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Cocoa Market is driven by the growing demand for chocolate and chocolate coatings worldwide. extensive use of cocoa is expected to be the chief growth driver of the cocoa market.
In spite of negative impact of economic recession observed specifically in developed markets, the demand for cocoa in the food and chocolate confectionaries drives to surpass through 2026
Further, cumulative consumption of chocolate sweetmeat is strongly allied to the affordability of consumers. Hence, the cocoa market to witness more elastic responses in countries with lower income.
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In addition, rising importance for coating of processing of vegetables, fruits, cereals for improved flavorand increase in demand for chocolate substitutes including milk chocolate, brownies, dark chocolate are the other factors driving the market growth.
As wellas, newfound application of cocoa in cosmetics and pharmaceutical industriesto keep the pace of gains for the market high in the future.
Moreover, growing consumer preference for chocolate syrups, dark chocolates, and increasing popularity of Fairtrade-certified cocoa products among others to boost the market demand.
However, health concerns over high sugar-content in most cocoa-based products, lack of investment in cocoa plantations to challenge the market growth.
Regional outline of the Cocoa Market size
Production of fine cocoa and the creation of the geographical indication label to have a profitable business and pull Brazilian states upwards in the Cocoa Market in North America.
Robustestimates for cocoa by-productsto further strengthen North American and European market growthowing to the top consuming countries for cocoa ingredients reflecting high market demandfor chocolate products.
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Whereas, West Africa as the top cocoa producing regionwith the Ivory Coast, Ghana, and Nigeria holding nearly 70 percent of worldwide production to pose a positive impact on the African market growth.
Further, allowing procurement organizations to ensure the constancy of cocoa prices and supply needs over the long-term which ensures farmers to get a fair price for their cocoa yields.
Market participants to explore the Cocoa Market growth opportunities
For instance, in 2020, Mars, Inc. strives for a 100% sustainable supply chain to meet its future cocoa needs.
In addition, in 2020, Ivory Coast and Ghana joined their forces to form a cocoa cartel to bears some similarities with OPEC.
Moreover, GCB Bank Limited invested ¢378 million in the cocoa and agricultural sectorsfor the funding of cocoa purchases and for purchase of vehicles, tractors and heavy-duty trucks for the transportation of cocoa.
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Additionally, in 2019, Nestlé launched unique chocolate made entirely from the cocoa fruitto extract the pulp with no compromise on taste, texture, and quality.
Furthermore, in 2019, Cocoa farmers in Ivory Coast to ramped up the production and created new plantations, new policy and to boost prices.
Key players participating in cocoa market include Wilbur Chocolate Company Inc., Kraft Foods Inc., Belcolade NV, Dutch Cocoa B.V, Cargill Cocoa & Chocolate, The Hershey Company, The Barry Callebaut Group,Puratos Group,Blommer Chocolate Company,Cemoi, Meiji Holdings Company, Jindal Cocoa, and United Cocoa Processor among others.
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