Future Market Insights (FMI) delivers key insights on the global cocoa butter market in its upcoming outlook titled, “Cocoa Butter Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028”. In terms of value, the global cocoa butter market is projected to register a CAGR of 3.8% during the forecast period due to various factors, regarding which FMI offers vital insights in detail.
Despite the sluggish growth in the chocolate segment, the demand for cocoa butter is on the rise for end-use segments such as dairy, frozen desserts, and bakery. Novelty products in the confectionery segment have triggered a demand for cocoa products such as cocoa butter, cocoa liquor, and cocoa powder. Being a by-product of the cocoa processing industry, cocoa butter is expected to witness a collective growth, as a result of increased processing activities of cocoa beans. The demand for cocoa butter in novel confection products is particularly dominant in developed regions, where the demand for chocolate is either declining or stagnant, and premium and novel cocoa products are tightening their grasps over the food industry.
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Also, due to high competition and saturation in the cocoa butter market, manufacturers are increasingly following a trend of customization of cocoa butter to stay ahead in this competitive market. In a bid to offer cocoa butter which caters to the specific needs of the audience and suit the desired taste and texture profiles of confections, cocoa butter manufacturers are increasingly developing higher quality cocoa butter in formulations unique to the desired applications.
Manufacturers are increasingly focusing on emboldening the origin and provenance of the cocoa butter. This is in answer to consumer demand for premium, hand-made and artisanal products in which cocoa butter is used in a farm-to-food fashion, and evades the process of industrial processing and blending of cocoa butter. This is due to consumer perception about the technology and processes used to manufacture cocoa butter, as acknowledgement and awareness of processes and methods used to manufacture cocoa butter is bearing importance in deciding the value of the terminal cocoa products. Moreover, the demand for dark chocolate, in which cocoa butter content is slightly higher, is growing at a much faster pace as compared to its sweetened versions and milk chocolates.
Cocoa butter processors are progressively focusing on strengthening trade relations with the countries exporting cocoa beans or processed products such as cocoa butter and powder. As the supply chain of the cocoa butter is extremely fragmented in terms of regions, and hence, trade relations have played a major role in the growth of the cocoa butter market.
As the health-consciousness has grown amongst consumers, especially in developed regions such as North America and Western Europe, the demand for chocolate has fallen significantly. Due to lower demand, the imports for cocoa butter from the chocolate manufacturers have exhibited resistance, resulting in a drop in prices of cocoa butter. This factor is coupled with the fact that the Ivory Coast and Ghana government bodies have upped the profit margin received by the cocoa farmers, so overseas merchants are even more reluctant to buy cocoa beans or cocoa butter from these countries. As a result, illegal trading of cocoa beans and cocoa butter by small growers in a quest to support their livelihood has become prominent in the past few years of fluctuating demand and supply of cocoa butter and other cocoa products.
Declining demand from consumers topped with deteriorating trade relations between growers, cocoa butter processors and manufacturers have already resulted in an unstable cocoa butter market and may exhibit few adverse effects on the cocoa butter market over the forecast period as well.
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This report covers trends driving each segment and offers analysis and insights of the potential of the cocoa butter market in specific regions. Asia Pacific excluding Japan is expected to register high growth rates between 2018 and 2028 and Western Europe is expected to remain a fairly significant market for cocoa butter through 2028. According to market attractiveness, North America and Western Europe are relatively more attractive markets in the cocoa butter market.