Cocoa sector projected to reach $79 billion in value within the next decade
A continued projection of growth for the global cocoa market has been forecast, with its present value of$48.3 billion projected to reach US$79 billion within the next decade, reports Neill Barston.
The research from Dubai-headquartered Fact.Mr. insights group placed the rate of CAGR expansion at 5% until 2032, despite significant factors impacting the sector including environmental, social and supply chain issues affecting production rates around the world.
However, according to the organisation’s latest research, the use of cocoa across a growing range of segments including nutraceutical, pharmaceutical, healthcare, and cosmetics industries as a colouring and flavouring agent, had given the ingredient an expanded value within the international market.
Significantly, it noted that additional uses of cocoa for the manufacturing of toiletries due to its excellent flavor and aroma. Thus, increasing use of cocoa across various industry verticals is likely to serve as a noticeable factor propelling the sales opportunities in the cocoa market.
According to Fact.Mr, the sector’s growth has mirrored that of the chocolate industry. Consequently, there is a key increase in the share of global grindings that has bolstered the consumption of ingredients that are based on cocoa. In its assessment, it noted that such expansion of products would further bolster opportunities for cocoa suppliers.
Furthermore, it noted that the rising popularity of chocolate goods across bakery and confectionery industries, cocoa powder is becoming more popular across the globe. Besides hot chocolate mix and chocolate milk, cocoa powder is used in a lot of food and beverage products. This has seen an increased take-up of the ingredient’s use in startup establishments, big restaurants, and within home bakery.
Moreover, the group noted that cocoa powder was also gaining popularity due to health benefit claims – as recently reported by Confectionery Production with Barry Callebaut gaining clearance from the FDA in the US on the issue relating to assertions that it can potentially assist against preventing cardiovascular disease.
Similarly, it added that the cosmetics sector also stands to increasingly benefit from the key ingredient, given its prominent use for skin hydration and microcirculation.