According to the report published by Allied Market Research, the global cocoa market generated $12.8 billion in 2019, and is projected to reach $15.5 billion by 2027, witnessing a CAGR of 4.3% from 2021 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Growing demand for chocolates and VSS-compliant production drive the growth of the global cocoa market. However, availability of substitutes of cocoa and dynamic price fluctuations of cocoa beans restrain the market to some extent. On the other hand, growing demand for specialty cocoa and storytelling is the trending marketing strategy present new opportunities in the upcoming years.
Based on the insights of various CXOs of leading companies, the cocoa market players are emphasizing on storytelling as a tool for marketing. The customers and the consumers are highly captivated by the stories behind the products they buy and consume. The story behind the product may greatly influence the buying decision of the customer. The manufacturers and the processors of the chocolate and cocoa products are paying utmost attention to storytelling in their branding strategies. The consumers are interested to know the stories behind a product and this gives an opportunity to the cocoa manufacturers and traders to highlight the story behind the origin of the cocoa, especially in case of the specialty cocoa. Mostly, the storytelling strategy is used by the chocolate manufacturing companies showing cocoa beans and cacao tress in their advertising. Nestle Kit-Kat and Cadbury Bournville are the examples of chocolate brands that use storytelling strategies.
Moreover, the CXOs further added that the demand for high quality chocolates in Europe is driving the demand for specialty cocoa and fine flavor cocoa. These two cocoas are available in less quantity and are very much popular for their taste and quality. Hence, the demand for the specialty cocoa and fine flavor cocoa is expected to grow at a significant pace in the forthcoming years. Furthermore, the growing application of cocoa in industries such as pharmaceuticals, food & beverages, cosmetics, and confectionery, is boosting the growth of the global cocoa market.
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- The outbreak of the COVID-19 pandemic has had a moderate impact on the global cocoa market.
- The pandemic imposed lockdown, due to which, cocoa manufacturing hubs were temporarily closed and the whole supply chain was disrupted, especially during the initial phase of the pandemic.
- However, the mainstream cocoa consumption remained stable.
The report offers detailed segmentation of the global cocoa market based on product type, process, nature, quality, application, and region.
Based on nature, the conventional segment held the highest market share in 2020, holding 91% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the organic segment is estimated to register the highest CAGR of 5.0% from 2021 to 2027.
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Based on application, the confectionary segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the animal feed segment is projected to register the highest CAGR of 6.1% from 2021 to 2027.
Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2027. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 4.6% during the forecast period.
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Leading players of the global cocoa market analyzed in the research include Cargill, Inc., Olam International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.
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