Cocoa has been well-known as one of the bestselling commodities of all times. Rising adoption in case of bakery and confectionery products are likely to provide substantial fillip to sales of cocoa. Budding appetite for chocolates and other associated products, ranging from cocoa paste, butter, and powder continues to be a key revenue lever for cocoa producers worldwide. Cocoa, backed by a healthy nutritional profile, is likely to witness monumental expansion in personal care products, such as scrubs, creams, face toner, and lotions. The global cocoa powder market is poised to reflect growth at a volume CAGR of over 3% through 2028, driven by humungous consumption over the past years.
“Rising prevalence of health-conscious diets remains another key aspect fueling demand across global levels. In a bid to cater to the evolving tastes of the health-savvy population, producers of cocoa are restoring to delivery of innovative offerings promoting health and wellness”, Senior Analyst, Fact.MR
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Wide-spread availability of organic and gluten-free cocoa products are translating into consumers picking up new preferences, which also encourages influx of new varieties in the global market space. Anticipating market trends and keeping a close eye on evolving consumer trends remain instrumental for growth in cocoa market, which will enable the producers of cocoa to get a head-start on their upcoming product innovations and diversifications.
Cocoa Producers to Emphasize on Quality Aspects for Offering Value-Based Products
As the new-age consumers look far beyond value for money, cocoa producers are focusing on quality aspects facilitating enhanced consumer satiety. With increasing consumer clamor for unparalleled indulgence, cocoa producers are focusing on enhancing color and texture of their products, inspiring high-scale creative innovations.
Surging demand for premium products remains another overarching trend in the cocoa market, with origin and provenance being of paramount importance for the new-age consumers. In response to the aforementioned trend, producers are specifying origin of their products and also highlighting the country wherein they were processed. As per the report, producers are also using clean labels to depict authenticity of their products vis-à-vis quality-oriented standards. With several details on the packaging formats, producers are unveiling vital details for high consumer convenience.
According to the report, large-scale consumption of cocoa based food products provides enough credence to the fact cocoa remains one of the highly consumed flavors across the food and beverage industry, with an anticipated sales worth 4.5 Mn tons by 2028 end. Manufacturing firms in the food and beverage spectrum, with a keen interest in terms of fortifying their products’ taste and appeal, are resorting to inclusion of promising flavors, including cocoa, for production of enticing food products. Additionally, prominence of cocoa liquor have intensified in the past few years, favoring the growth of cocoa market at a considerable rate.
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As per the report, volatility in the cocoa prices remains one of the key challenges responsible for uncertainty in growth of the overall market. A recent revised forecast on cocoa production and grindings by the International Cocoa Organization (ICCO) unveiled a supply surplus of around 10,000 tons for the current 2017/18 season, which is remarkably smaller than previous anticipation of the organization. Moreover, uncertainties with respect to demand forecasting are also creating significant barriers for growth of cocoa market.
However, some significant changes in the production framework, such as crop diversification, might help in the direction of achieving long-term profits. Moreover, fact-based opportunity assessment and implementation of region-specific production strategies might provide the much-needed fillip to the growth trajectory of cocoa market.
The Fact.MR study provides groundbreaking insights along with a comprehensive analysis of latent opportunities in the global cocoa market.
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