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Global Cocoa Powder Market Size is estimated to reach $2.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 2.2% over the forecast period of 2022-2027. Cocoa powder is a highly concentrated powder derived from a paste generated from the cocoa beans of the cacao tree, and it is used in beverages and as a flavoring ingredient. It’s fermented and dried. Cocoa is used to give items their flavour, texture, and color. When natural cocoa (an acid) is combined with baking soda (an alkali) in a recipe, it acts as a leavening agent that causes the batter to rise in the oven supporting the Global Cocoa Powder Industry. Cocoa beans, especially Criollo, forastero, have been recognized as a considerable source of flavonoids, primarily flavanols in the form of epicatechin and catechin, in particular. In addition, it contains anti-oxidant, anti-inflammatory, and anti-depressant qualities. Cocoa aids in the management of severe tiredness syndrome symptoms protects against sunburn, lowers blood pressure, and promotes heart health. Cocoa powder is largely used in the production of chocolate confections, coloring agents, and cocoa paste for desserts. Cocoa butter is frequently utilized in the pharmaceutical and cosmetic industries to make skincare products. The global demand for milk chocolate and chocolate coatings is propelling the market forward. As a result of increased consumer health consciousness, Cocoa manufacturers have been driven to research and develop new Cocoa – Criollo, forastero products, which has assisted the Cocoa powder industry development.
Increased demand for chocolate and related products such as sweet chocolate and dark chocolate, as well as brand awareness advertising by manufacturers, are the fundamental reasons driving the Cocoa Powder Industry during the forecast period 2022-2027.
Cocoa Powder Market Segment Analysis- By Product Type
Cocoa Powder Market based on product type can be further segmented into Natural Cocoa Powder and Dutch-Process Cocoa Powder. The Dutch-Process Cocoa Powder segment held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 2.7% over the forecast period of 2022-2027. Cocoa beans are rinsed in an alkaline potassium carbonate solution before being processed into Dutch-process cocoa powder. This wash balances out their acidity. As a result, dutch-process cocoa powder is a neutral product. Baking soda does not react with it as it is neutral. It’s frequently used in conjunction with baking powder. Alkalizing cocoa gives it a deeper colour, a mellower flavour, and makes it easier to dissolve in liquids. Oreo cookies, for instance, are prepared using dutched cocoa. On the Dutch-Process Cocoa Powder market, there is a growing demand for high-quality dark chocolate, for which customers are willing to pay a higher price. For example, Albert Heijn’s private label brand Delicata currently offers a wide choice of pure chocolate bars from specific origins, reflecting the growing importance of this idea in the mainstream market and driving the segment growth.
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Cocoa Powder Market Segment Analysis- By Distribution Channel
Cocoa Powder Market based on distribution channel can be further segmented into Supermarkets, Hypermarkets, E-commerce websites, and Others. E-Commerce held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 3.1% over the forecast period of 2022-2027 owing to pandemic restrictions, increasing use of the internet as well as the growth of online portals and websites including amazon, flipkart, bigbasket and so on. It is estimated that there were 2.14 billion worldwide digital buyers in 2020, and by 2040, 95 percent of all purchases are made through eCommerce. Governments all around the world implemented social distancing regulations owing to which online shopping witnessed a surge. The growing number of online shoppers increased the demand for advanced customer analytics to boost revenues. For instance, Walmart introduced an analytical solution for customer data to increase its e-commerce operation which resulted in a 97 percent increase in the company’s annual growth in Quarter 2 of 2021. Customers get to choose from a variety of premium as well as local brands from the comfort of their homes. Furthermore, various offers, discounts, and cashback running on e-commerce sites are estimated to fuel the market growth.
Cocoa Powder Market Segment Analysis- By Geography
The Cocoa Powder Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Europe held a dominant market share of 32% in the year 2021. This is attributed to reasons like the presence of key market players and their product developments. The Netherlands is the world’s top importer of cocoa beans, with one of the world’s major cocoa grinding factories. In 2020, the Netherlands purchased about 91 percent of its cocoa beans from West Africa, mostly in bulk. In recent years, the growing popularity of high-quality chocolate has resulted in a dramatic growth in the number of bean-to-bar producers in the Netherlands. In the Netherlands, the number of small chocolate makers (those with fewer than ten staff) has more than doubled in the last ten years, reaching 445 in 2019. Aside from an increasing selection of high-quality chocolate goods for consumers, the region now has a more perse selection of high-quality couverture chocolates. For instance, Cargill’s premium couverture chocolate Veliche Gourmet was launched in Europe in 2019 for pastry chefs and artisan chocolate manufacturers.
