Cocoa, the vital ingredient in chocolate, is native to Central and South America. Known for its universal flavour, it is a rich source of flavonoids and procyanidins – antioxidants, which are known for their anti-ageing properties. Due to cocoa’s wide range of uses, as well as its medicinal value, the global cocoa market is experiencing steady growth. According to analysts at Technavio, approximately 4 million tons of cocoa (in terms of volume) were consumed in 2015; by 2020, the global cocoa market will reach just over 4.50 million tons, registering a CAGR of over 3% by 2020.
Major trends in the global cocoa market
Growing demand for dark chocolate
Given its high nutrition value and immense health benefits, there has been a growing demand for dark chocolate across the globe. In fact, the global dark chocolate market, which was valued at $34 billion in 2014, is poised to reach just above $51 billion by 2019. Recently, there has been an upsurge in the demand for luxury products in developing countries, thanks to globalization and the increase in the amount of disposable income. This explains why the market for dark chocolate is no longer limited to western countries. Growth in the global dark chocolate market is ultimately fuelling the demand for cocoa, one of its main ingredients.
Preference for chocolate syrups
Chocolate syrups are known for improving the flavour of beverages, like coffee, tea, lattes, mochas, frappes, milkshakes, or can be used a topping for cake slices, waffles or pancakes. Because of their versatility, chocolate syrups are becoming increasingly popular, thus helping to drive the global cocoa market.
Increased demand for ethically-sourced cocoa products
The demand for Fairtrade-certified cocoa products is on the rise. These products contain cocoa that is produced without the use of child labour or slavery and help to improve the living standards of farmers involved in cocoa production. Given the ethics behind Fairtrade, many consumers are willing to pay extra for Fairtrade-certified products. This trend is especially prevalent in the European cocoa market, while cocoa markets in other regions are beginning to catch on.
Some of the key vendors in the global cocoa market are Blommer Chocolate Company, Olam International, Archer Daniels Midland, Cocoa Processing Company, and Barry Callebaut.
