Digital Innovations and Developmental Entrepreneurship Initiatives Improve Productivity of Farmers
Innovations and sustainable production techniques are the main focus in the cacao beans market. For instance, at the Chocoa 2020— a sustainable chocolate and cacao business event, it was acknowledged that the increasing use of smartphones has helped farmers understand that improved farming techniques can benefit their bottom line.
Digital innovations are gaining prominence in the cacao beans market. For instance, Farmerline— a company dedicated to create lasting wealth for smallholder farmers into successful entrepreneurs, is among the many initiatives that are bolstering market growth. Farm owners in the market for cacao beans are adopting pruning methods to increase their productivity and preserve the forests. Moreover, new product innovations in the confectionary category is one of the major key drivers contributing toward market growth. Plant-based chocolate innovations are at the forefront to meet needs of vegan consumers.
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Ingenious Technical Innovations in Confectionaries Boosting Cacao Beans Market Growth
Plant based-chocolate innovations are increasingly grabbing the attention of consumers. For instance, Nestlé S.A.- a Swiss multinational food and drink processing conglomerate corporation, announced the launch of their one-of-its-kind Kitkat Chocolatory Cacao Fruit Chocolate in Japan, which is claimed to be made from cacao beans and pulp as its only ingredients. As such, companies in the cacao beans market are taking cues from leading market players to replace refined sugar in chocolate with dried fruit sugar sourced from cacao pulp.
Sugar reduction and sugar replacement are some of the megatrends observed in the domain of chocolate products in the market for cacao beans. Sugar obtained from cacao pulp is helping manufacturers to increase their customer base among vegan consumers. However, the calorie content of refined sugar and sugar obtained from cacao pulp is roughly the same. As such, sugar obtained from plant-based resources such as cacao are easy to break down in the body and hence, serve the purpose of health-conscious consumers.
Sustainable and Economical Initiatives Help Meet Excessive Demand for Cacao Beans
The cacao beans market is estimated to reach a value of ~US$ 20 Bn by the end of 2030. However, excessive demand for cacao beans has led to the destruction of tropical rainforests. The practice of using herbicides and pesticides for faster growth of cacao trees is nearly damaging the natural and authentic quality of forest covers as well as soil. Hence, companies in the cacao beans market are launching developmental initiatives such as offering free seeds, fertilizers, and training to farm owners in order to maintain steady supply chains. As such, there is a need for more sustainable and economic solutions to protect the environment.
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In order to reduce the amount of waste in the environment, manufacturers in the market for cacao beans are creating biomass from the waste generated after extracting cacao pulp. Such initiatives are boosting the credibility credentials of manufacturers in the market landscape.
Low Number of COVID-19 Cases in West Africa Reduces Stress on Supply Chains
The prices of cacao beans is anticipated to tumble due to the coronavirus (COVID-19) outbreak. Due to risk-off periods in markets, the prices of products tend to drop, thus creating challenges for companies in the cacao beans market. Moreover, the potential of supply disruptions is expected to be witnessed in the cacao beans market. As COVID-19 cases are surging worldwide, the situation in West Africa is under control as compared to other countries such as the U.S. and Italy, where there is a high prevalence of COVID-19 patients. This carries good news for manufacturers as large volumes of cacao beans are produced in Ghana and Côte d’Ivoire.
It has been found that Côte d’Ivoire cacao grinders have processed more seeds in February 2023 as compared to the last season. This is another good news for manufacturers and will help limit stress on supply chains.
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As consumers are focused on buying essential commodities amidst the coronavirus crisis, the demand for cacao bean products is anticipated to take a hit and create concerns for the global cacao beans market. Unique production methods and post-harvest practices such as fermentation and drying help to source antioxidants from cacao beans and in the production of nutritional chocolate bars.
The market is estimated to progress at a favorable CAGR of ~7% during the forecast period. However, conventional processes such as the slash-and-burn approach are decimating tropical forests. Hence, companies should offer free training and other developmental initiatives with the help of digital innovations and smartphones to improve the yield of cacao beans and protect the environment.