However, Asia-Pacific is estimated to be the fastest-growing, with a CAGR of 6.2% over the forecast period of 2022-2027. Customers’ changing preferences and propensity toward ready-to-eat and bite-sized items has given the frozen bakery and confectionery market a boost. This transition is mostly due to rising disposable incomes among consumers, increased urbanisation, and the adoption of western-style eating habits. According to the Agricultural & Processed Food Products Export Development Authority (APEDA), by production, India is the third-largest manufacturer of biscuits after the United States and China. As per the article published by FnB news, the biscuits and cookies segment in India accounts for nearly 72% of the sales in the Indian bakery market owing to its affordability as well as popularity among millennials. Countries like China and India are likely to be key revenue generators in the next years, opening the way for market expansion in emerging nations.
Cocoa Powder Market Drivers
The Growing Awareness & Demand for Sugar-Free Products to Aid in Market Growth
The rising demand for sugar-free items, such as obese and diabetic sweets, as well as industrialization and greater purchasing power per capita, is likely to propel the global market for Cocoa Powder to rise. Consumer awareness of the nutritional benefits of cocoa flavouring components due to the presence of flavonoids is a major driver of the industry. Furthermore, epicatechin, a chemical present in chocolate and green tea, protects the brain from the creation of a sticky protein or amyloid plaques, which are common in Alzheimer’s disease. Chocolate consumption may also contribute to the decrease of low-density lipoprotein (LDL) cholesterol, according to the Journal of Nutrition. Furthermore, the rising popularity of pancakes, doughnuts, and chocolate cookies has resulted in significant revenue for the Cocoa Powder Industry.
Growing consumption of bakery products is propelling market growth
The demand for cocoa powder is increasing owing to the rise in the consumption of bakery products owing to its wide application in the bakery segment. The demand for bakery products is increasing owing to rising disposable incomes, increasing consumption of ready-to-eat food owing to busy lifestyles as well as extra wage-earning women. Furthermore, increased demand for frozen baked goods owing to their ease of use and extended shelf life is propelling the bakery product market. Companies are continuously releasing new products, such as low-calorie bakery items, trans-fat-free products, and others, to satisfy this growing demand and to cater to the needs of health-conscious inpiduals, which is fuelling the market growth.
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Cocoa Powder Market Challenges
Health Awareness is Posing Challenges to the Market Growth
As per the reports of Harvard School of Public Health, consuming sugary cocoa products and drinks on a regular basis raises the risk of heart diseases, diabetes, and obesity. Furthermore, eating excess sweet food contributes to compulsive overeating. Chocolates, which are typically high in calories, contribute to excessive weight gain or obesity. As per the estimations of the World Obesity federation, 2.7 billion adults are estimated to be overweight, over 1 billion are affected by obesity, and 177 million adults are poised to be severely affected by obesity by 2025. People are getting more health-conscious, and they are becoming more selective about the type and quantity of food they consume. These are the key factors estimated to impede the market growth over the forecast period.
Cocoa Powder Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Cocoa Powder top 10 companies include:
Swiss Chalet Fine Foods
In June 2020, Cargill Inc. opened its first chocolate manufacturing facility in India. The company expanded its regional reach and capabilities in Asia by constructing a chocolate production facility in India to better fulfil the needs of local Indian clients as well as multinational customers in the region.
In February 2019, Olam invested USD$90 million for an 85 percent stake in YTS Holdings Pte Limited, which is 100 percent owner of PT of Indonesia’s largest cocoa processor, BT Cocoa, to take advantage of Asia’s trajectory to become the world’s largest consumer of cocoa powder. The purchase addresses growing customer demand for complete supply chain integration in the cocoa industry.
In January 2019, Inforum, a renowned Russian B2B maker of chocolate, fillings, and compound coatings, was bought by Barry Callebaut. Barry Callebaut is one of the world’s top manufacturers of high-quality cocoa goods.
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Geographically, Europe held a dominant market share in the year 2021 owing to the rise in the demand for Cocoa Powder in the food & beverage industry.
The usage of cocoa powder as a coloring ingredient is predicted to grow in response to consumer demand for better texture, colour, and flavour. Manufacturers’ increasing awareness of the health benefits of cocoa powder helps the market’s growth during the forecast period of 2022-2027.
However, cocoa powder products may include cadmium, which is harmful and is projected to limit the global cocoa powder market’s growth throughout the forecast period.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Cocoa Powder Market Report.
A. Cocoa Products Market
B. Cocoa & Chocolate Market
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