The Global Cocoa Market Analysis| Coherent Market Insights

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2. COCOA MARKET ANALYSIS Cocoa Market, By Nature (Organic, COnventional), By Process (Natural, Dutch), By Product Type (Cocoa Powder, Cocoa Butter, Cocoa Liquor), By Application (Confectionery, Functional Food, Bakery Items, Beverages, Cosmetics, Pharmaceuticals), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. The global cocoa market is projected to reach around US$ 15,065.0 million by the end of 2027, in terms of revenue, growing at CAGR of 3.4% during the forecast period (2020-2027). Drivers The growing demand for dark and premium chocolates around the globe is predominantly fueling the market growth of cocoa. For instance, in July 2019, Nestle has launched 70% dark chocolate made entirely from the cocoa fruit. The product is produced from cocoa beans and pulp as the only ingredients, delivers natural sweetness and subtle acidity without added refined sugar. The dark and premium chocolates gaining significant demand on the account of various health benefits associated with it.

4. Figure 1. Global Cocoa Market Share (%) in terms of Value, By Region, in 2019

5. Market Restraints Lack of knowledge about advanced farming techniques among farmers of developing region along with the challenges associated with the selling of cocoa is projected to hamper the market growth. According to the Coherent Market Insights analysis, around 30%–40% of the crop in major producing regions are lost due to improper pest and crop disease control procedures.

7. Market Opportunities • Growing demand for cocoa beans from the pharmaceutical industry is projected to serve major growth opportunities for the market. Cocoa beans are used as a lubricant in various pharmaceutical formulations. Moreover, it has excellent physicochemical and antimicrobial properties make it suitable for producing various drugs. Hence, the growing demand for cocoa from the pharmaceutical industry is projected to propel market growth. • Increasing use of cocoa in the formulation of healthy beverages is projected to offer immense growth opportunities in the near future. For instance, in March 2020, Nestlé Australia has introduced a plant-based version of its cocoa malt beverage, Milo. The new Milo replaces milk powder with soy and oats and the core ingredients are the same as the original Milo – malt, barley, and cocoa. Thus, growing demand for the cocoa-based beverage is projected to propel the market growth of cocoa.

8. Market Trends • Online shopping is a growing trend and the majority of products are sold through an online distribution channel. The expansion of the online retail channel is expected to add immense growth to the market of cocoa. Moreover, increasing purchasing power of consumers coupled with changing eating habits and rising adoption of a healthy lifestyle is further projected to propel the market growth of the cocoa over the forecast period. • Trading and distribution partnership among key players for improving supply chain is contributing to the market growth of cocoa. For instance, in December 2019, Caldic and Cargill have concluded an agreement making Caldic Ingredients Deutschland GmbH the exclusive distribution partner for cocoa and chocolate for the German and Austrian food industry.

9. On the basis of application in 2019, the confectionery segment has accounted the largest market share of 32.8% in terms of value, followed by beverages and bakery items segment respectively.

10. Impact of Covid-19 • Coronavirus has caused a downward reaction in cocoa prices along with other commodities. The continued spread of virus could impact production and logistics of cocoa. Chocolate manufacturers can experience supply problems over coming months which will cause cocoa price to move higher. According to Cocoa Association of Nigeria 5,000 to 6,000 tons of cocoa has been stuck at ports and warehouses across the country because of lockdown restrictions which is disrupting transport and port activities. According to Coherent Market Insights, cocoa market is expected to grow at a slightly lower CAGR between 2020 and 2021.

11. Competitive Section • Company Names  • 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 • United Cocoa Processor

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