The global cacao beans market is expected to witness a significant CAGR of 7.4% in the forecast period and to be valued at more than USD 28.4 billion by 2032.
Since the chocolate industry is expected to grow quickly in developing nations like China and India, there is likely to be a greater need for cocoa beans as middlemen. The expanding importance of coating in processing vegetables, fruits, and cereals for better flavor is predicted to drive up demand for cacao beans.
The chemical is used in various industries, including functional food and beverage, confectionery, medicines, and cosmetics, due to its positive health benefits, including reducing the symptoms of hypertension and chronic fatigue syndrome.
Currently, organic farming accounts for 4.6% of cocoa bean production. Since it is a challenging crop to grow organically, there are still challenges in increasing total production to meet consumer demand for organic agricultural goods.
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The European cacao bean industry needs a steady stream of cacao beans with the necessary qualities to meet our wide range of end uses. The complicated market for chocolate and goods derived from cacao requires a variety of cacao beans to suit consumer demands for quality and taste, as well as cost-effectiveness, food safety, and efficiency.
Key Takeaways from Market Study
- The cacao beans market is expected to expand at a CAGR of 7.4% over the forecast period.
- The cacao beans are expected to have a market value of US$ 28.4 billion by 2032.
- Among the bean type segment, Forastero is dominating the segment, holding around 80%. The revenue and it is expected to have a CAGR of 5.3% over the forecast period.
- Among the application segment, Food & Beverages is expected to dominate the cacao beans market, holding more than 65.6% revenue share, and it is expected to develop around 5.3% CAGR over the forecast period.
- Among the natural segment, conventional dominated the nature segment, holding around 87.5% in 2022, and it is expected to grow with a CAGR of 6.2% over the forecast period.
- Among sales channels, B2B is dominating the cacao beans market and expected to dominate the market in 2032.
- North America holds a significant share of 85.9% in the cacao beans market.
"The increasing consumption of chocolate products and changing lifestyles are escalating demand for Cacao-beans," says a Future Market Insights analyst.
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Key manufacturers of the global cacao beans market are majorly focusing on research & development in order to develop innovative and unique product offerings. In addition to this, these key players in the Cacao-beans market are also concentrating on merger, acquisition and joint ventures to expand their geographical presence and also to increase the existing production capacity.
In June 2021, Hershey acquired Lily's Sweets, a low-sugar chocolate manufacturer, as part of the U.S. chocolate giant is seeking to expand its product portfolio of better-for-you snacking brands. Cynthia Tice founded the company to sweeten traditional chocolate indulgences with stevia.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global cacao beans market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on bean type (Forastero, Trinitario, Criollo), by Application (Food & Beverages, Pharmaceuticals, Cosmetic and Personal Care), by Nature (Organic, Conventional), by Sales Channel (B2B, B2C), by Product type (Powder, Cacao Butter, Paste/Liquor), by Voluntary Sustainability Standard (UTZ certified, rainforest alliance, Fairtrade international) across seven major regions of the world.
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Frequently Asked Questions
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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