The global cocoa and chocolate market size is expected to witness exponential growth owing to increasing demand for specialty and premium chocolates in the developed economies. Fortune Business Insights, in its latest report, titled “Cocoa and Chocolate Market Size, Share and Industry Analysis By Product Type (Cocoa Butter, Cocoa Liquor, Cocoa Powder, Dark Chocolate, White Chocolate, Milk Chocolate, Filled Chocolate), By Application (Food and Beverage, Cosmetics, Pharmaceuticals & Others), and Regional Forecast 2018-2025.”, observes that the market is likely to reach USD 67.22 billion by 2025 while exhibiting a CAGR of 5.7% between 2018 and 2025.
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Chocolates and cocoa are the two by-products of the cocoa tree, Theobroma cacao. Cocoa beans are extracted and then roasted, fermented, grounded, and turned into finite paste, which is later on used to manufacture chocolates or cocoa. Natural cocoa is darker in color and tastes bitter owing to the process where the cocoa butter is removed from it during processing. On the other hand, chocolates undergo the same processing as that of cocoa. However, cocoa butter is not removed. Owing to the cocoa butter, the chocolates retain their rich and smooth consistency, while the high sugar and fat content render it with a sweet taste.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. The report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. In addition to this, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as introduction of new products, partnerships, merger and acquisition, and collaboration adopted by the companies to maintain market stronghold between 2018 and 2025.
Growing Consumer Demand for Premium & Specialty Products to Promote Growth
Increasing focus of the manufacturers to produce high-quality cocoa beans through sustainable methods is propelling the demand for high-end cocoa and chocolate products. The companies operating in the global cocoa and chocolates market are manufacturing premium products such as single-origin chocolates owing to high demand from the consumers. For instance, Albert Heijin’s private brand, Delicata, is known to offer single origin premium chocolate products sourced from countries such as Peru, Tanzania, Uganda, and Costa Rica. In addition to this, increasing demand for single-estate chocolates that are produced from a particular farm is expected to boost the market growth during the forecast period.
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Presence of Large Cocoa Processing Base in North America to Augur Growth
Among all the regions, the market in North America is expected to remain dominant and hold high global cocoa and chocolate market share during the forecast period. This is ascribable to factors such as the presence of large cocoa processing manufacturing plants such as ADM Cocoa in countries such as the USA in the region. On the other hand, Europe is likely to witness significant growth owing to increasing demand for premium and specialty chocolate products in the forthcoming years.
The market in Asia-Pacific is anticipated to witness steady growth during the forecast period. This is attributable to factors such as increasing consumption of chocolates in countries such as India and China. Additionally, high disposable income among the working population in the region is likely to contribute to market growth between 2018 and 2025.
Cargill Invests 3.5 Million Euros in its Kalmthout Site
In June 2020, Cargill, Inc. announced its plan to invest 3.5 million Euros to increase the production capacity of the gourmet chocolate at its Kalmthout site located in Belgium. According to the company, the investment is expected to provide flexibility in the production of chocolates, while locally adding 12 new jobs for the local community. The company aims to tap the increasing demand for gourmet chocolates and consolidate and gain major cocoa and chocolate market share.
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