The objective of the study conducted by Future Market Insights (FMI) is to provide in-depth insights into diverse factors including demand and restraints affecting revenue generation in the cocoa butter market. It also forecasts the scope of expansion for the market across segments including product type, nature, product form, and end use for the coming ten years.
DUBAI, UAE, Nov. 17, 2021 /PRNewswire/ -- As per an exhaustive study by FMI, the global cocoa butter market is expected to reach US$ 6.7 Bn in 2021. Increasing applications of cocoa butter for making confectionaries, brownies, ice creams, chocolate milk, and others are spurring sales in the market.
Rapidly expanding chocolate industry in emerging economies such as India, Brazil, and China is propelling the demand for cocoa butter as intermediates. Driven by this, the market is expected to exceed US$ 9.8 Bn, surging at a CAGR of 3.8% during the forecast period from 2021 to 2031.
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Additionally, increasing demand for premium and handmade chocolate with a tempting glossy appearance, smooth texture, and melting behavior is facilitating the growth in the market. On account of this, sales of cocoa butter are anticipated to rise at 3.6% growth rate between 2020 and 2021.
Cocoa butter is gaining immense popularity across personal care & cosmetics industry owing to its high Vitamin E, phytochemicals, and anti-oxidant content. It is extensively being used for the production of skincare products such as moisturizers, sunscreens, and face creams as it slows skin aging, smoothens wrinkles, and lightens scars.
Hence, increasing demand for the aforementioned products is expected to create lucrative revenue opportunities in the market.
Based on product form, cocoa butter in blocks form is projected to remain the most remunerative segment, accounting for more than 85% of the sales through 2031. Primary factors driving the growth are its smooth texture and light aroma, which is ideal for chocolate making.
"Leading chocolate manufactures are extensively making use of cocoa butter to develop products without allergens such as sugar-free chocolates and gluten-free chocolates. Through this, they intend to attract more sensitive consumers. This is expected to accelerate the growth in the market," says the FMI analyst.
Key Takeaways from Cocoa Butter Market Study
- The U.S. is estimated to account for substantial revenue share in the North America market, projecting sales at a CAGR of 2.4% through 2031.
- India is anticipated to emerge as one of the fastest-growing markets in Asia Pacific excluding Japan, expanding at a robust CAGR of 8.9% over the coming ten years.
- The market in the U.K. is projected to witness healthy growth in Western Europe, growing at 2.9% CAGR during the forecast period.
- Based on end use, the personal care & cosmetic industry is forecast to emerge as a highly lucrative segment, exhibiting growth at 3.3% CAGR between 2021 and 2031.
- Cocoa butter in the form of blocks is expected to continue leading the segment, spurring at 7.6% CAGR over the assessment period.
Key Drivers
- Rising application of cocoa butter across the pharmaceutical industry for formulation of ointments and creams to treat eczema and dermatitis rash is driving the market.
- Increasing consumption of chocolate-flavor cakes, brownies, cookies, and others across the U.S., India, China, and Germany is propelling the demand for cocoa butter across the bakery segment.
Key Restraints
- Rapidly changing weather conditions are affecting the yield of cocoa beans, causing fluctuations in the cost of cocoa butter, which is in turn, hampering the growth in the market.
- Side effects associated with consumption of cocoa butter such as allergic skin reaction, constipation, intestinal discomfort, gas, and stomach rumbling is expected to hinder the sales.
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Competitive Landscape
Leading players in the global cocoa butter market are Cargill Inc., Barry Callebaut AG, Shirin Asal Food Industrial Group PJSC, and Olam International Ltd, SunOpta Inc. These companies are estimated to collectively account for 30% to 50% of the total revenue share in 2021.
Established companies are focusing on expanding their portfolio and global presence to strengthen their market footprints. Some of the player are aiming at investing to increasing their production capacity to increasing their market share. For instance,
- In December 2019, Cargill Inc., an American privately held global food corporation, announced investing US$ 113 million to expanding its cocoa processing in Ivory Coast, Tema, and Yopougon, Ghana. The investment is aimed to increase the production capacity by 50% in Yopougon, and 20% in Tema products facility.
- In January 2018, Cargill Inc., an agro-ingredients firm announced expanding its cocoa product portfolio by making investment in the Indian market. The strategy will assist the company to strengthen is footprint in India and expand its consumer base the cocoa industry.
Some of the key players operating in the market profiled by FMI are:
- Cargill Inc.
- Barry Callebaut AG
- Shirin Asal Food Industrial Group PJSC
- Olam International Ltd
- SunOpta Inc.
- Jindal Drugs Pvt ltd
- Natra S.A.
- Bolmay Cocoa
- ECOM Agroindustrial Corporation
- JB Foods Ltd.
- Others
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More Valuable Insights on Cocoa Butter Market
FMI, in its new report, offers an unbiased analysis of the global cocoa butter market, analyzing forecast statistics for the assessment period 2021-2031. The survey reveals growth projections on in cocoa butter market with detailed segmentation:
By Product Type:
- Natural
- Deodorized
- Semi-deodorized
By Nature:
- Organic
- Conventional
By Product Form:
- Blocks
- Powder
- Liquid
By End Use:
- Food & Beverage Industry
- Confectionery
- Bakery
- Frozen Desserts
- Nutritional Drinks
- Others
- Pharmaceuticals
- Personal Care & Cosmetics
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
Key Questions Covered in the Report
- The report offers insight into cocoa butter market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for cocoa butter market between 2021 and 2031
- Cocoa butter market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Cocoa butter market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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