The global cocoa products market garnered $24.5 billion in 2019 and is projected to reach $30.2 billion in 2026, growing at a CAGR of 3.1% from 2019 to 2026.
— Allied Market Research
PORTLAND, OREGON, UNITED STATES, April 21, 2023 /EINPresswire.com/ — The increase in demand from confectionery, and food & beverages industries has fueled the growth of the cocoa products industry. Cocoa is majorly used to make various chocolates such as dark, milk, and white. These types of chocolates have gained traction over the years owing to increase in their consumption rate. Moreover, widespread availability of cocoa products coupled with the increase in consumer preferences toward confectionery items have fueled the growth of the market.
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Multiple health benefits associated with cocoa such as reduced hypertension, protection against sunburn, and decreased chronic fatigue along with protection of tissues against oxidative stress and related pathologies including cancer and inflammation drive the growth of the global cocoa product market. On the other hand, variations in prices and limited availability of cocoa impede the growth of the market. Nevertheless, development of better commercial farming techniques utilized for manufacturing cocoa would create new opportunities in the industry.
Leading market players analyzed in the research are Guan Chong Berhad (GCB), Puratos Group, The Hershey Company, Touton S.A, Tradin Organic, Cargill, Ciranda, FUJI OIL CO., LTD., and United Cocoa Processor.
Covid-19 Scenario-
During the initial phase of the lockdown, the disrupted supply chain affected the market immensely.
Lack of workforce and stringent regulations imposed by government bodies have further created challenges for the market players.
Nevertheless, the governments in various regions are easing off the regulations, owing to economic benefits, thereby allowing the manufacturers to resume their procedures.
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The report has been segmented based on product type, application, and region. Based on product type, the report further segments the market into cocoa beans, cocoa butter, cocoa powder & cake, cocoa paste & liquor and chocolate. The cocoa beans segment held the largest share in 2018, accounting for nearly three-fifths of the total share, and is estimated to maintain its lead position throughout the forecast period. In addition, this segment is also anticipated to manifest the fastest CAGR of 3.3% from 2019 to 2026.
Based on application, the confectionery segment held the highest revenue in 2018, accounting for more than two-fifths of the total market share, and is projected to maintain its dominance by 2026. However, the cosmetics segment would register the highest growth rate, with a CAGR of 4.7% from 2019 to 2026.The report also includes food & beverages and pharmaceutical segments.
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Based on region, the market is analyzed across regions including Asia-Pacific, LAMEA, Europe, and North America. Europe accounted for the highest market share in 2018, contributing more than one-third of the total share, and will maintain its leadership status by 2026. On the other hand, Asia-Pacific is estimated to register the fastest CAGR of 3.9% from 2019 to 2026.
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David Correa
Allied Analytics LLP
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Originally published at https://www.einpresswire.com/article/629224653/cocoa-products-market-size-will-increase-considerably-by-2026-confectionery-segment-will-capture-highest-market-share
