The global cocoa derivatives market size is expected to reach USD 37,799.86 million by 2028; registering at a CAGR of 5.3% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Utilization of Cocoa as a Sustainable Beauty Ingredient by Cosmetics Industry Favors Cocoa Derivatives Market Growth
Cocoa derivatives are cocoa products derived from the processing of cocoa. The types of cocoa derivatives include cocoa beans, cocoa butter, and cocoa powder. These derivatives are also available in organic and conventional categories. The demand for organic and Fairtrade-certified cocoa beans is growing in the global market. Consumers are inclined toward consuming safer products that help them maintain overall health. The rising interest in pesticide-free food products positively affects the demand for organically grown cocoa. According to the World of Organic Agriculture 2022 report by the Research Institute of Organic Agriculture (FiBL) and the International Federation of Organic Agriculture Movements (IFOAM), the cultivation area of organic cocoa across the world reached 3.1% in 2020. Further, Lindt & Sprüngli have indicated that their organic cocoa products sales in Europe are growing at a much faster pace than overall cocoa products sales. Thus, manufacturers are adding organic products to their portfolios to cater to the increasing demand. For instance, Barry Callebaut offers domestically produced, organic-certified, non-alkalized cocoa powder.
Cocoa Derivatives Market Breakdown – by Region
Cocoa Derivatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Cocoa Butter, Cocoa Beans, Cocoa Powder, and Others), Category (Organic and Conventional), and Application [Food and Beverages (Bakery and Confectionery, Dairy and Frozen Desserts, Beverages, and Others), Personal Care, and Others]
Cocoa Derivatives Market Size, Share and Demand Report 2028
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Cocoa is one of the most beneficial beauty ingredients promoting healthy skin and, thus, is commonly employed in the cosmetic industry. It is rich in omega-6 fatty acids, polyphenols, flavonoids, and antioxidants, and can be used to make a variety of skincare and cosmetic products. For instance, cocoa butter is widely used in moisturizers, lip balm, and body butter due to its high fatty acid content. It helps reduce wrinkles, scars, and other marks on human skin. Moreover, cocoa butter exhibit therapeutic benefits against skin irritations, hair loss, and other health concerns. The unsaturated fat and monounsaturated oleic acid content of cocoa butter contributes to hair and skin health. Similarly, cocoa powder can be used to make many do-it-yourself (DIY) natural beauty recipes, including dry shampoo and eye shadow. Moreover, cocoa is used significantly as a coloring and flavoring agent in cosmetics.
Olam Group Ltd, Indcre SA, Cargill Inc, Natra SA, JB Foods Ltd, Ecuakao Group Ltd, United Cocoa Processor Inc, Barry Callebaut AG, Moner Cocoa SA, and Altınmarka Gıda San ve Tic AS are among the key players operating in the global cocoa derivatives market. These companies have a diverse geographic presence and offer an extensive product range to cater to different trends in the market.
Impact of COVID-19 Pandemic on Cocoa Derivatives Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverage industry. The shutdown of manufacturing units led to disturbances in global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of various countries in Europe, Asia Pacific, and North America on international travel compelled companies to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of various markets.
Changes in socioeconomic situations negatively impacted the consumption pattern of premium products in 2020. The restrictions imposed by governments of several countries in the world during the global crisis caused financial losses for farmers growing cocoa in small yet relevant cocoa-producing countries as the production surpassed the demand in the initial months of the pandemic. This led to a significant decline in the prices of cocoa. According to the International Cocoa Organization (ICCO), in New York, cocoa contract prices averaged ~US$ 2,528 per ton in January 2021, registering a 6% decrease compared to prices in the previous year (US$ 2,675 per ton). Moreover, the shutdown of facilities in the personal care, and food & beverages industries affected the performance of the cocoa derivatives market.
In 2021, several economies resumed operations as governments announced relaxation in the previously imposed restrictions, which boosted the global marketplace. Moreover, manufacturers were permitted to operate at full capacities, which helped them overcome the demand and supply gaps, and other repercussions. As a majority of the global population was fully vaccinated by 2021, the cocoa derivatives manufacturers focused on scaling up production operations to revive their businesses.
The report segments the cocoa derivatives market as follows:
Based on type, the cocoa derivatives market is segmented into cocoa butter, cocoa beans, cocoa powder, and other. In terms of category, the market is segmented into organic and conventional. The cocoa derivatives market, by application, is segmented into food and beverages, personal care, and others. Based on geography, the cocoa derivatives market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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