Los Angeles, March 09, 2020 -Considering the growth of the global Cocoa Powder market, QY Research has recently published a report titled, “2013-2028 Report on Global Cocoa Powder Market by Player, Region, Type, Application and Sales Channel.” In 2019, the market size for Cocoa Powder was raised to US$ 3682.3 Mn from US$ 3239.1 Mn in 2013. It is anticipated to attain value of US$ 5438.3 Mn by 2028 end. The global Cocoa Powder market is likely to grow at 3.2% from 2020 to 2028.
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Widespread Application in the Chocolate Industry to act as a Key Driver
Extensive application of Cocoa Powder as an additive in the chocolate industry for the production of chocolate syrups and chocolate confectioneries is one of the primary reasons behind the robust growth of the Cocoa Powder market. Health benefits, along with anti-inflammatory and anti-depressant properties, associated with Cocoa Powder are also supporting its demand. On the other hand, side effects associated with the consumption of products with high cocoa content may hamper the growth of the global Cocoa Powder market.
Barry Callebaut Launches Clean Label Cocoa Power
Cargill, Olam Cocoa, Barry Callebaut, Blommer, Plot Ghana, Cocoa Processing Company Limited, Dutch Cocoa, Indcresa, and JB Foods Limited are some of the key companies operating in the global Cocoa Powder market.
Consumers are becoming increasingly aware regarding their sugar intake, which is eventually giving rise to the clean label trend. Manufacturers are leveraging this opportunity by catering to the growing demand of consumers. For instance, in 2019, Barry Callebaut launched a clean label cocoa power made from chicory root fiber instead of sugar.
Alkalized Cocoa Powder to Gain Traction in the Market
Natural Cocoa Powder and Alkalized/Dutch-process Cocoa Powder are the two product types in the market. Alkalized cocoa powder is gaining popularity as a flavor enhancer in chocolate products owing to its ability to reduce the acidity and raise solubility.
Chocolate Industry to Emerge as a Key Application Segment
Based on application, the market is divided into Chocolate, Beverage & Dairy, Desserts, Barking and Biscuit, and Others. The chocolate industry is likely to emerge as one of the key end-use industries in the market on account of increased usage of cocoa powder to formulate chocolate syrups and confectioneries.
As far as the sales channel is concerned, the market is segregated into Direct Channel and Distribution Channel. Distribution Channel including speciality stores, convenience stores, and hypermarkets/supermarkets may acquire a handsome share in the market in forthcoming years.
APAC to Offer Growth Opportunities for the Cocoa Powder Manufacturers
Chocolate consumption is witnessing a rapid increase in the APAC region, which is likely to induce demand for cocoa powder. Other factors such as improved retail distribution and availability of international brands are also augmenting cocoa consumption in this region. Additionally, Indonesia is significantly contributing to the regional market growth as it is considered the crown jewel in the Asia’s Cocoa market.
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