The estimated size of the worldwide cocoa extract market in 2022 is US$ 7.91 billion, and it is anticipated to increase by 3.5% CAGR to US$ 11.24 billion by 2032. The cocoa extract market is a growing industry driven by increasing demand for cocoa-based products in various industries such as food and beverage, pharmaceuticals, and cosmetics. Cocoa extract is a concentrated form of cocoa powder, which contains flavonoids, antioxidants, and other beneficial nutrients.
The global cocoa extract market is expected to witness significant growth over the forecast period. The increasing popularity of dark chocolate and other cocoa-based products as a healthy and indulgent snack is a key factor driving the market growth. In addition, the rising demand for natural and organic products is also expected to boost the market
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The food and beverage industry is the largest consumer of cocoa extract, with applications in various products such as chocolate, confectionery, baked goods, and beverages. The demand for cocoa extract in the pharmaceutical and nutraceutical industry is also growing, owing to its antioxidant and anti-inflammatory properties.
Key Takeaways from Market Study
- The global cocoa extract market is growing and is expected to witness significant growth over the forecast period.
- The increasing popularity of dark chocolate and other cocoa-based products as a healthy and indulgent snack is a key factor driving the market growth.
- The food and beverage industry is the largest consumer of cocoa extract, with applications in various products such as chocolate, confectionery, baked goods, and beverages.
- The demand for cocoa extract in the pharmaceutical and nutraceutical industry is also growing, owing to its antioxidant and anti-inflammatory properties.
- The market is highly competitive, with key players such as Cargill, Barry Callebaut, Olam International, and Blommer Chocolate Company dominating the market share.
- The market is facing challenges such as fluctuations in cocoa prices, increasing competition from substitute products, and the impact of COVID-19 on the supply chain.
Competitive Landscape
As more attention has been placed on the antioxidant and nutrient-rich profile of cocoa extract, which is being validated by fresh scientific study papers, product releases have taken over the cocoa extract market.
For illustration:
- A new line of cocoa extract and flavours was introduced by Prova. This type of cocoa extract boasts a longer shelf life and is eight times stronger than cocoa powder.
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Key Companies Profiled
- ETChem
- Haldin
- Kerry Inc.
- Van Aroma
- Indo-World
- Merck KGaA
- CPC Ingredients
- Tharakan and Company
- PROVA SAS
- The Green Labs
- Cyvex Nutrition, Inc.
- Bioriginal Food & Science Corporation
- John Aromas
- Phytoextract Pvt. Ltd.
Regional Analysis
North America and Europe are the largest consumers of cocoa extract, owing to the high consumption of chocolate and other cocoa-based products in these regions. In addition, the rising demand for natural and organic products is also expected to drive the market growth in these regions.
Asia-Pacific is expected to witness significant growth in the cocoa extract market, owing to the increasing demand for chocolate and other cocoa-based products in countries such as China and India. The growing middle-class population and rising disposable incomes in these countries are driving the demand for premium chocolate products.
Latin America is a major producer of cocoa beans, with countries such as Brazil, Ecuador, and Colombia being the leading producers. The increasing demand for cocoa extract in the region is driven by the growing popularity of dark chocolate and other premium chocolate products.
Middle East & Africa is a growing market for cocoa extract, with the increasing demand for premium chocolate products in countries such as Saudi Arabia and UAE. In addition, the rising popularity of cocoa-based beauty and personal care products is also driving the market growth in the region.