Market Introduction
The cocoa bean is a dried and fully fermented seed, from which cocoa solids and cocoa butter can be extracted. These beans are the basis of chocolate, and are used in some other foods as well such as Mesoamerican foods. It is the heated form of cacao which undergoes a high temperature of heat during the processing. It still retains a large amount of antioxidants and is good for heart, skin, blood pressure, and stress levels. Organic cocoa is a bit more acidic and bitter than the normal cocoa. Organic cocoa is majorly used by premium chocolate brands to make chocolates. It is also used in personal care products as organic cocoa contains nutrients such as minerals, vitamins, antioxidants, and others which are beneficial for maintaining a healthy skin.
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Market Forecast
The global market for organic cocoa have witnessed continued demand during the last few years and is projected to reach USD 585 million by 2022. Developing economy and consumers’ adoption of sustainable development trends are likely to drive the organic cocoa market share in the countries of the developed regions. Increasing disposable income and technological strides facilitating agricultural productivity are also likely to have a positive impact on its market growth.
Based on the application, personal care products is expected to witness the highest growth rate (~13%) on a global level. Functional food & beverages based application of organic cocoa will hold a significant share and will also witness a steady growth during the given forecast period. Pharmaceuticals is likely to experience a high and is estimated to hold a market share of more than 5% during the given period.
Competitive Analysis
The major key players in organic cocoa are
- Olam (Uganda) Limited (Uganda)
- BT Cocoa (Indonesia)
- Tradin Organic Agriculture B.V. (U.S.)
- Conacado Agroindustrial S.A.(Dominican Republic)
- Barry Callebaut AG (Switzerland)
- Blommer chocolate company (U.S.)
- Mars Inc. (U.S.)
Key players are focused majorly on acquisition of small players to expand their business and penetrate the global organic cocoa market. Expansion is also one of the key strategies followed by acquisition. Expansion will help in capturing the major market and increasing the production capacity to meet the rising demand from consumer’s end thereby further contributing to increasing revenue. Acquisition and expansions are evaluated to be contributing to more than 30% of strategy share and is facilitating the companies to penetrate the potential market across globe.
By Downstream Analysis
By 2022, organic cocoa will reach a market value of USD 585 Million on a global level. Potential applications of organic cocoa in food, pharma, neutraceuticals and personal care industries have a positive impact on its market share growth. Based on the application, personal care based application of cocoa will experience the highest growth rate of more than 13% during the given period. However, confectionery and bakery based application will dominate the market is will account for a share of more than 40% of the overall organic cocoa market. Confectionery and bakery will account for a market value of more than 75% during the corresponding period.
Regional Analysis
Among the regions, America will continue to dominate the Organic Cocoa Market with more than 60% of the market share and it is projected to reach more than USD 400 million by 2022. America will witness the highest growth rate (~14.27%) during the forecast period 2017-2022. Growing popularity of organic cocoa owing to their potential applications in food industries as well as pharmaceutical industries is supporting their market growth on the global level. Rising health awareness and increasing disposable income have been playing a key role in the organic cocoa growth from the last few years.
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