Cocoa Market

Cocoa Market Segmented By Size, Share,
Trends and Forecast to 2025
Cocoa beans are dried, fully fermented, and processed to extract cocoa butter,
cocoa liquor, and cocoa powder. Forastero, trinitario, and criollo are the three
main varieties of cocoa plant, of which Forastero beans are most widely
consumed and comprises around 85% of the world production of cocoa.
Growing demand for chocolate and chocolate coatings are major factors
propelling growth of the market. Moreover, abundant application of cocoa
products such as cocoa butter, liquor, and powder is contributing to growth of
the market. Cocoa is extensively used in various products, including drinking
chocolate, dark chocolate, sweet chocolate, baking chocolate, and milk
chocolate. Cocoa offers several health benefits as it contains high flavonoids
concentration that help in reducing cardiovascular problems.
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However, declining soil fertility, changing climate and weather conditions are
some of the factors adversely affecting the productivity of cocoa beans.
According to the World Cocoa Foundation, variation in climate conditions
affect cultivation of cocoa in a several ways including pest infestation and
reduction in pod weight. Furthermore, the changing climatic conditions causes
shrinkage of cocoa growing areas in leading cocoa producing countries such as
Côte d’Ivoire and Ghana. These factors restrain growth of the global cocoa
market.
Europe held a dominant position, in terms of revenue, in the global cocoa
market and is expected to maintain its dominance over the forecast period,
witnessing highest CAGR among all. According to the Center for the Promotion
of Imports (CBI), Ministry of Foreign Affairs, in 2016, Europe accounted for
more than half of global cocoa bean imports, with Germany, the Netherlands
and Belgium being the largest importers in the region. Furthermore, the
Netherlands is the major direct importer of cocoa beans from emerging
economies such as Ivory Coast, Ghana, Cameroon, Nigeria, and Peru.
According to CBI, European countries such as Czech Republic, Denmark,
Finland, and Slovakia recorded highest annual growth rate in cocoa bean
importing from emerging economies between 2010 and 2014. Moreover, the
rising demand for specialty chocolate is fuelling demand for fine flavor cocoa in
Europe. This in turn, supporting the overall growth of cocoa market in the
region.
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Europe accounted for approximately 45% of the dark chocolate market and is expected to grow at the global level with an annual rate of 8% by 2019.

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