate has been witnessing a significant rise in the recent past, and is projected to continue to drive revenues of the global cocoa market in future.
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On the basis of region, the global cocoa market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, the Middle East & Africa and Japan. Among all the regions, the market in Western Europe recorded highest CAGR of 4.1% in terms of value and in terms of revenue share at 34.8 % in 2016, followed by North America. While APAC also gained normal market share owing to high demand from India and China that accounted for 14.1% market share in 2016 and is expected to grow up to 14.3 % market share by 2026.
Key players in the cocoa market includes The Barry Callebaut Group, The Hershey Company, Nestlé S.A., Cargill Incorporated, Puratos Group, Cémoi, Mars, Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd. Carlyle Cocoa, Jindal Cocoa and United Cocoa Processor.