At 5.8% CAGR, the Middle East & Africa Cocoa Derivative Market is projected to be worth US$ 1,287.80 million by 2030, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa cocoa derivative market was valued at US$ 919.43 million in 2022 and is expected to reach US$ 1,287.80 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. Demand for organic and fairtrade cocoa derivatives and improvement rising demand for cocoa-based confectioneries are the critical factors attributed to the Middle East & Africa cocoa derivative market expansion.               

Different types of cocoa derivatives, including cocoa beans, cocoa butter, and cocoa powder, are available in organic and conventional categories. The demand for organic and Fairtrade-certified cocoa beans is growing across the region. 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. The market for Fairtrade cocoa is expected to remain large, driven by long-term agreements between retailers and cocoa product brands to label their products under Fairtrade standards. The larger availability of private-label cocoa products in the market drives these arrangements between stakeholders. Thus, increasing demand for organic and Fairtrade cocoa derivatives is creating lucrative opportunities for the Middle East & Africa cocoa derivatives market.  

On the contrary, fluctuations in prices of cocoa hurdles the growth of Middle East & Africa Cocoa derivative market.

Based on type, the Middle East & Africa Cocoa Derivatives Market is segmented into cocoa butter, cocoa beans, cocoa powder, and others. The cocoa beans segment held 34.9% share of Middle East & Africa Cocoa derivative Market in 2022, amassing US$ 321.17 million. It is projected to garner US$ 442.63 million by 2030 to expand at 5.5% CAGR during 2022–2030.

Based on category, the Middle East & Africa Cocoa Derivatives Market is bifurcated into organic and conventional. The conventional segment held 95.7% share of Middle East & Africa Cocoa derivative Market in 2022, amassing US$ 880.26 million. It is projected to garner US$ 1,224.98 million by 2030 to expand at 5.7% CAGR during 2022–2030.

Based on application, the Middle East & Africa Cocoa Derivatives Market is segmented into food and beverages, personal care, and other. The food and beverages segment held 75.7% share of Middle East & Africa Cocoa derivative Market in 2022, amassing US$ 696.33 million. It is projected to garner US$ 957.90 million by 2030 to expand at 5.5% CAGR during 2022–2030.  

Based on country, the Middle East & Africa Cocoa Derivatives Market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 49.7% share of Middle East & Africa Cocoa derivative Market in 2022. It was assessed at US$ 457.14 million in 2022 and is likely to hit US$ 621.33 million by 2030, exhibiting a CAGR of 5.2% during the forecast period.  

Key players profiles in the Middle East & Africa Cocoa derivative Market report Altınmarka Gıda San ve Tic AS, Barry Callebaut AG, Cargill, Inc, Indcre SA, JB Foods Ltd, MONERA COCOA SA, Natra SA, and Olam Groupe Ltd, among others.

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