Chocolate confectionery industry to drive global cacao beans market forward from 2020 to 2030, reports TMR
The global cacao beans market is set to grow at a rate of about 7% from 2020 to 2030. This would translate into an increase in market worth from about USD 10 billion in 2020 to about USD 20 billion by the end of the forecast period. It is significant to note here that a number of factors would keep the market buoyant.
As per Transparency Market Research, "Rising chocolate production and consumption is a major factor of growth in the market. However, increase in obesity and heart diseases is leading people to look for healthier alternatives. This is why nutritional chocolate bars are set to witness a notable growth in demand over the forecast period – propelling growth in global cacao beans market."
Key Findings of Global Cacao Beans Market Study:
- Forastero cocoa beans to account for a sizeable share of the overall market growth over the forecast period
- Food and beverages industry to be the most significant end-user (applications) in the global cacao beans market
- Europe holds about 43% global market share, South Asia and MEA holds about 17% and 16%, respectively
Key Drivers of Growth in Global Cacao Beans Market:
Transparency Market Research notes presence of a host of factors influencing growth in global cacao beans market. A number of prominent trends and drivers that are keeping the global cacao beans market on a high growth trajectory over the forecast period are provided below:
- Increase in disposable incomes and growing health awareness is leading to consumers demanding for healthier alternatives even at a premium price
- Packaging is gaining prominence in the market; spike in demand for products in traditional packaging is noted around festivals
- Innovations in terms of products such as quinoa vegan bars and ruby chocolates are leading to growth in demand for cacao beans
- Use of cacao in pharmaceuticals and cosmetics industry is also set to grow owing to various health benefits accrued by consumption and application, respectively
Regional Analysis of Global Cacao Beans Market:
- Europe to account for a sizeable share of the global cacao beans market over the forecast period; Asia Pacific to be second in terms of market share
- Growing awareness regarding benefits of cacao beans and increase in disposable income to drive growth in Europe and Asia Pacific, respectively
- Analyze global cacao beans market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.
Competitors Landscape of Global Cacao Beans Market:
The fragmented vendor's landscape of global cacao beans market is rife with notable developments. Top players marking it are Olam International Limited, Barry Callebaut AG, Theobroma B.V., Cargill Inc., Ciranda Inc., Edna Group, Dutch Cocoa B.V., Cocoa Processing Company, Kakao Berlin, Niche Cocoa Industry Ltd., Nederland SA, PT. Danora Agro Prima, India Cocoa Pvt Ltd., United Cocoa Processors Inc., and BT Cocoa, among others.
Leading players in the global cacao market are directing all efforts towards development of cocoa liquor products which are healthy as well as interesting in terms of the ever dynamic consumer palate. New variants that are hitting the market relatively frequently are gluten free chocolates and organic cocoa liquor.