Pune, India, Dec. 02, 2020 (GLOBE NEWSWIRE) — The global cocoa solids market size is growing progressively owing to the increasing demand for premium chocolates, observes Fortune Business Insights™ in its report, titled, “Cocoa Solids Market Size, Share & Industry Analysis, By Nature (Organic, Conventional), By Application (Food & Beverages, Beauty Products, Others) and Regional Forecast, 2020-2027.” Growing awareness regarding the health benefits of cocoa solids consumption is expected to increase its demand in the forecast timeframe. Cocoa Solids are a rich source of flavonoids, which act as antioxidants and improve the lipid levels of the body. In addition, consuming cocoa helps in preventing several diseases such as diabetes and hypertension. These factors are expected to further increase the demand for cocoa solids.
The food & beverages sector has been adversely affected by the COVID-19 crisis and the resultant lockdown. The labor scarcity owing to prolonged travel restrictions has affected the supporting infrastructure around the sector including storage and processing plants. Key players in the market are developing new strategies to overcome the crises.
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List of Key Players Covered in the Cocoa Solids Market Report:
- Cargill Cocoa and Chocolate
- Organic Commodity Products Inc.
- Wilbur Chocolate Company Inc.
- Belcolade NV
- Kraft food Inc.
- Petra Foods Ltd.
- Dutch Cocoa B.V.
- Blommer Chocolate Company
- Ferrero S.P.A.
- Guan Chong Cocoa Manufacturer Sdn. Bhd.
- Others
Driving Factor
Growing Popularity for Premium Chocolates among Consumers to Drive Growth
Consumers are increasingly preferring premium chocolates for gifting purposes over other alternatives, especially in the festive seasons. The increasing demand for premium chocolates owing to the growing concern among consumers for brand and quality is expected to drive the growth of the global cocoa solids market. In addition, according to a study conducted by scientists from the University of Birmingham, cocoa consumption helps boosting intelligence by enhancing the cognitive skills. This is expected to further drive the market growth.
Highlights of the Report:
- Segmentation on the basis of product, type, consumption, distribution channel, and region
- Detailed analysis of the companies based on their financial positions, product portfolios, and growth strategies
- Study of core competencies of the key players and their market share to anticipate the degree of competition
- Employment of the bottom-up procedure to arrive at the overall size of the market by estimating revenues of key market players
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Regional Insights
North America and Europe to Hold Prominent Shares; Massive Cocoa Processing Base within the Regions to Augment Growth
North America and Europe are expected to hold a prominent share in the global cocoa solids market. The presence of massive cocoa processing base and leading market players within these regions are expected to drive growth. For instance, in November 2020, Barry Callebaut, a Switzerland-based chocolate manufacturer, introduced Accent, a new range of chocolate solutions for confectioners in North America. The range is primarily launched to be used in a wide variety of applications including panning, thin-to-thick enrobing, solid molding, and hollow molding.Asia Pacific is expected to showcase a considerable growth in the forecast timeframe. Rapid urbanization in the region and the increasing disposable income of the middle-class population in countries including India, China, South Korea, and Australia are the key factors set to drive the market growth in this region.
Competitive Landscape
Producing Customized Products for Overseas Market to Aid Key Players Expand their Presence
The prominent players operating in the market are focusing on producing customized products for overseas market. This will allow them to expand their presence globally, as well as increase their product portfolios. For instance, in November 2019, Ferrero expanded its business by launching its shortbread biscuits filled with chocolate-hazelnut spread in Italy.
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Industry Developments:
- In February 2019, Cargill Cocoa and Chocolate launched Gerkens CT70, its new cocoa powder. The product will help to expand the portfolio of Gerkens, the company’s cocoa powder brand.
- In September 2018, Cadbury launched the Darkmilk bar in the U.K. The chocolate has higher cocoa content, as compared to Dairy Milk, the company’s other chocolate product. Darkmilk has 40% cocoa solids and 14% milk solids.
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