The global cocoa powder market is projected to generate revenue of around US$ 2,667.5 million in 2024. Sales are expected to follow a moderate growth rate of 2.9% during the forecast period, expanding the market to a valuation of US$ 3,441.1 million by 2034.
Cocoa powder is the byproduct remaining after extracting cocoa butter from cacao beans. It has become an essential ingredient in chocolate confectioneries, syrups, and chocolates. The demand for improved flavor, color, and texture has led to its increased use as a coloring agent, which is expected to drive market growth during the forecast period.
Rich in flavonoids and minerals, cocoa powder is also a highly profitable crop. The growing popularity of cocoa powder in dietary lifestyles and foodservice operations is anticipated to further boost market expansion.
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The pharmaceutical vertical is opting for cocoa powder due to widening scope of growth. The minerals contained with cocoa powder include potassium, phosphorus, zinc, sodium, calcium, magnesium, and copper. It serves the heart well as it helps in preventing stroke, exercising control over blood pressure, and lowering of bad cholesterol. These factors are expected to help the cocoa powder market grow on an unstoppable note in the forecast period.
It also needs to be noted that raw cocoa is not all that easily available across the entire supply chain. Though sustainable cultivation of cocoa is on the rise, efforts are being put to accord uniformity all through.
Double-Dutch cocoa blend, Bendorp Dutch-Process cocoa, triple cocoa blend, natural cocoa, and cocoa Rouge are the types of cocoa being cultivated in the present scenario. Out of these, Double-Dutch cocoa powder holds more than 20% of the overall market share and is slated to expand at a rate of 3% in the forecast period.
Though conventional grocery stores have been the epicentre of distribution channels for cocoa powder market, online stores are expected to be the future of cocoa powder market, especially in the post-Covid era. Also, the fact that excessive consumption of cocoa could mean excessive intake of cadmium, which could cause health hazards. This goes to show that too much of cocoa would result in adverse effects. Future Market Insights has delved deep into the nitty-gritties along with subsequent actions to be taken in its latest market study entitled ‘Cocoa Powder Market’. It has its team of experts in the form of analysts and consultants to execute it, with both – macros and micros in place.
Key Takeaways from Cocoa Powder Market
- North America holds a significant market share. However, the fact that cocoa powder may contain cadmium may prompt the other states (like California) to put a cap on maximum permissive level.
- The European Union already has plans of imposing limit pertaining to cadmium in the cocoa powder (0.6 µg/gram).
- The Asia-Pacific is expected to witness growth at the fastest pace in the cocoa powder market with millennials preferring cocoa-based products.
Competitive Analytics
- Cocoa powder made by Nestle and Hershey’s are dominating the market and the scenario is expected to persist even in the forecast period.
- Barry Callebaut has its highly Dutched, black cocoa powder, which has undergone Cocoa Horizons Program, Fairtrade, Rainforest Alliance, and UTZ.
- Gerkens, in February 2019, came up with CT70 – a novel formula coming with new-fangled taste and aroma. It’s feasible for bakery vertical.
“With cocoa being looked upon as the one generating sizable revenue, the cocoa powder market is bound to go great guns in the forecast period”, says an analyst from Future Market Insights.
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How about the Central Idea of the Cocoa Powder Market?
- The research study is based on type (Dutch processed, natural cocoa powder, and likewise), by sales channel (direct sales and indirect sales), and by end-use (commercial, household, industrial, and likewise).
- Organic cocoa powder is expected to do the rounds in the forecast period.
Key Segments
By Type
- Dutch processed
- Natural cocoa powder
- Others
By Sales Channel
- Direct Sales
- Indirect Sales
By End Use
- Commercial
- Household
- Industrial
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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