In 2023, the cocoa butter market is expected to be valued at US$ 8,890.5 million. This figure is expected to reach US$ 10,558.9 million by 2033, at a CAGR of 1.7%.
Cocoa butter is an excellent source of vitamin E, which promotes vision and maintains brain and skin quality. These nutritional benefits contribute positively to the sales of cocoa butter during the forecast period. Furthermore, the availability of a wide variety of chocolate flavors is a factor that has increased the usage of cocoa butter. This is true, especially in the case of developing countries, where certain types of flavors are new to customers present in these countries. This is expected to increase the demand for cocoa butter during the forecast period.
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The need for cocoa butter is also increasing, especially in bakeries and confectioneries. This is due to the increase in the sales of pastries, and cocoa butter is one of the most important ingredients for making pastries of certain flavors. This is expected to increase the sales of cocoa butter during the forecast period. A study conducted by some scientists has revealed that dark chocolates made with cocoa butter contain more flavonoids than any other type of chocolate. Flavonoids are responsible for reducing high blood pressure. They also help in overcoming age-related memory problems.
According to research conducted by IMF, Europe is likely to be the largest market for cocoa butter during the forecast period. Europe is home to some of the best chocolate manufacturers based in Germany, UK, Belgium, France, and Italy.
Key takeaways:
According to FMI, the US market is expected to grow by 33.0% due to increasing demand for confectionery in 2022.
German Market Expected to Grow at a CAGR of 31.0% in 2022
The Japanese market looks promising and is expected to reach a CAGR of 7.0% in the same year.
The IMF observed that the Australian market grew by 1.1% in 2022
The Chinese market grew at an average annual rate of 4.8% in 2022 due to consumer awareness of sustainable products.
India posted a CAGR of 3.3% in 2022, driven by the combination of sustainability drivers and growing consumer preference for protein-rich products.
According to a study by FMI, the UK market grew by 2.1% in 2022. This decline in CAGR is due to fluctuations in prices and availability.
Competitive landscape:
Concerned about sustainability, major market players are using sustainable ingredients to ensure that they are taking the best possible measures, mainly for the improvement of the farmers’ lifestyle.
RECENT DEVELOPMENTS:
In August 2022, Olam Agri appointed Ashish Pande as Country Manager in Nigeria.
In May 2022, Barry Callebaut opened a new Chocolate Academy center in Casablanca, Morocco.
Main competitors :
Cargill Inc. offers a diverse range of origins and plant locations that allow for customization of the product and supply chain to meet the specific needs of consumers around the world. They offer many choices to maintain the texture and flavor of their chocolate in several varieties, such as
Butter with a strong taste: Their cocoa butter flavor adds an extra flavor to consumers’ chocolate and enhances the overall taste experience.
Partially deodorized: They also offer a number of cocoa butter options with varying degrees of deodorization.
White cocoa butter: They also offer white cocoa butter, which is used to enhance the appearance of white chocolate, providing the best white chocolate experience available.
Key Players in the Cocoa Butter Market
Cargill Inc.
Barry Callebaut AG
Shirin Asal Food Industry Group PJSC
Olam International Ltd
SunOpta Inc.
Natra SA
Bolmay Cocoa
Agro-industrial company ECOM
JB Foods Ltd.
Jindal Drugs Pvt. Ltd.
Others
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Key Segment of Cocoa Butter Market
By product type:
Natural
Deodorized
Semi-deodorized
By nature:
By product form:
By end use:
Food industry
Drugs
Personal care and cosmetics
By region:
North America
Latin America
Asia Pacific
THING
Europe
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