Popularity of Specialty Chocolate to Fuel the Demand Rate, Market Slated to Surpass US$ 8.25 by 2032

A recently published report by Fact.MR reveals that the global cocoa liquor market is projected to grow at a modest CAGR of 2.9% during the forecast period (2022-2032), surpassing nearly US$ 8.25 Bn.

 

Prevalence of chocolate as one of the most sought-after and widely consumed products in the world of food & beverages has urged companies to extend the production of cocoa liquor. Over the years, a range of chocolate products such as cocoa butter have been processed through cocoa liquor.

 

Farmers from across the globe are increasingly shifting towards cash crops, which has incidentally spurred the global cocoa production. With ample cocoa beans at their disposal, companies in the global cocoa liquor market are setting up new processing plants and extending their production capacities.

 

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However, a key impediment for production of cocoa liquor is the cost-intensive of edible alcohols. Since production of cocoa liquor entails the use of alcohol, environmental protection agencies are creating stringency in their supply chain, and companies are being compelled to control the toxic emissions of their processing plants.

 

Key Takeaways from the Market Study

·         By variety, Trinitario cocoa liquor to register an expansion at 5.2% CAGR until 2032

·         Forastero cocoa liquor to account for 3/4th of global cocoa liquor market revenue

·         Based on form, cocoa liquor wafers are expected to account for 50% of market demand

·         Sales of coca liquor to surge at a CAGR of 3% in the U.S from 2022-2032

·         India to register noteworthy expansion of cocoa liquor demand, clocking a 5.5% CAGR

·         Germany to accumulate nearly 1/5th of cocoa liquor market revenue until 2032

·         By 2022, cocoa liquor revenues are likely to reach US$ 6.2 Bn

 

Increasing consumer preference for different flavored food and beverage items is prompting manufacturers to incorporate cocoa liquor flavored ready-to-eat products, widening growth prospects for the market, remarks a Fact.MR analyst.

 

Competitive Landscape

Companies namely, Nestle, Hershey's, Cargill, Inc., ADM, Ghirardelli, Cocoa Processing Company, Mars, Inc., Valrhona, Barry Callebaut, and Blommer Chocolate are expected to actively participate in the expansion of the global cocoa liquor market through 2032.

 

·         In October 2021, Hershey India announced the addition of two new flavors to its ‘Hershey’s Exotic Dark’ range of premium chocolates. The newly announced flavors include ‘Blackberry Granules’ and ‘Guava & Mexican Chili’ made with whole roasted California Almonds especially curated for the next generation of consumer who has an ever-evolving palate.

·         In March 2021, Nestle launched its latest range of 'Incoa' bars, a unique product that uses cocoa fruit pulp as a healthy and eco-friendly sugar substitute. The usage of cocoa pulp is ingenious. As per reports, the 'Incoa' bar will be launched in France and the Netherlands, with other markets in Europe soon to follow.

 

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Key Market Segments in Cocoa Liquor Industry Research

By Product Type :

·         Dutch Cocoa Liquor

·         Natural Cocoa Liquor

 

By End Use Industry :

·         Cocoa Liquor for Chocolates & Confectionery

·         Cocoa Liquor for Ice Cream

·         Cocoa Liquor for Food and Beverage Coatings

·         Coca Liquor for Beverages

·         Cocoa Liquor for Bakery Products

·         Coca Liquor for Other End Use Industries

 

By Cocoa Variety :

·         Criollo Cocoa Liquor

·         Forastero Cocoa Liquor

·         Trinitario Cocoa Liquor

·         Other Cocoa Liquor Varieties

 

By Form :

·         Cocoa Liquor Wafers

·         Cocoa Liquor Blocks

·         Cocoa Liquor Chips

·         Liquid Cocoa Liquor

 

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Why is the United States a Highly Lucrative Market for Cocoa Liquor?

The United States cocoa liquor industry is projected to hold the maximum share and is predicted to remain the most lucrative across North America. According to Fact.MR analysts, the U.S. is estimated to account for more than 85% of the North America market in 2022.

 

Dark chocolates and other quality chocolates are in high demand among US's consumers. Chocolate and confectionery both employ cocoa liquor as an ingredient. During the forecast period, this trend is likely to have a beneficial impact and lead to the expansion of cocoa liquor in the US. The country is likely to register a CAGR of roughly 3% from 2022 to 2032.

* This article was originally published here