Cocoa Nibs Market: Introduction:
Cocoa Nibs are simply chocolate in its purest form. Cocoa Nibs are dried and fermented bits of cocoa beans. The texture of cocoa nibs are similar to that of roasted coffee beans. Cocoa nibs have a deep chocolate flavor which can be described as slightly bitter and nutty. Raw cacao nibs are the less processed version of chocolate with no unhealthy additives, so they preserve all the nutrients of the natural cacao bean. Cacao nibs are an excellent source of antioxidants, fiber, iron and magnesium. Consumption of Cocoa nibs have several health benefits such as stabilizing blood sugar, improving insulin sensitivity, anti-depression agent, reducing risk of cardiovascular disease, cancer, and other chronic conditions.
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Cocoa Nibs Market: Segmentation:
Cocoa Nibs market can be segmented into Nature, End Use, Application and distribution channel.
On the basis of nature, Cocoa Nibs is segmented into organic and conventional. Owing to the rising demand for organic products, the value share for organic format of cocoa nibs is being anticipated to have higher value share as compared to conventional formats.
On the basis of end users, Cocoa Nibs is segmented into Retail, Food Processing Industry and HORECA. There has been rise in demand for cocoa nibs from the household segment which is attributable to the health benefits associated with its consumption. Moreover the manufacturers are coming up with retail formats cocoa nibs in the market due to the rise in demand for the product. As a result, volume share of Cocoa nibs in retail sector is expected to be higher as compared to other sectors.
On the basis of application, Cocoa Nibs can be segmented into Breakfast foods, trail mix, frozen dessert, baked goods, and others. Cocoa nibs are generally being used as sweeteners as well as toppings in frozen desserts such as yogurts, ice creams and smoothies. Due to its large scale application in frozen desserts, the segments is being expected to grow at a faster rate in terms of value sales.
On the basis of distribution channel, Cocoa nibs is segmented into direct and indirect channel. The indirect channel is further sub segmented into Supermarket/Hypermarket, Convenience Store, Specialty Store and E-Retailers. Due to rise in demand for cocoa nibs from the household sectors, the volume sales for cocoa nibs in indirect channel is anticipated to be higher as compared to direct channel. Moreover, taking into account the rise in penetration level of internet in the global market, distribution through E- Retailers is expected to surge over the forecast period.
Cocoa Nibs Market: Regional Outlook:
The global Cocoa Nibs market has been categorized into seven key regions including North America and Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan, and the Middle East & Africa. According to stat, the ice cream and frozen desserts industry is an important sector of the U.S. dairy industry, and the U.S. has consistently ranked as a world leader in ice cream production. Market saturation for ice cream and related frozen desserts was estimated to be greater than 90 percent of all households. About 9 percent of the U.S. milk supply goes toward the production of ice cream. Moreover consumers look out for flavor oriented ice cream as well as yogurts having ingredients such fruits ingredient, cocoa chips or nibs, fruit flakes etc. Hence, due to rise in consumption rate of frozen desserts in U.S, North America is being considered as the major market for cocoa nibs.
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Cocoa Nibs Market: Demand Driver:
Over past five years, there is rise in consumption of cocoa oriented products which is attributed to health benefits associated with the consumption of the product. Cocoa and chocolate products have recently attracted the attention of many investigators and the general consuming public because of their potential nutritional, medicinal and mystical properties. As a result, the rise in consumption rate of cocoa products help drive the demand for cocoa nibs in the global market.
Cocoa Nibs Market: Key Players:
Some of the key players in this market are Navitas Organics, Adam Vacon, Edica Naturals Ltd, Viva Naturals, Sunfood Corporation and others.