Impact of COVID-19 on Cocoa Market: Implications on Business
Global Cocoa Market: Overview
Cocoa is a fatty bean obtained from Theobroma cocoa, It is dried and fermented after which processed further to extract cocoa powder, cocoa oil, cocoa butter, cocoa liquor and liqueur, and other solids. The demand for cocoa is mainly increasing due to its use in chocolate. The three common plants from which cocoa is derived are criollo, trinitario, and forastero. Of these, forastero has emerged as the most sought-after type of cocoa plants as it is known to produce the best quality of cocoa. Also cocoa products are known to have high flavonoid concentration, due to which they are known to be beneficial to people with cardiovascular problems.
The report presents a detailed assessment of the growth drivers and restraints impacting the global cocoa market. It compiles exhaustive information sourced via proven research methodologies and aimed at providing a better perspective of the global cocoa market. For the purpose of the study, the report segments the market based on various parameters and studies the factors impacting its trajectory across all these segments. Using Porter’s five forces it also offers information on the bargaining power of suppliers and buyers, threat from new entrants and product substitutes, and the degree of competition prevailing in the global cocoa market.
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Global Cocoa Market: Drivers and Restraints
The cocoa market is expected to report strong growth over the course of the forecast period. The market is largely driven by the increasing demand for chocolate and chocolate coatings around the world. Some of the most popular products where cocoa is found are sweet chocolate, dark chocolate, drinking chocolate, milk chocolate, and baking chocolate. The extensive use of cocoa is expected to be the chief growth driver of the global cocoa market. However, health concerns related to the high sugar-content in most cocoa-based products are expected to hamper the market’s growth to an extent.
The increasing consumption chocolate confectionary is strongly linked to the affordability of consumers. Hence, the cocoa market could witness a more elastic response in countries with lower income. As the disposable income of the consumers increase in the world’s advanced economies and the per capita income of consumers in emerging nations continue to rise, particularly in Eastern Europe, Africa, and Asia Pacific, the experts believe the fundamentals of demand for the cocoa market are very encouraging.
Despite negative impact of economic downturn witnessed, especially in developed markets, the demand for cocoa in the food and chocolate confectionaries market will continue to surpass through the forecast period. Also the newfound application in cosmetic and pharmaceutical industry will keep the pace of gains for the market high in the near future.
Global Cocoa Market: Regional Outlook
Regionally, the global cocoa market can be segmented into North America, Asia Pacific, Europe, and Rest of the World. Countries such as Belgium, Ghana, Switzerland, and the U.K. have emerged as the global leaders in the cocoa market. Also, from a global perspective, markets in North America, Asia Pacific, and the Middle East have been exhibiting superior consumption and production of cocoa products. The recent trends of using cocoa as a raw material across diverse industries is also expected to give impetus to the cocoa market across the aforementioned regions.
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Global Cocoa Market: Vendor Landscape
The market study also profiles companies such as Wilbur Chocolate Company Inc., Kraft Foods Inc., Petra Foods Limited, Belcolade NV, Dutch Cocoa B.V, Cargill Cocoa & Chocolate, Blommer Chocolate Company, Ferrero S.P.A., Guan Chong Cocoa Manufacturer Sdn. Bhd., Organic Commodity Products Inc., and others. Besides including a detailed assessment of their product portfolio, the report also analyzes the strategies they adopted to strengthen their market position. Using SWOT analysis, the report presents insights into the strengths and weaknesses of the companies profiled. The analysis also offers information on the potential threats and opportunities that these companies could face over the course of the forecast period.
The report segments the global cocoa market as:
- North America
- Asia Pacific
- Europe
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
