$9.9-billion cocoa market to grow 3.76 percent annually
Market research group projects growth to reach $13.7 billion by 2025.
A growing demand for fine flavor and high quality cocoa worldwide will drive growth in the global cocoa market, says a Coherent Market Insights analysis.
According to the Seattle-based research firm’s “Global Cocoa Market” report, the cocoa market was valued at $9.89 billion. It is expected to grow at a CAGR of 3.76 percent over the forecasted period (2017-2025), reaching $13.74 billion by 2025.
In addition to demand for fine flavor and high quality cocoa, “rising concerns regarding health and wellness among consumers is fueling growth of the cocoa market, as it contains flavonoids,” the report says.
The authors point out that health benefits associated with consumption of flavonoids have improved cholesterol level and blood vessel functioning as well as reduced blood pressure.
“Higher health benefits associated with dark chocolate, owing to its higher cocoa content is fueling the demand for well processed cocoa beans from a fine flavor variety such as Trinitario,” it states. “Dark chocolate sales accounted for $19.26 billion in 2016 and are expected to show the fastest growth at a CAGR of 8.3 percent during the forecasted period (2017-2025).”
The authors point to the introduction of variety of ingredients such as dry fruits and sea salt, as another stimulant for worldwide chocolate demand. The steadily growing chocolate industry supports the overall growth of the cocoa market, the report says.
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