cocoa products market
The global cocoa products market garnered $24.5 billion in 2019 and is projected to reach $30.2 billion in 2026, growing at a CAGR of 3.1% from 2019 to 2026.
— Allied Market Research
PORTLAND, OREGON, UNITED STATES, July 27, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Cocoa Products Market by Product Type and Application: Global Opportunity Analysis and Industry Forecasts, 2019 – 2026″, Moreover, Europe is expected to dominate the global cocoa products market throughout the analysis period as the demand for cocoa-rich products is increasing consistently.
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Leading market players analyzed in the research are Guan Chong Berhad (GCB), Puratos Group, The Hershey Company, Touton S.A, Tradin Organic, Cargill, Ciranda, FUJI OIL CO., LTD., and United Cocoa Processor.
Covid-19 Scenario-
During the initial phase of the lockdown, the disrupted supply chain affected the market immensely.
Lack of workforce and stringent regulations imposed by government bodies have further created challenges for the market players.
Nevertheless, the governments in various regions are easing off the regulations, owing to economic benefits, thereby allowing the manufacturers to resume their procedures.
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The report has been segmented based on product type, application, and region. Based on product type, the report further segments the market into cocoa beans, cocoa butter, cocoa powder & cake, cocoa paste & liquor and chocolate. The cocoa beans segment held the largest share in 2018, accounting for nearly three-fifths of the total share, and is estimated to maintain its lead position throughout the forecast period. In addition, this segment is also anticipated to manifest the fastest CAGR of 3.3% from 2019 to 2026.
Based on application, the confectionery segment held the highest revenue in 2018, accounting for more than two-fifths of the total market share, and is projected to maintain its dominance by 2026. However, the cosmetics segment would register the highest growth rate, with a CAGR of 4.7% from 2019 to 2026.The report also includes food & beverages and pharmaceutical segments.
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Based on region, the market is analyzed across regions including Asia-Pacific, LAMEA, Europe, and North America. Europe accounted for the highest market share in 2018, contributing more than one-third of the total share, and will maintain its leadership status by 2026. On the other hand, Asia-Pacific is estimated to register the fastest CAGR of 3.9% from 2019 to 2026.
David Correa
Allied Analytics LLP
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email us here
Article originally published on www.einpresswire.com as Cocoa Products Market Share Worth $30.2 Billion by 2031 With CAGR of 3.1%
