The Cocao powder Health Benefits Are Sure to Blow Your Mind, Cacao is one heck of a magical food. Not only is it used to make chocolate, but it’s packed with antioxidants, minerals, and even some fiber to boot. (and again, it makes chocolate.)

Read more Articles on Powerline Blog

The global cocoa and chocolate market is set to gain impetus from the increasing demand for premiumized offerings and specialty chocolate products. This is mainly occurring because of the rising emphasis on the bean-to-bar concept. Covid-19 Impact- The outbreak of the COVID-19 pandemic is causing heavy losses for several industries. They are reducing the workforce and are maintaining social distancing to keep up with the ‘new normal.’ Some of them have also halted their operations to prevent the transmission of the virus. Our reports are specially created to offer elaborate details about the current situation and its effects on every market.

Many Question you have in your mind

• What are the market growth drivers, hindrances, &opportunities?
• How will the companies surge sales of cocoa & chocolates?
• Which region is expected to dominate the market in future?
• Which segment is set to lead the market in the coming years?

The Global Chocolate Market was worth USD 74.3 million in 2021. This market is forecast to grow to USD 136.71 million by 2032 at a 5.7% CAGR over the forecast period from 2022 to 2032.

High Demand for Specialty Cocoa Beans to Augment Growth

The increasing demand for specialty & premium chocolates, especially in the developed countries, such as Germany, Belgium, France, and the U.S. since the past few years is set to boost the cocoa and chocolate market growth in the near future. Apart from that, consumers nowadays are getting very conscious about the ingredients used in chocolates as some of them are affected by allergies caused because of lactose, while the others are inclining towards vegan cocoa and chocolate products. Also, the increasing preference towards specialty cocoa beans is expected to spur the market growth.

However, the COVID-19 pandemic has caused a sudden slump in the sales and production of these chocolates. People are purchasing healthy products to boost their immunity and are focusing on buying other essentials, instead of premium chocolates. This factor may hinder growth.

Cocoa Ingredients Segment to Grow Rapidly Owing to Their Wide Applications

Based on type, the market is bifurcated into chocolate & cocoa ingredients. Out of these, the cocoa ingredients segment generated 45.7%cocoa &chocolate market share in 2019. It is anticipated to grow rapidly in the forthcoming years on account of their usage in a variety of products, such as indulgent baked commodities, ice cream, nutritional drinks, non-alcoholic beverages, and confectionery.

Increasing Trend of Consuming Sugar-free Products to Favor Growth in Europe

In 2019, North America held USD 9.55 billion in terms of revenue. The region and Europe have been in the leading positions for being the major importers of cocoa and chocolate products. Europe has huge growth potential owing to the ongoing trends of consuming sugar-free, low-fat, and fat-free cocoa and chocolate products. Asia Pacific is anticipated to exhibit a significant CAGR in the coming years stoked by the surging demand for chocolate confectioneries from the developing nations, such as India and China.

Competitive Landscape-

Key Players Focus on Unique Product Developments to Fulfil Consumer Demand

The market possesses a highly consolidated structure. The key companies are focusing on research and development activities to create new cocoa & chocolate products to cater to the transforming needs of the consumers. Below are two of the latest industry developments:

• January 2020: Nestlé unveiled its latest KitKat Gold that provides a delicious blend of smooth milk chocolate and smooth milk chocolate, topped with sweet caramel notes and sweet caramel notes. It will be available across Europe and other specific countries throughout 2020.
• July 2019: Nestlé developed a novel chocolate made out of the cocoa fruit. The only ingredients present in the product are pulp and beans. It doesn’t have any refined sugar. It will soon be launched in Japan and is considered to be the first 70% dark chocolate made entirely out of cocoa fruits.