According
to a new market report published by Credence Research “Cocoa Beans
Market –
Growth, Future Prospects, Competitive Analysis, and Forecast 2016 –
2022,” the cocoa beans market is expected to reach over US$ 16.0 Bn
by 2022, expanding at a CAGR of more than 3.0% from 2016 to 2022.
Market
Insights:
Theobroma,
which is the Latin name for cocoa means “food of gods”. This was known as food
of gods as it was a valuable crop to many South American cultures. In the early
days, the Mayans made use of cocoa to create a ritual beverage which was shared
among each other during marriage ceremonies and betrothal.
Due to technological advancements and change in lifestyles and
cultures, cocoa beans are used for wide range of applications. This valuable
crop is used in various industries such as cosmetics, food & beverage,
pharmaceuticals and chocolate among others. It is basic raw material in the
manufacturing of chocolate. Three types of cocoa beans exists which include
criollo, forestero and trintario.
Browse the Cocoa Beans (By Type-
Criollo, Forastero, Trinitario) (By Products- Cocoa Butter, Cocoa Powder and
Cocoa Liquor) Market @ http://www.credenceresearch.com/report/cocoa-beans-market
Among these, Criollo accounted for major share of global cocoa
beans market as it is known to be the most expensive beans and are used for
various application in the market. The other two types of beans are also used
in wide range of end-user industries and are projected to boost growth of cocoa
beans in the market. Cocoa beans, based on product type are segmented into
cocoa butter, cocoa powder and cocoa liquor. Among these cocoa butter accounted
as the largest product segment in 2015 and is anticipated to retain its
position in the near future. Growing demand from the chocolate industry is
expected to fuel demand for cocoa butter in the market, thereby boosting growth
of global cocoa beans market. Cocoa powder is in high demand from the food
& beverage and cosmetic industry due to its flavor and aroma. The
beneficial properties of cocoa beans have led to high demand from the end-user
industries worldwide. Hence, food & beverage and cosmetic industry is
expected to fuel high growth of cocoa powder in the market. Cocoa liquor is
also projected to boost growth of global cocoa beans market during the forecast
period from 2016 to 2022.
Competitive Insights:
Europe accounted for major share of global cocoa beans market in
2015. Europe is the major consumer of cocoa beans as high demand is reported
for cocoa beans from the chocolate and food & beverage industry in the
region. The beneficial properties of cocoa beans for skin and health are the
major factor driving the growth of cocoa beans in the market. Hence, Europe is
expected to boost high demand for cocoa beans in the near future. North America
followed Europe in terms of demand and accounted as the second largest market
for cocoa beans in 2015. Increasing demand for cocoa beans from the cosmetic
and pharmaceutical industry is expected to fuel growth of global cocoa beans in
the market. Other regions such as Asia Pacific, Latin America and Africa are
also projected to boost high growth of global cocoa beans market in the near
future.
Key Trends:
·
High demand from the chocolate industry
·
Growing demand from the food & beverage and cosmetic
industry
·
Opportunities from research & development activities to
identify additional applications of cocoa beans in the market
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