The global organic cocoa market size was USD 532.45 million in 2020. The market is projected to grow from USD 570.95 million in 2021 to USD 942.57 million by 2028, exhibiting a CAGR of 7.42% during the forecast period. Fortune Business Insights™ provides this information in its report titled, “Organic Cocoa Market, 2021-2028.”
As per our report, buyers these days opt for better-for-health and harmless products to uphold their health and diminish the threat of lifestyle-based health disorders, and this is likely to fuel demand for organic cocoa in the market during the mentioned timeframe. Additionally, cocoa is one of the richest sources of polyphenols. It is packed with vital nutrients in abundances, such as flavonols, which have effective antioxidant and anti-inflammatory impacts. Therefore, keeping these factors in mind, health conscious population prefers to consume this product healthily.
The report presents a systematic study of the market segments and a thorough analysis of the market overview. A thoughtful assessment of the current market trends and the forthcoming opportunities is offered in the report. Besides, it presents an extensive analysis of the regional insights and their relation with the market growth. The COVID-19 impacts have been discussed in the report to assist stakeholders and business owners with a better understanding of the potential risks existing in this industry. The report further mentions the key players and their chief strategies to stay in the leading position.
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COVID-19 Impact: Loss of Workforce due to Lockdown Has Had Mild Impact on Market
The COVID-19 pandemic disrupted almost every industry when it hit the world in 2019. Due to government infliction of lockdowns, further problems aroused, such as loss of workforce along with revenue reduction. The chief companies faced a reduction in manpower which considerably affected the production proficiency. Moreover, the strike in demand for retail goods such as chocolates, beverages, and cocoa powder formed several complications for producers to plot the production and delivery. Nevertheless, the increasing worries associated with security augmented the demand for organic products to safeguard harmless and healthy consumption. Users have become more concentrated on healthy, nutritious, and beneficial products. The affirmative progression of consumers’ inclinations towards organic goods is anticipated to enhance the growth of the organic cocoa industry in the foreseeable future.
The Hershey Company Concentrates on Portfolio Extension to Reinforce its Existence in Market
The Hershey Company, which is a prominent chocolate confectionery corporation worldwide, is dynamically aiming at financing the development of its product collection to fortify its presence in the market. For example, in February 2021, The Hershey Company declared to introduce a variety of organic, sugar-free chocolate goods to explore the market interest owing to the budding trend of organic and premium chocolate sweet products.
March 2020: India-based Pascati has innovated and developed 14 different variations of organic chocolates by utilizing organic cocoa obtained from Kerala, India.
List of Key Players Covered in the Market Report
- Olam International Limited (Singapore)
- Barry Callebaut AG (Zurich, Switzerland)
- Tradin Organic Agricultural B.V. (Amsterdam, Netherlands)
- Conacado Agro Industrial S.A. (Dominican Republic)
- Cargill, Inc. (Minnesota, U.S.)
- Blommer Chocolate Co. (Pennsylvania, U.S.)
- Pascha Chocolate Co. (Ontario, U.S.)
- Guan Chong Berhad (Malaysia)
- The Hershey Company (Pennsylvania, U.S.)
- Jindal Cocoa (Mumbai, India)
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Based on type, the market is segregated into cocoa butter, cocoa liquor, and cocoa powder. Cocoa butter is the leading type of organically produced product, holding the largest organic cocoa market share of 62.90% as of 2020 attributed to its widespread application in various manufacturing of chocolate confectioneries.
On the basis of application, the market is further separated into confectionery, beverages, bakery products, and others. In terms of geography, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Drivers and Restraints
Surging Popularity of Organic Food Produces to Stimulate Market Growth
The frantic modern lifestyle of customers across the world has shifted their food purchasing habits speedily. Customers are particular towards healthier products with harmless properties that support preserving overall fitness. Organic goods are insecticide-free and thus grown securely. The increasing fondness for natural, chemical-free food impacts the requirement for naturally grown cocoa positively through the food and beverage industry. The surging admiration of organic chocolate confectioneries, desserts, bakery products, and beverages between users has powered the growth this market over the years.
Moreover, the rising trend of consuming clean-label goods, mainly across emerged markets of Europe and North America, also boosts this industry. Prominent producers and cocoa processors are fixated on financing in the R&D of advanced products to reach a broader customer base, and this is anticipated to assist the market growth. The affirmative development of organic agricultural methods and extension of an organic food supply chain is estimated to further drive the organic cocoa market growth in the forthcoming years.
Europe to Dominate Backed by Surging Health Conscious People in Germany and France
Europe held USD 219.59 million in terms of revenue in 2020 and is estimated to be the key market for chocolate and cocoa products owing to the escalating consciousness regarding secure equivalents of organic products over the traditional ones. Leading European countries such as Germany, France, and Italy are turning progressively conscious about upholding a fitness routine, which has, in turn, augmented the demand for organic products.
The evolving trend of clean-label, fair-traded, and morally obtained food products in North American markets such as the U.S. and Canada have eventually powered the growth of the market in the region.
Asia Pacific is observing healthy growth of the market owing to the amplified flexible income levels among buyers in the region. The increasing capability of customers to expand on beneficial products has augmented the application for organic cocoa across confectionery, beverage, bakery, and dairy industries.
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