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The commercially available cocoa ingredients are majorly in the form of cocoa liquor, cocoa butter, and cocoa powder, all of these are derived from dried and fermented cocoa seeds. The seeds are procured from the plant called Theobroma cacao. The cocoa ingredients are majorly utilized by the global confectionery industry that develops a wide variety of chocolates. Consumer chocolate is the final product in a processing and manufacturing system which begins with the cocoa beans. The robust demand scenario for chocolate-based confections is driving the sales growth of cocoa ingredients in the global marketplace.
Affluent consumers have also exhibited greater willingness to pay a higher price for premiumized products developed from high-quality cocoa ingredients. Sustainable cocoa production is expected to create wider opportunities in the global market in the foreseeable future.
The global market for cocoa ingredients is driven by the robust sales performance of chocolate-based confections. Additionally, the demand scenario from various application sectors also looks promising thereby fuelling the overall growth rate of the cocoa ingredients market. Healthy-indulgence as a market phenomenon is getting increasingly popular among millennials and younger consumers.
The price fluctuations arising from production-level uncertainties and unfavorable weather are acting as a restraint to the growth of the cocoa ingredients market.
Key Market Driver -
Increasing Demands from End-Use Application Industries
Key Market Restraint -
Fluctuations in Raw Material Prices
The key companies operating in the cocoa ingredients market are, Cargill, Inc., Archer Daniels Midland Company, The Hershey Company, Barry Callebaut, Olam International Ltd., Mars Inc., ICAM S.p.A, United Cocoa Processor, Inc., Blommer Chocolate Company, and Cocoa Processing Company Ltd.
Premium products made from high-quality cocoa liquor and cocoa butter are expected to register strong sales globally thereby driving the market for these cocoa-based ingredients. Snacking has become a buzzword in the food processing industry, cocoa ingredients manufacturers are utilizing this opportunity to develop solutions that are well-suited for healthy-snacking applications.
Among the end-uses, the confectionery sector is a clear leader with the majority of cocoa ingredients being channelized for the production of cocoa and chocolate-based compounds. Interestingly, the pharmaceutical applications of cocoa ingredients are also exhibiting promising potential wherein these ingredients are increasingly incorporated in the medicinal formulations targeting heart health, gastrointestinal disorders, and in general medicine as an excipient material.
The improved economic indicators in the developing markets of Asia and South America have led to a significant increase in discretionary spending habits of consumers, more and more middle-class consumers are being nudged to spend their money on indulgent confections of which cocoa ingredients form a major part.
The consumers have also realized the potential health benefits of certain types of chocolates with high cocoa content. This trend has sustained growth momentum for the cocoa-based ingredients especially in the matured markets of North America and Western Europe. Value-addition such as organic, fair-trade, and other such clean label claims for cocoa ingredients are expected to fetch higher sales during the next five years.
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