According to a new market report published by Acute Market Reports “Cocoa Beans Market - Growth, Future Prospects, Competitive Analysis, and Forecast 2021 - 2029,” the cocoa beans market is expected to reach over US$ 19.36 Bn by 2029, expanding at a CAGR of more than 3.0% from 2021 to 2029.
Browse the Cocoa Beans (By Type- Criollo, Forastero, Trinitario) (By Products- Cocoa Butter, Cocoa Powder and Cocoa Liquor) Market, for Chocolate, Confectionary, Food & Beverages, Pharmaceuticals and Cosmetics Applications - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2021 – 2029 report at https://www.acutemarketreports.com/report/cocoa-beans-market
Market Insights:
Theobroma, which is the Latin name for cocoa means “food of gods”. This was known as food of gods as it was a valuable crop to many South American cultures. In the early days, the Mayans made use of cocoa to create a ritual beverage which was shared among each other during marriage ceremonies and betrothal.
Due to technological advancements and change in lifestyles and cultures, cocoa beans are used for wide range of applications. This valuable crop is used in various industries such as cosmetics, food & beverage, pharmaceuticals and chocolate among others. It is basic raw material in the manufacturing of chocolate. Three types of cocoa beans exists which include criollo, forestero and trintario. Among these, Criollo accounted for major share of global cocoa beans market as it is known to be the most expensive beans and are used for various application in the market. The other two types of beans are also used in wide range of end-user industries and are projected to boost growth of cocoa beans in the market. Cocoa beans, based on product type are segmented into cocoa butter, cocoa powder and cocoa liquor. Among these cocoa butter accounted as the largest product segment in 2020 and is anticipated to retain its position in the near future. Growing demand from the chocolate industry is expected to fuel demand for cocoa butter in the market, thereby boosting growth of global cocoa beans market. Cocoa powder is in high demand from the food & beverage and cosmetic industry due to its flavor and aroma. The beneficial properties of cocoa beans have led to high demand from the end-user industries worldwide. Hence, food & beverage and cosmetic industry is expected to fuel high growth of cocoa powder in the market. Cocoa liquor is also projected to boost growth of global cocoa beans market during the forecast period from 2021 to 2029.
Competitive Insights:
Europe accounted for major share of global cocoa beans market in 2020. Europe is the major consumer of cocoa beans as high demand is reported for cocoa beans from the chocolate and food & beverage industry in the region. The beneficial properties of cocoa beans for skin and health are the major factor driving the growth of cocoa beans in the market. Hence, Europe is expected to boost high demand for cocoa beans in the near future. North America followed Europe in terms of demand and accounted as the second largest market for cocoa beans in 2020. Increasing demand for cocoa beans from the cosmetic and pharmaceutical industry is expected to fuel growth of global cocoa beans in the market. Other regions such as Asia Pacific, Latin America and Africa are also projected to boost high growth of global cocoa beans market in the near future.
Key Trends:
