PORTLAND, OREGON, USA, July 12, 2022 /EINPresswire.com/ — According to projections, chocolate production uses about half of the world’s total cocoa production. And there is no doubt that the huge demand for chocolates is the main driver for the rise in cocoa prices in the international market. Chocolate is used more frequently in various industries including pharmacy, confectionery, food and beverage, etc. It is a powerful source of antioxidants and minerals.
According to Allied Market Research, the cocoa market is expected to grow significantly between 2021 and 2030. In fact, there aren’t many people who don’t really crave chocolate. And recently, organic chocolate has become one of the newest things in the market, as customer demand has increased significantly over the past few years. However, gourmet or premium chocolate is always the clear winner. A smart fusion of Old World and New World was essential to the development and growth of the chocolate market.
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One of the most important considerations for consumers, especially those in Europe, when purchasing cocoa products is the sustainability of the crop culture. The last marketing strategy used by cocoa and chocolate companies is storytelling. Customers are very interested in knowing the history of the goods they buy. Therefore, storytelling has become a new tactic recently used by cocoa and chocolate traders in the global cocoa sector.
Take away key
Cocoa Market was valued at USD 12,874.0 Million in 2019 and is projected to reach USD 15,501.1 Million by 2027, growing at a CAGR of 4.3% during the forecast period.
By product type, the cocoa liquor segment is estimated to be the fastest growing, registering a CAGR of 4.4% during the forecast period.
In 2019, according to process, the Dutch process segment was valued at $9,675.2 million, accounting for 75.1% of the global cocoa market share.
In 2019, Netherlands was the largest market in Europe and is expected to reach $1,636.5 million by 2027, growing at a CAGR of 4.5% during the forecast period.
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The report offers detailed segmentation of the global cocoa market on the basis of product type, process, nature, quality, application, and region.
Based on nature, the conventional segment held the highest market share in 2020, holding 91% of the total market share, and is expected to maintain its leading status during the forecast period. Additionally, the organic segment is estimated to register the highest CAGR of 5.0% from 2021 to 2027.
Based on demand, the confectionery segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to maintain its leading status during the forecast period. Moreover, the animal feed segment is expected to register the highest CAGR of 6.1% from 2021 to 2027.
Based on region, Europe contributed the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is expected to retain its dominant share by 2027. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 4.6% during the forecast period.
Key global cocoa market players analyzed in the research include Cargill, Inc., Olam International Ltd., Toutan SA, Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company and VJ Jindal Cocoa Private Limited
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