According to a comprehensive report by Future Market Insights (FMI), the global cocoa bean extract market is estimated to be worth USD 8.45 billion by 2024. It is projected to reach USD 12.03 billion by 2034, reflecting a CAGR of 3.6% over the assessment period 2024 to 2034.
The growth of the Cocoa Bean Extract market is attributed to the rise in consumer demand for beer and alcoholic drinks, which has led to increasing in the number of independent breweries, brewpubs and microbreweries around the world, fuelling the expansion of the Cocoa Bean Extract market.
Geographically, the market is dominated by Europe and North America, owing to large-scale beer production and new advancements in the beer sector, which are driving the market. However, limitations imposed on the brewing sector by regulatory agencies such as the USDA, FDA and EU are a major stumbling block to market expansion.
Cocoa bean extract, a concentrated form of cocoa beans, is rich in flavanols, procyanidins, and antioxidants. These attributes make it an essential ingredient in various industries, including food and beverages, pharmaceuticals, and cosmetics. The growing awareness of the health benefits associated with cocoa bean extract, coupled with its versatile applications, presents significant opportunities for market growth.
Prominent Drivers Fueling Market Growth
One of the primary drivers of the cocoa bean extract market is the increasing consumer preference for nutritional and organic food products with a longer shelf life. Food and beverage manufacturers are continuously seeking ingredients that align with these consumer demands. Cocoa bean extract, being organic and having a longer shelf life, is expected to witness a surge in demand from the food and beverage sector.
Additionally, scientific research highlighting the health benefits of cocoa bean extract has spurred its adoption in the pharmaceutical industry. Companies are developing pharmaceutical products that incorporate cocoa bean extracts in various forms such as capsules and tablets, leveraging its health benefits beyond traditional cocoa flavor.
Regional Insights: Europe and Asia Pacific as Key Markets
Europe stands out as a leading market for cocoa bean extract, benefiting from favorable weather conditions and a well-established cocoa processing industry. The region’s cocoa industry processes over a million tons of cocoa beans annually, with the Netherlands playing a pivotal role as the second-largest global processor. Germany, the United Kingdom, and France are also significant players in the European cocoa trade and processing sectors.
In the Asia Pacific region, the chocolate market is expanding rapidly, outpacing local cocoa supply. This presents a tremendous opportunity for cocoa extract manufacturers to expand their offerings. Rapid urbanization and increasing disposable incomes have led to higher chocolate consumption, indicating a strong growth potential for the cocoa extract market in this region.
Competitive Landscape
Key players in the cocoa bean extract market include Bioriginal Food Science Corporation, The Green Labs, John Aromas, Kerry Inc., Cyvex Nutrition, Inc., Ambe Phytoextracts Pvt Ltd., PROVA SAS, Panacea Phytoextracts Pvt. Ltd., Haldin, CPC Ingredients, Indo-World, Tharakan and Company, and Van Aroma.
For instance
- In December 2022, Prova announced the creation of a new factory in Bangkok to expand its presence in the South Asia. These expansion strategies are a part of the company’s ‘PROVA Tomorrow’ strategic plan in order to strengthen its international presence.
- Cargill is constantly engaged in innovative product development and launching products for a wide range of industrial applications. The company’s beauty segments launched its sustainable cocoa butter i.e. Cargill Cocoa’s Promise for personal care products.
Leading Brands
- Navitas Naturals Inc
- Moner Cocoa, S.A
- Barry Callebaut
- Cargill, Inc.
- Ciranda, Inc.
- Ephoka Europe S.L
- Blommer Chocolate Company
- Mars, Inc.
- Keliff’s
- PROVA
- Pruthvi Foods Pvt Ltd.
- Cargill
- Aakriti Trading Company
- Olam International Limited
- Briofeed Private Limited
- Clia Naturals
- Avi Naturals
- Grasse International
- GustavHeess
- Sapphire Flavors & Fragrances
- Avanschem
- Skyline Food Products LLP.
- Others
Market Segmentation
The FMI report segments the cocoa bean extract market based on form, nature, end-use, and region:
- By Form: Powdered Cocoa Bean Extract, Liquid Cocoa Bean Extract
- By Nature: Organic Cocoa Bean Extract, Conventional Cocoa Bean Extract
- By End Use:
- Food & Beverage (Bakery, Confectionery, Infant Formula & Baby Food, Others)
- Cosmetics & Personal Care
- Pharmaceutical Industry
- Other End Uses (Dietary Supplements, etc.)
- By Region: North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, Middle East, and 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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