Report : North America 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 4.4% CAGR, the North America Cocoa Derivatives Market is speculated to be worth US$ 9,791.06 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America cocoa derivatives market was valued at US$ 7,557.52 million in 2022 and is expected to reach US$ 9,791.06 million by 2028, registering a CAGR of 4.4% from 2022 to 2028. Rising demand for cocoa-based confectioneries and utilization of cocoa as sustainable beauty ingredient in cosmetics industry are the critical factors attributed to the North America cocoa derivatives market expansion.
Cocoa is increasingly being used in formulating different beverages and confectionery products, such as milkshakes, cakes, croissants, and hot cocoa. The influx of cocoa-based confectioneries has increased tremendously in developed and developing economies in the last several years due to growing consumer spending on various indulgent confectioneries, particularly chocolate-based products, and the surging popularity of molded and countline chocolates. Moreover, key manufacturers are adding new chocolate types, such as dark chocolate and ruby chocolate, to their portfolio. In February 2022, Hershey's created the limited-edition "Celebrate SHE" cocoa-based bars to commemorate all women and girls. The brand highlighted “SHE” in the center of the milk cocoa-based bar. The launch of such innovative cocoa-based confectioneries would further accelerate the cocoa derivatives market growth.
According to a survey by the Associated Chambers of Commerce and adulteration in traditional sweets, leading to a decrease in consumer confidence, and the rising prices of dry fruits are driving the popularity of cocoa-based confectioneries. Moreover, acceptance of chocolates, consistency in quality, attractive packaging, rising urban influence on youth, high disposable incomes, and sweet tooth together are the other prominent aspects that bolster the popularity of cocoa-based confectioneries. The flourishing trend of gifting chocolates during festivities also favors the demand for cocoa derivatives. Thus, the overall increase in demand for cocoa-based confectioneries drives the growth of the cocoa derivatives market. This is expected to drive the market during the forecast period.
On the contrary, fluctuations in prices of cocoa hurdles the growth of North America cocoa derivatives market.
Based on type, the North America cocoa derivatives market is categorized into cocoa butter, cocoa beans, cocoa powder, and others. The cocoa beans segment held 43.8% share of North America cocoa derivatives market in 2022, amassing US$ 3,311.90 million. It is projected to garner US$ 4,213.19 million by 2028 to expand at 4.1% CAGR during 2022–2028.
Based on category, the North America cocoa derivatives market is bifurcated into organic and conventional. The conventional segment held 83.8% share of North America cocoa derivatives market in 2022, amassing US$ 6,331.32 million. It is projected to garner US$ 8,056.68 million by 2028 to expand at 4.1% CAGR during 2022–2028.
Based on application, the North America cocoa derivatives market is categorized into food and beverages, personal care, and other. The food and beverages segment held 76.0% share of North America cocoa derivatives market in 2022, amassing US$ 5,745.15 million. It is projected to garner US$ 7,285.71 million by 2028 to expand at 4.0% CAGR during 2022–2028. Further, food and beverages segmented into bakery and confectionery, dairy and frozen desserts, beverages, and other.
Based on country, the North America cocoa derivatives market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.0% share of North America cocoa derivatives market in 2022. It was assessed at US$ 6,196.70 million in 2022 and is likely to hit US$ 8,002.29 million by 2028, exhibiting a CAGR of 4.4% during the forecast period.
Key players dominating the North America cocoa derivatives market are Olam Group Ltd; Indcre SA; Cargill Inc; Natra SA; JB Foods Ltd; United Cocoa Processor Inc.; Barry Callebaut AG; and Moner Cocoa SA 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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