Cocoa Butter Market to Surpass US$ 8.9 Billion by 2028
Detailed analysis of the global cocoa market, by Future Market Insights (FMI) reveals a highly fragmented competitor landscape, while also covering profiles of some key market players including Cargill Inc., Barry Callebaut AG, Shirin Asal Food Industrial Group PJSC, Olam International Ltd, SunOpta Inc., Jindal Drugs Pvt ltd, Natra S.A., and Bolmay Cocoa. “In terms of key market strategies, industrial manufacturers of cocoa butter are focusing on strengthening their trade relations with major cocoa producing countries. Other manufacturers are focusing on expanding their presence in the Asian regions, especially in regions such as ASEAN through facility and product portfolio expansion”- Principal Analyst, Food and Beverages, Future Market Insights
Observing a near-moderate growth rate of 3.8 percent between 2018 and 2028, the global cocoa butter market is likely to exceed the valuation of US$ 8.9 Billion towards 2028 end—representing an incremental opportunity of US$ 2,786.7 Mn between 2018 and 2028, prominently driven by increased productivity of cocoa beans in African nations.
Key Push Factors Driving Cocoa Butter Market Sales Growth Globally
Growing demand for chocolate in dairy, frozen desserts and bakery, is expected to pave lucrative opportunities. Novelty products in the confectionery segment have triggered the demand for cocoa butter. Premium and novel cocoa products are expect to tighten their grip over the food industry in developed regions.
Given the high competition in cocoa market, demand for high quality texturing agents is expected to flourish, thereby translating into premiumization of cocoa butter, to suit the consumer demands.
Emerging substitutes including cocoa butter equivalents (CBE) are not likely to replace cocoa butter, owing to its unfulfilling taste and texture compared to the conventional cocoa butter.
Regional Outlook: New Opportunities Spotted in APEJ and Eastern Europe
Asian nations including Indonesia, Malaysia, India and China are projected to offer lucrative growth opportunities for cocoa butter manufacturers. Falling cocoa butter prices have encouraged confectioners to develop new products due to affordability in Asia Pacific along with Easter Europe. One such key development includes, Cargill Inc expanding its cocoa products portfolio investment in India.
Countries like Indonesia, Viet Nam and Malaysia are embracing the growth in the processing activities of cocoa beans and have emerged as potential pockets of opportunities in the Asian region for the cocoa butter market.
In Eastern Europe, the cocoa butter consumption is on the rise in regions such as Turkey and Poland. These countries are expected to register significant growth over the forecast period. The confectionery segment is expected to register 1.9x growth in terms of value over the forecast period.
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In North America, shift toward naturally aromatic ingredients and organic and clean-label products will translate into promising growth of natural cocoa butter—with highest adoption in the frozen desserts segment.
In Western Europe, Germany accounts for almost 30% market share in the cocoa butter market. On the other hand, Switzerland is expected to remain one of the major consumers of cocoa butter due to its large capacity of chocolate production.
Key Insights from the Segmentation Analysis of the Cocoa Butter Market
Deodorized cocoa butter is expected to witness significant demand in the cosmetic and personal care industries.
In terms of nature of cocoa butter, the clean-label trend will remain a key push factor for organic confectionery products- specifically in developed regions.
Blocks and powder, in short solid form, is an ideal choice of product form preferred by industrial manufacturers. Ease of transportation and storage, will work in the favor of block form cocoa butter—registering high growth in terms of value and volume. In APEJ, the powder segment is expected to register 2.2x growth in terms of value over the forecast period.
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