Global Cocoa Market: Leading Demand for Cocoa to Come From Chocolate Industry, finds TMR

The growth of the cocoa market is likely to be supported by the growing demand for chocolates, states Transparency Market Research (TMR) in a research report. The report is titled, “Cocoa Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”

Cocoa is a type of fatty bean that is attained from Theobroma cocoa. It is at first dried and then fermented and is further processes for cocoa powder, cocoa liqueur and liquor, cocoa butter, and cocoa oil extraction. The sales of cocoa is rising primarily due to the growing demand for chocolate. The plants which are known commonly as the cocoa extracting plants are forastero, trinitario, and criollo. Amongst these three, forastero is the most preferred plant for cocoa extraction as it known for producing cocoa of the best quality. Moreover, cocoa products have comparatively high flavonoid concentration owing to which they are considered beneficial for people who have cardiovascular problems.

The global market for cocoa is likely to witness strong growth during the forecast period mainly due to the rising demand for chocolate coatings and chocolate worldwide. Some of the most demanded cocoa products are baking chocolate, milk chocolate, drinking chocolate, dark chocolate, and sweet chocolate. The broad usage of cocoa is anticipated to the primary driver for the global cocoa market. However, concerns related to high sugar content in maximum cocoa products is expected to inhibit the growth of the global cocoa market to some extent.

Growing consumer affordability is the main reason behind the rising consumption of chocolate based confectionary. Thus, the cocoa market is expected to witness a high elastic response in the lower income countries. The future for the cocoa market is expected to be fruitful with the disposable income of people rising in the advanced economies and the per capita income of consumers increasing in the emerging nations in Asia Pacific, Africa, and Eastern Europe.

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In spite of the negative impact of the economic meltdown in developed markets, the consumption of cocoa in the chocolate confectionaries and food confectionaries market is expected to hustle through the respective forecast period. Moreover, the emerging application of cocoa in the pharmaceutical and cosmetic industry is expected to benefit the global cocoa market in the long run.

Region-wise, the global leaders in the market for cocoa are the U.K., Switzerland, Ghana, and Belgium. Regions such as the Middle East, Asia Pacific, and North America are also witnessing high consumption as well as production of cocoa based products. The crème companies operating in the market are Ferrero S.P.A., Blommer Chocolate Company, Cargill Cocoa & Chocolate, Dutch Cocoa B.V, Belcolade NV, Petra Foods Limited, Kraft Foods Inc., and Wilbur Chocolate Company Inc., among others.