Report : Asia Pacific Cocoa Derivatives Market Forecast to 2028 - COVID-19 Impact and Regional 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 Other Food and Beverages), Personal Care, and Other]
At 6.4% CAGR, the Asia Pacific Cocoa Derivatives Market is speculated to be worth US$ 9,264.06 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific cocoa derivatives market was valued at US$ 6,374.48 million in 2022 and is expected to reach US$ 9,264.06 million by 2028, registering a CAGR of 6.4% from 2022 to 2028. Mounting demand for cocoa-based confectioneries and use of cocoa as sustainable beauty ingredient in cosmetics industry are the critical factors attributed to the Asia Pacific cocoa derivatives market expansion.
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. Cocoa butter helps to protect against sunburn. Moreover, cocoa butter exhibits therapeutic benefits against skin irritations, hair loss, and other health concerns. Its unsaturated fat and monounsaturated oleic acid content 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. Cocoa is also used significantly as a coloring and flavoring agent in cosmetics.
With the increasing consumer demand for cocoa-based cosmetics due to their beneficial properties, manufacturers are utilizing this substance as a sustainable beauty ingredient. Such product innovation by manufacturers boosts the demand for cocoa derivatives, thereby bolstering the market growth. This is expected to drive the market during the forecast period.
On the contrary, fluctuations in expenses of cocoa hurdles the growth of Asia Pacific cocoa derivatives market.
Based on type, the Asia Pacific cocoa derivatives market is categorized into cocoa butter, cocoa beans, cocoa powder, and others. The cocoa beans segment held 41.4% share of Asia Pacific cocoa derivatives market in 2022, amassing US$ 2,639.46 million. It is projected to garner US$ 3,775.32 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on category, the Asia Pacific cocoa derivatives market is bifurcated into organic and conventional. The conventional segment held 88.9% share of Asia Pacific cocoa derivatives market in 2022, amassing US$ 8,192.50 million. It is projected to garner US$ 11,463.48 million by 2028 to expand at 6.3% CAGR during 2022–2028.
Based on application, the Asia Pacific cocoa derivatives market is categorized into food and beverages, personal care, and other. The food and beverages segment held 74.2% share of Asia Pacific cocoa derivatives market in 2022, amassing US$ 4,729.13 million. It is projected to garner US$ 6,718.21 million by 2028 to expand at 6.0% CAGR during 2022–2028. Further, food and beverages segmented into bakery and confectionery, dairy and frozen desserts, beverages, and other.
Based on country, the Asia Pacific cocoa derivatives market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 44.9% share of Asia Pacific cocoa derivatives market in 2022. It was assessed at US$ 2,860.11 million in 2022 and is likely to hit US$ 3,961.04 million by 2028, exhibiting a CAGR of 5.6% during the forecast period.
Key players dominating the Asia Pacific cocoa derivatives market are Olam Group Ltd; Indcre SA; Cargill Inc; Natra SA; JB Foods Ltd; United Cocoa Processor Inc.; Barry Callebaut AG; Moner Cocoa SA; and Altınmarka Gıda San. ve Tic. A.Ş. among others.
- In Sep 2020, Olam Group Ltd launched Olam Cocoa for professionals.
- In Feb 2019, Cargill Inc launched Gerkens CT70 cocoa powder, to its existing cocoa range.
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