The Asia Pacific Cocoa Derivatives Market would witness market growth of 6.9% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 460.3 kilo tonnes, showcasing a growth of 6.5% (2019-2022).
Cocoa derivatives are pivotal in producing cocoa-based beverages, ranging from traditional hot chocolate to modern gourmet drinks. The application of cocoa derivatives in the beverage industry extends to alcoholic beverages, where chocolate-infused cocktails and cocoa-flavored spirits are gaining popularity. Beyond the culinary realm, it finds application in the cosmetics and personal care industry. Cocoa butter, known for its moisturizing properties, is a key ingredient in skincare products, soaps, and hair care items. The natural appeal of cocoa derivatives aligns with the growing demand for clean and natural beauty products.
It enhances the flavor and texture of dairy products, including chocolate-flavored milk, ice cream, and yogurt. The dairy sector's adoption of cocoa derivatives reflects the enduring consumer demand for cocoa-infused dairy delights, contributing to product innovation and market expansion. Beyond flavor, cocoa derivatives contribute to the nutritional appeal of chocolate-flavored milk. Cocoa is a source of antioxidants, minerals, and flavonoids, adding a potential health dimension to the beverage. This intersection of indulgence and nutritional value aligns with evolving consumer preferences for products that offer pleasure and wellness.
China's expanding middle class has been a significant driver of the food and beverage industry. As people's incomes rise, they seek a more diverse and higher-quality diet, including indulgent and premium food products. China heavily relies on imports for cocoa and its derivatives. Domestic consumption and the growth of the food processing industry have both contributed to the increased demand for these products. Chinese manufacturers often use cocoa derivatives to produce various food and beverage items. As per the State Council of China, in 2021, major beverage producers saw their output rise 12 percent year-on-year to over 183 million tons. Likewise, in the first half of the year 2022, retail sales of grain, oil, and food hit 903.18 billion yuan (about $133.76 billion), up 9.9 percent year-on-year. Thus, with the growing cocoa and food and beverage industries in Asia Pacific, there will be increased demand for cocoa derivatives in the region.
The China market dominated the Asia Pacific Cocoa Derivatives Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,658.7 million by 2030. The Japan market is exhibiting s a CAGR of 6.1% during (2023 - 2030). Additionally, The India market would experience a CAGR of 7.5% during (2023 - 2030).
Based on Application, the market is segmented into Food & Beverage, Personal Care & Cosmetics, and Others. Based on Distribution Channel, the market is segmented into B2B, and B2C (Hypermarkets/Supermarkets, Wholesale Stores, Online sales, and Others). Based on Product, the market is segmented into Cocoa Powder, Cocoa Butter, Cocoa Mass/Liquor, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Cocoa Derivatives Market is Predict to reach $35.4 Billion by 2030, at a CAGR of 6.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Olam Group Limited (Temasek Capital), Cargill, Incorporated, JB Foods Limited, The Barry Callebaut Group, Indcre, S.A., Moner Cocoa, S.A., BASF SE, Buhler Group, Mondelez International, Inc., and Nestle S.A.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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