Cocoa Beans Market: Introduction
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.
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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Impact 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.
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