The cocoa powder market size is forecast to reach USD 3.06 Billion from USD 2.54 Billion in 2019, delivering a CAGR of 2.3% through 2027, according to a new report by Reports and Data. Growing awareness regarding the health benefits of cocoa, along with increasing product application in cosmetics and the F&B industry, is poised to drive industry growth through 2027.
Cocoa powder comprises several minerals, including magnesium, calcium, copper, zinc, sodium, phosphorous, potassium, and several other vital vitamins that are beneficial for the human body—the consumption of the product aids in lowering bad cholesterol, blood pressure, and preventing stroke. Cocoa powder is also considered an antidepressant as it contains compounds that boost serotonin and endorphin levels. It also contains a high amount of antioxidants that may combat cancer in some cases. Additionally, the consumption of cocoa powder strengthens the immune system and offers the potential to combat conditions like dementia.
A significant rise in the adoption of sustainable cocoa cultivation due to surging product demand from the food & beverage sector is likely to supplement the cocoa powder market share. Increasing preferences for cocoa enriched foods has compelled manufacturers of food and beverages to increase the uptake of cocoa powder than ever before.
According to the International Cocoa Organization, the prices of cocoa powder in January 2020 had a 20% year-on-year increase. A rise in the disposable income of masses, particularly in emerging economies like India and China, along with growing awareness regarding the health benefits of the product, will foster cocoa powder revenue share through 2027.
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Further key findings from the report suggest
- On the basis of application, the chocolate & confectionery segment contributed major revenue to the cocoa powder market share in 2019 and is estimated to witness a growth rate of 2% through 2027.
- The cosmetics segment is anticipated to exhibit a CAGR of 3.3% during the forecast period on account of increasing consumer spending on beauty and skincare products. Moreover, various benefits of the product, such as renewed skin cells, repairing damaged skin, absorption of UV light, increased blood flow to the skin, and others will further boost segmental growth.
- Based on distribution channel, the online distribution channel is expected register a CAGR of 4.8% through 2027 due to a plethora of factors, including lower marketing costs as compared to offline sales channel, the rapid proliferation of smart devices & internet connectivity, along with a variety of options, price ranges, discounts, and product insights, which is driving consumers to buy products online.
- In the regional landscape, the Asia Pacific market is estimated to hold a major chunk of the industry share, delivering the fastest growth rate of 3.5% through 2027 on account of the growing demand for cocoa powder from the food & beverage industry in the region. Also, rapid urbanization and changing the food habits of the people in the region will also boost market revenue share over the analysis period.
- Europe is forecast to witness a growth rate of 2.2% over the projected timeframe. In 2018, Germany and Spain together accounted for 41 % of the global consumption of cocoa powder.
- Key players contributing to the global cocoa powder market are Cargill Incorporated, Nestle, Jindal Cocoa, Barry Callebaut, Carlyle Cocoa, Mars Incorporated, Ghirardelli, Puratos Group, Cocoa Processing Company, and Swiss Chalet Fine Products, among others.
- On 30th September 2020, The Cocoa Processing Company (CPC) Limited, partially owned by the Ghanaian Government and the producers of famous GoldenTree Cocoa Chocolate has opened a sales outlet at Kasoa, Ghana, to offer easy access to the local community.
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For the purpose of this report, Reports and Data has segmented the Global Cocoa Powder Market on the basis of type, distribution channel, application, and region:
Type Outlook (Revenue, USD Million; 2017-2027)
- Natural Cocoa Powder
- Dutch Process Cocoa Powder
- Others
Distribution Channel Outlook (Revenue, USD Million; 2017-2027)
- Online
- Offline
Application Outlook (Revenue, USD Million; 2017-2027)
- Chocolate & Confectionery
- Bakery
- Beverage
- Functional Food
- Pharmaceutical
- Cosmetics
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Europe
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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