Cocoa is extracted from Theobroma tree or cacao tree. The cocoa or cocoa beans are dried and fermented to produce cocoa liquor and by processing the cocoa liquor, cocoa butter and cocoa powder is extracted. The growing demand for chocolate is the key factor propelling the global cocoa market. Cocoa liquor is the major ingredient used to manufacture chocolate. Cocoa is widely used as flavoring, coloring, filling, and as topping in food & beverages, confectionery, and bakery industries. The growing application of cocoa in these industries is fueling the growth of the global cocoa market.
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The players operating in the global cocoa market have adopted various developmental strategies to expand their market share, exploit the cocoa market opportunity, and increase in profitability in the market. The key players profiled in this report include Cargill, Inc., Olam International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.
The consumer awareness regarding the health benefits of consuming chocolates and growing demand from various end-use industries for chocolates are the vital factors to be driving the growth of the global cocoa market during the forecast period. The demand for high quality, single-estate, and single-origin cocoa is rising in Europe. The quality of the cocoa used is directly related to the quality and taste of the chocolate produced. Therefore, the market players have great revenue-boosting opportunities in the name of specialty cocoa, especially in Europe.
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The specialty cocoa segment is expected to grow at a significant pace, especially in Europe. Specialty cocoa is a special type of high quality cocoa that is of single origin and is produced by applying good pre and post-harvesting techniques. It has a differentiated genotype than the common cocoa or the bulk cocoa.