The North America Cocoa Derivatives Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 418.6 kilo tonnes, showcasing a growth of 5.6% (2019-2022).
The implementation of blockchain technology to trace the supply chain is increasingly being embraced within the cocoa derivatives industry. Blockchain ensures transparency in sourcing cocoa beans, allowing consumers to trace the origin of cocoa derivatives and verify ethical and sustainable practices in the supply chain. Blockchain operates as a distributed and decentralized ledger where transactions, in this case, the movement of cocoa beans through the supply chain, are recorded securely and transparently. Every entity involved in the supply chain is equipped with an identical immutable ledger, which guarantees uniformity and confidence.
Innovations in health-conscious formulations involve the development of cocoa derivatives with functional benefits. This includes the incorporation of bioactive compounds, fortification with vitamins and minerals, and creating products tailored to specific dietary preferences, such as low-sugar or sugar-free options. Cocoa derivative producers increasingly engage in collaborations and partnerships to create positive social impact. Initiatives focus on addressing labor challenges, promoting community development in cocoa-producing regions, and supporting sustainable farming practices.
The overall growth of Canada's food and beverage sector plays a vital role in driving the demand for cocoa derivatives. As the sector expands, there are more opportunities for including cocoa-based ingredients in various products, ranging from confectionery to beverages. As per the Government of Canada data, in 2022, the food and beverage processing industry was the largest manufacturing industry in Canada in terms of value of production, with sales of goods manufactured worth $156.5 billion; it accounted for 18.2% of total manufacturing sales and 1.7% of the national Gross Domestic Product (GDP). The sales of sugar and confectionery product manufacturing were at $5.2 billion. Thus, rising cocoa production and the food and beverage sector in North America will boost the demand for cocoa derivatives in the region.
The US market dominated the North America Cocoa Derivatives Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,176.8 million by 2030. The Canada market is experiencing a CAGR of 8.1% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 7.1% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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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