The global cocoa beans market is expected to grow at a CAGR of 4.67% during the forecast period, 2020 to 2027. The market is estimated to reach USD 1306.3 million by 2027.
The cocoa nibs market is growing at an exponential rate due to a variety of benefits. Chocolate has become a popular food ingredient due to its many applications. The need for cocoa nibs must be met in bakeries, confectioneries, beverages and sweets, among others. The market for cocoa nibs has experienced significant expansion. The increased demand for excellent and high quality items among the customers is one of the major causes for the boom in the cocoa nibs industry. It is commonly used to enhance the aroma of foods, cosmetics and personal care products. Cocoa nibs market trends have increased in recent years in countries like Germany, France, and Belgium.
Cocoa powder, cocoa butter and cocoa liquor are all made from cocoa beans. Raw cocoa beans come mainly from family farms. The production of cocoa beans is a complex operation involving many workers in order to meet the global demand. Due to the growing demand for luxury goods, the cocoa nibs industry is expected to grow rapidly in the coming years. The consumption of ruby and dark chocolates, in particular, is expected to drive the market growth.
The cocoa nibs market has witnessed a significant drop in revenue due to the outbreak of the COVID-19 disease. The imposition of the lockdown and the resulting panic led to increased market revenue for cocoa nibs. However, the forced closure of many production units weighed heavily on market growth. Many economies are still struggling to recover from the effects of the coronavirus.
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The cocoa nibs market has been divided into distribution channels and segments.
The cocoa nibs segment is further divided into non-store and in-store channel-based distribution channels.
The cocoa nibs industry is further separated into organic and conventional based on the category. In recent years, the conventional category division has accounted for the highest market share. Due to their low price and ease of availability, conventional cocoa nibs are expected to drive the market expansion.
North America, South America, Asia-Pacific, Europe, Middle East and Africa accounts for the majority of the cocoa nibs market share.
The European region has had the largest share of the global trade in cocoa nibs in recent years. The main drivers of the considerable growth in this region are the increase in demand and consumption of chocolates. Over the projection period, Europe is expected to grow at a CAGR of 4.48%. In the coming years, the market is expected to grow even more, reaching $503.8 million.
In the global market, the North American region is expected to come in second place. This region accounted for around 34.4% of the global cocoa nibs industry in previous years. The North American region is expected to grow in the coming years due to the popularity of chocolate products and high consumption.
The Asia-Pacific region, on the other hand, is seen as a booming market for cocoa nibs. Several developing countries, such as India and China, are key market contributors. In these countries, a number of cocoa nibs market vendors have developed, influencing the expansion of the market.
The availability of raw materials in the Middle East and Africa is also expected to boost the overall market. Cocoa nibs are produced using natural processes and traditional methods by a variety of cocoa nib vendors.
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The major market players are Cocoa Products Corporation (USA), Barry Callebout AG Switzerland, NOW Health Group Inc. ((USA), Nutrisure Ltd (UK), Cocoa Family Farms (USA), Sunfood Corporation (USA), Viva Naturals (Canada), Navitas LLC (USA) and Santa Barbara Chocolate (USA).
NOTE: Our team of researchers is studying Covid19 and its impact on various industry verticals and if necessary we will review Covid19 footprints for better market and industry analysis. Kindly get in touch for more details.
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