Cocoa Industry is Anticipated to Reach a Valuation of US$ 79 Billion by 2032
The value of the global cocoa market is US$ 48.3 billion in 2022, which is projected to reach US$ 79 billion by 2032-end, increasing at a CAGR of 5% between 2022 and 2032.
Cocoa is also used at a significant rate in the nutraceutical, pharmaceutical, healthcare, and cosmetics industries as a coloring and flavoring agent. Furthermore, cocoa is utilized for the manufacturing of toiletries due to its excellent flavor and aroma. Thus, increasing use of cocoa across various industry verticals is likely to serve as a noticeable factor propelling the sales opportunities in the cocoa market.
The industry of cocoa is showcasing noticeable growth because of the robust growth trajectory of the industry of chocolate confectionery. There is a noteworthy increase in the share of global grindings that has bolstered the consumption of ingredients that are based on cocoa. The development of new products in various food industry sectors is also likely to facilitate growth opportunities for cocoa suppliers.
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“Cocoa Powder Highly Demanded Due to Huge Popularity of Chocolates”
Owing to the rising popularity of chocolate goods across bakery and confectionery industries, cocoa powder is becoming more popular across the globe. Besides hot chocolate mix and chocolate milk, cocoa powder is used in a lot of food and beverage products. Various eateries use them including new startup establishments, big restaurants, and even home bakers at an increased rate.
The consumption of cocoa powder is gaining popularity because of the various health benefits that are associated with it. Further, cocoa powder contains some antioxidants and its benefits to the brain and heart have been proven.
The cosmetic industry is adopting cocoa as the natural ingredient as it helps in the improvement of skin hydration and microcirculation. In the past few years, the increasing demand for industry products across different regions throughout the world is likely to fuel growth opportunities in the market.
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- The cocoa market is anticipated to reach a valuation of US$ 79 billion by the end of 2032.
- Worldwide demand for cocoa is expected to increase at a CAGR of 5% through 2032.
- The North American market for cocoa is likely to expand at a CAGR of 6.7% through 2032.
- The global cocoa market is valued at US$ 48.3 billion in 2022.
- The revenue share of this type of cocoa reached US$ 11.9 billion in the year 2021.
To win in the cut-throat competition, emerging as well as existing market players are leveraging different business strategies. Some of the key strategies include acquisition, collaboration, novel product launches, portfolio expansion, agreements, partnerships, and some others that are adopted by these players to gain a competitive edge in the global cocoa market.
Some key manufacturers of cocoa include Barry Callebaut AG, Blommer Chocolate Company, Cargill Inc., Olam International Ltd., Dutch Cocoa BV, and JB Foods.
Some of the prominent initiatives that are taking place in the industry include:
- Barry Callebaut, in March 2022, announced the expansion of its factory in Australia, Melbourne, and Campbell field. This initiative by the company is likely to expand the geographical footprints of the company in the Asia Pacific while creating high-quality and safe products. Further, the facility is likely to serve the entire sector in Australia, from local and global manufacturers to professional and artisanal chocolate users.
- Blommer Chocolate Company is a subsidiary of Fuji Oil Co., Ltd. in January 2022, it announced the opening of an R&D application lab in downtown Chicago. With improved and new ways to support the business, the newly developed space represents the expansion of the company’s R&D capabilities.