Latest TMR Report Explores Impact of COVID-19 Outbreak on Cacao Beans Market
A recent study published by Transparency Market Research on the cocoa beans market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global cocoa beans market was valued at ~US$ 10 Bn in 2020, which is estimated to expand at a CAGR of ~7%, to reach ~US$ 20 Bn by 2030.
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Rising Chocolate Production and Consumption to Trigger Growth
Chocolates are favorites among consumers across all the regions and ages, which leads to the increased demand for chocolates and chocolate-flavored foods and beverages. Due to rising demand for chocolate and other cocoa-based products, leading manufacturers around the world are planning to increase the production of cocoa to maintain the supply-demand balance. According to leading global organizations such as International Cocoa Organization (ICCO) Food and Agriculture Organization of the United States (FAO), the global cocoa production has been rising steadily over the past few years. The trend of cocoa farming is not popular in the Middle Eastern and African countries anymore, but western regions such as Latin America, Europe, and others are becoming leading cocoa producing areas in the world. The increasing number of cocoa farmers and advanced cocoa cultivation methods are expected to give an impetus to the growth of the global cocoa liquor market during the assessment period.
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Chocolate Confectionery Industry to Drive Global Market
As chocolate is one of the most favorite flavors in desserts, it is also among the most preferred ingredients used for preparing many traditional and holiday dessert recipes. Majorly in the chocolate confectionery industry, a majority of manufacturers use cocoa liquor to prepare cocoa-flavored food products to meet the ever-growing consumer demand for chocolate confectionery products. Cocoa liquor is one of the primary ingredients in various foods such as cakes, ice creams, cookies, brownies, biscuits, candies, and other types of desserts, which is expected to spur the use of cocoa liquor in the chocolate confectionery industry in the upcoming years.
Increase in Use of Cocoa in Cosmetics and Pharmaceutical Industries
Cosmetic companies have begun to harness the power of cocoa to bring a level of diversification in the largely staid cosmetics industry in a move that blurs the lines between the food and cosmetics industries. As consumers become critical of the complex ingredient list and marketing strategies adopted by cosmetic companies, several seek a level of simplicity found in the food they consume. Research has shown that cocoa is not only rich in polythenols, but also has more anti-oxidants as opposed to other foodstuffs. Anti-oxidants delay the advent of ageing, activate fat burn, keep skin fresh, and have a stimulating effect. Several companies use cocoa as a primary ingredient in their beauty products.
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mpact of COVID-19 on Global Cocoa beans Market
As the COVID-19 crisis moved to Italy and the rest of Europe, the demand for cacao changed radically. Due to quarantine in Italy, Spain, France, Great Britain, and other countries, the consumption reduced drastically, and this is expected to impact the European demand for chocolate and cacao from processing plants. Lockdown enforced to contain the spread of the pandemic has negatively affected the supply chain network of several industries. The uncertainty generated by the COVID-19 outbreak has led to the suspension of cacao orders in the field. Cooperatives and exporters did not want to risk making commitments in a situation of falling prices and preferred to put their local orders on hold.
Cocoa Beans Market Segmentation
Cocoa Beans Market by Product Type
- Forastero
- Criollo
- Trinitario
Cocoa Beans Market by End-use Application
- Food & Beverages
- Bakery & Confectionery
- Beverages
- Dairy Products
- Syrup, Toppings, and Fillings
- Other Applications
- Pharmaceuticals
- Cosmetic & Personal Care
- Pet Food
- Household/Retail
- HoReCa/Foodservices
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