Cocoa bean is a seed of a tropical tree called ‘Cacao’ that is used primarily in the production of chocolate, cocoa, cocoa butter and other food consumables. Cocoa beans are rich source of antioxidants. There is an inverse association between the consumption of cocoa and the risk of cardiovascular diseases. Besides, the consumption also improves endothelial function, insulin sensitivity, and vascular function. Furthermore, the consumption of cocoa also helps in attenuation of platelet reactivity and reduces blood pressure. The major countries exporting cocoa beans include Ivory Coast, Ghana, Nigeria, Cameroon, Brazil, Ecuador, Colombia, Indonesia and Malaysia among others.
The key factor driving growth of the global cocoa beans market is the rising demand for Criollo product type from the chocolate industry. In addition, the market has also been witnessing high demand from the cosmetic and food industry which is further increasing the demand for cocoa beans in the global marketplace. Chocolates are the key product that utilize cocoa bean in their manufacturing and since, the demand for chocolates is rising at a prolific rate; this demand is also driving the global cocoa market. Furthermore, the global cocoa beans market is also gaining from high demand for cocoa butter and cocoa powder which are utilized in wide array of applications. On the contrary, low penetration of modern farming techniques and lack of farm management skills in the key producing region i.e. Africa is hindering the production of cocoa beans
The global cocoa beans market is segmented based on type, application, product, and geography. Based on types, the global cocoa beans market is segmented into Criollo, Trinitario, and Forastero. Based on applications, the global cocoa beans market has been segmented into chocolate, food & beverage, pharmaceuticals, and cosmetics. The various products of the cocoa beans are cocoa butter, cocoa powder, cocoa beverages, cocoa cosmetic products, and others. Among the various applications, the use of cocoa beans in the production of chocolates accounted for larger share of the market. This segment is further expected to remain dominant in the near future expanding at a CAGR of 4.0% from 2019 to 2024. The market for cocoa beans in public banks is also expanding owing to improving coordination between public banks and collecting hospitals and hence, this segment would also achieve significant growth in the coming years till 2024.
Based on geography, the global cocoa beans market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. North America and Europe accounted for the largest share in the global cocoa beans market; these regions are further projected to dominate the global market by 2024. In the U.S., the demand for cocoa beans primarily comes from chocolate and chocolate flavored products, whereas in Europe, high consumption of cocoa butter and paste in countries such as Germany, Belgium, the U.K., and Russia is responsible for large market size.
The global cocoa beans market is fragmented with a large number of manufacturers based in major producing regions. Some of the key players in the global cocoa beans market include Cargill Incorporated, Barry Callebaut, Cemoi, Artisan Confections Company, PASCHA Company, InterNatural Foods LLC, Olam Group, The Mexican Arabica Bean Company, Tomric Systems, Inc., Cacao Bahia, Dutch Cocoa, Cocoa Supply Company, Cocoa Processing Co. Ltd., Casa Franceschi, Costa Esmeraldas Cacao Co., Agrofloresta, Meridian Cacao Company, and Jedwards International among others.