Leading companies in the global cocoa butter market are eying profits in developing economies through operational expansion, leveraging major reduction of duties on cocoa bean imports.
DUBLIN, IRELAND / ACCESSWIRE / February 10, 2020 / Set to gain a multi-billion-dollar opportunity between 2019 and 2028, the global cocoa butter market will surpass revenues worth US$ 8 Bn by 2028-end. Increasing involvement of manufacturers in innovating production methods of cocoa butter is adding a new dimension of growth to the market. A new Fact.MR study reveals that increasing popularity of non-chocolate cocoa products remain instrumental to the growth of cocoa butter market.
"Greater emphasis of farmers on sharpening profit margins in major cocoa producing countries such as Côte d'Ivoire and Ghana is shaping the market as an organized sector," says the Fact.MR report.
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Cocoa Butter Market: Key Findings
- Application of cocoa butter in confectionary will expand 1.7X through 2028.
- Conventional variant accounts for over 90% of global cocoa butter sales; organic variants are gaining rapid traction recently.
- Deodorized cocoa butter holds more than half of the market value, with demand concentrated in food & beverages industry.
- Rising consumption of cocoa butter in non-chocolate segments such as bakery, dairy, and frozen desserts continue to fuel market growth.
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Cocoa Butter Market: Key Driving Factors
- Heightening demand for hand-made, premium, and artisanal products will drive cocoa butter sales in the near future.
- Low availability of potential substitutes, owing to regulatory framework and sustained consumer preferences, will push steady market growth.
- Consumer preferences in favor of customized and personalized chocolate products will drive demand for cocoa butter.
Cocoa Butter Market: Key Restraints
- Side effects of overconsumption such as allergies, obesity, and cardiac and respiratory ailments continues to limit broader penetration.
- Near-to-saturation market space, leading to high competition, remains a key restraint facing regional markets of cocoa butter.
The global cocoa butter market is moderately consolidated, where leading manufacturers are focusing their efforts in strengthening their presence in new potential markets. Targeting lucrative markets such as China and India to leveraging the reduced taxes on cocoa imports will be among the key strategies of comapnies. Strengthening trade relations with cocoa export centers will significantly help manufacturers overcome the challenges associated with fragmented supply chains. Some of the major companies operating in the global cocoa butter market include, but are not limited to, JB Foods Ltd., Cargill Inc., Bolmay Cocoa, Barry Callebaut AG, ECOM Agroindustrial Corporation, Shirin Asal Food Industrial Group, Natra S.A., Olam International Ltd., Jindal Drugs Pvt. Ltd., and Sun Opta Inc.
About the Report
The 170-page report gives readers a comprehensive market forecast on the cocoa butter market. The key categories encompassed in the report include product type (natural, deodorized, and semi-odorized), product form (blocks, powder, and liquid), nature (organic and conventional), end use industry (food and beverage, bakery, frozen desserts, nutritional drinks, pharmaceuticals, personal care & cosmetics, and others), and key regions (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA).
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