Cocoa beans are well-known valuable cash crop of the South American region. Cocoa beans are used for centuries in a wide range of applications,and have gained high demand in the market. These beans exhibit several health benefits and other beneficial properties. Thus, high demand has been reported for cocoa beans, as they are used on a large scale in the food & beverage, confectionery, and cosmeticindustries.
Cocoa beans are available in different varieties in the market, including Criollo cocoa beans, Forastero cocoa beans, and Trinitario cocoa beans. Among these, Criollo cocoa beans experience high demand in the global market due to their high quality. In addition, Criollo cocoa beans are more expensive than the other two varieties of cocoa beans. Furthermore, many other cocoa products can be extracted from cocoa beans, including cocoa butter, cocoa liquor, and cocoa powder. The major consumer of cocoa beans is the ever-growing chocolate industry. Thus, expansion of the chocolate industry is anticipated to propel the growth of the global cocoa beans market at a rapid pace during the forecast period.
- The cocoa beans market is expected to sustain the impact of the COVID-19 pandemic to some extent.
- Chocolate is the major product manufactured from cocoa beans.Although it does not come under essential products,it is being increasingly purchased by consumers.
- However, lockdown has negatively impacted the purchasing of seasonal and high-end products.Thus, cocoa products saleduring Easter showed unsatisfactory results.
- The supply chain disruption in cocoa-producing countries will lead to a major cocoa shortage, and acts as a concern for organic cocoa manufacturers.
- In addition, confectionery travel retail sales is halted due to the travel bans and global quarantine.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
High demand for cocoa beans from the chocolate industry booststhe market for cocoa beans, globally. Along with this, surge in demand for chocolate-based products is driving the growth of the global cocoa beans market. Presently, consumers have become more health-conscious and are inclining towardproducts providing health benefits, which, in turn,augments the sale of the cocoa beans. This is attributed to the fact that cocoa beans help in improving blood flow, lowering blood pressure, and reducing risks of cardiac attack. In addition, the presence of minerals, vitamins, potassium, iron, and copper helps in supporting cardiovascular health and transporting oxygen throughout the body. Thus, all these factors significantly contribute toward the growth of the global cocoa beans market.
However, weakening proper supply network and the fluctuating prices of the cocoa beans hamperthe market growth. Along with this, lack of farm management skills and less penetration of modern farming techniques in a few regions restrictthe market growth for cocoa beans. Moreover, various pests and crop diseases massively affect the production of cocoa beans, which declinesthe production of cocoa beans, thus acting as a major challenge for the growth of the overall market.
On the contrary, improvement in farming techniques, aggressive advertisement, brand recognition, and increase in investment in R&D to find out new uses of the cocoa beans are anticipated to offer remunerative opportunities for the growth of this market, globally.
The global cocoa beans market trends are as follows:
Use of cocoa beans in cosmetic industry
The chocolate industry is witnessing a new trend in skin therapy. Medical professionals and experts duly recommend the benefits of the chocolate-based treatment on the skin. This trend garnered high revenue from the cocoa beans market.
Introduction of modern farming techniques
The vast production of cocoa beans is done in emerging economies and by small farmers, which lacks infrastructure and modern farming technology, thereby impacting the cocoa beans production. To regard this concern, the government is taking various initiatives that educate the farmers about modern farming techniques and farming management skills. For instance, the Indonesian Government, in the year 2009, launched a program, which boosted their cocoa beans production to 600,000 tons annually. Moreover, in 2015, they invested $100 million in distributing new cocoa seeds among the Indonesian farmers.
Key benefits of the report
- This study presents the analytical depiction of the global cocoa beans industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cocoa beans market share.
- The current market is quantitatively analyzed to highlight the global cocoa beans market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global cocoa beans market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global cocoa beans market research report:
- Which are the leading players active in the global cocoa beansmarket?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
Cocoa Beans Market Report Highlights
By Cocoa Bean Type
By Product Type
By Distribution Channel
Key Market Players
Cocoa Supply Company, Cargill, Inc., The Mexican Arabica Bean Company, United Cocoa Processor, Blommer Chocolate Company, Costa Esmeraldas Cacao Co., The Barry Callebaut Group, Olam Group, Meridian Cacao Company, Cemoi, Puratos Group, Meiji Holdings Company, InterNatural Foods LLC, Jindal Cocoa