Cocoa Beans Market: Overview
- The global cocoa beans market value stood at ~ US$ 10 Bn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is expected to reach ~US$ 20 Bn by 2030, at a CAGR of ~7%.
- The cocoa beans market is anticipated to witness lucrative prospects ahead due to increasing demand from various end-use industries
- Some of the leading companies are launching new and innovative cocoa products to cater to health-conscious consumers. Rising awareness about health benefits achieved from cocoa beans will fuel their demand in the coming years.
- The availability of diverse chocolate types and flavors has bolstered the number of consumers. Milk chocolate, cocoa powder, cocoa butter, dark chocolate, and brownies are in high demand, due to their availability in various flavors such as coffee, vanilla, and mint. In addition, manufacturers are launching innovative chocolates that include cereals, fruits, and nuts, especially in developed countries where consumers are seeking healthier options.
Cocoa Beans: Market Frontrunners
- Forastero cocoa beans account for the largest share of 85% of the cocoa beans market, followed by Trinitario, which currently accounts for 11% of the market in terms of value
- Among end-use applications, the food & beverages industry has the leading market share, which is approximately ~75% and is anticipated to expand at the rate of 6.8%during the forecast period. The increasing use of cocoa and cocoa products in most of the traditional dessert recipes, especially in the bakery and confectionery products, is expected to make chocolate and confectionery industry the most popular end user industry of the global cocoa liquor market in the future.
- Europe holds the leading share of the global market that is approximately ~43%, followed by South Asia and MEA, which is 17% and ~16% of the total market share
Cocoa Beans Market: Trends
- Special packaging in line with traditional customs or festivals lead to spike in demand
Premium chocolate-based products such as chocolate coated fruits, chocolate cookies, and assorted and caramelized chocolates are available in attractive baskets, cans, hampers, and special wrapping for occasions such as Christmas, New Year’s Day, weddings, and birthdays. Gift giving on these days is predicted to be one of the biggest drivers in the cocoa market.
- Innovations Aplenty In the Global Cocoa Market
Raw chocolate bars, quinoa vegan bars, and ‘ruby’ chocolate are just some of the offerings made by companies trying to retain their health-conscious consumers. Mainstream chocolate sales have stagnated in developed countries with customers increasingly worried about heart disease and obesity. This shift in taste has compelled chocolate manufacturers to reformulate or rebrand their mass-market chocolates to present a healthier image– at a premium price. Chocolate protein bars, single origin chocolate, and sugar-free chocolate are launched in response to consumer demand for higher quality. It is quite difficult to persuade consumers to purchase more chocolate but they might be open to purchasing better quality chocolate. Natural and locally sourced ingredients are in greater demand in the industry.
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Cocoa Beans Market: Strategies
- Cocoa industry has a relatively low number of market players who account for a larger share of the overall output/sales. The consolidation of the industry has put large scale industries, which control supply for a large part of the economy in an advantageous position.
- Some of the leading manufacturers in the global market for cocoa are projected to launch innovative and healthier cocoa liquor products such as organic cocoa liquor, gluten-free chocolates, etc., with the motive of capturing the health-conscious consumer base in the world.
- In January 2023, Häagen-Dazs, introduced two new ice creams, which contain ruby cacao. The ruby cacao beans used in these products have been sourced and processed by Barry Callebaut.
- In the year 2017, the CÉMOI Group acquired Chris Candies, a Pittsburgh, Penn.-based private label and contract manufacturing company with premium, organic, and low-sugar offerings
Target Region for Cocoa Beans Market
- In terms of value, Europe holds the dominant market share and it is anticipated to continue leading the global market during the forecast period. After Europe, Asia Pacific is at the second position, holding the major share of the global market.\
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Cocoa Beans Market: Players
- Some of the key players operating in the cacao beans market are
- Olam International Limited
- Barry Callebaut AG
- Theobroma B.V.
- Cargill Inc.
- Ciranda Inc.
- Edna Group
- Dutch Cocoa B.V.
- Cocoa Processing Company
- Kakao Berlin
- Niche Cocoa Industry Ltd.
- Nederland SA
- PT. Danora Agro Prima
- India Cocoa Pvt Ltd.
- United Cocoa Processors Inc.
- BT Cocoa,