Global Cocoa Market: High Demand for Chocolate to Drive Market, says TMR
The global cocoa market is studied in a new report by Transparency Market Research (TMR). The report is titled, ‘Cocoa Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.’ The study presents a detailed overview of the market’s historical development trajectory and its current and projected size. An in-depth analysis of these statistics is used to derive insightful information about the cocoa market’s future growth. The report also covers various other important aspects of the market, including an analysis of the competitive landscape.
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New entrants in the global cocoa market face entry barriers owing to the fundamental constraint on supply. Cocoa is exclusively grown in the geographic band near the equator owing to the climatic and rainfall requisites of this crop. Thus, Southeast Asia, West Africa, and parts of Central and South America are key producers of cocoa. The threat of substitutes is likely to remain low as there is no popular substitute for cocoa. Players in the market are focusing on product innovation.
Cocoa is used for making cocoa powder, butter, oil, liqueur, liquor, and chocolates such as sweet, dark, and milk chocolate. Cocoa products are in demand because they contain a high concentration of flavonoids, which makes them beneficial for consumers with cardiovascular issues. The global cocoa market is anticipated to be driven by a high demand for chocolate and chocolate coatings across the globe. The consumption of chocolate confectionary is directly linked with the per capita incomes. Countries with lower incomes tend to display a variable response towards the consumption of chocolate, and subsequently the demand for cocoa is also variable. However, the growing per capita income of consumers not only in developed nations, but also in emerging markets is expected to boost the global cocoa market.
While the widespread uses of cocoa will drive the market, factors such as high sugar content in cocoa-based products may impede the growth of the global cocoa industry. The huge gap between the demand and supply of cocoa is also restraining the growth of the cocoa market. In addition to this, the volatility in cocoa prices will also hamper the demand. Extreme weather, pests, and political instability in cocoa producing countries are responsible for the fluctuating cocoa prices.
The report profiles key players in the cocoa manufacturing industry such as Archer Daniels Midland Company, Wilbur Chocolate Company Inc., Petra Foods Limited, Organic Commodity Products Inc., Blommer Chocolate Company, Delfi Cocoa, Barry Callebaut AG, Dagoba Organic Chocolate, Transmar Commodity Group Ltd, and Ghirardelli Chocolate Company.