Market Research Future (MRFR) indicates a strong growth trend in the global organic cocoa market which is expected to attain a valuation of USD 12.36 Bn by the end of 2024. The global organic cocoa market is expected to expand at a CAGR of 7.38% over the forecast period.
The market for organic cocoa has exhibited dynamic growth over the years due to towering consumer awareness regarding food safety. Additionally, the growing trend of organic food consumption pattern is a key factor in enhancing the growth of the global organic cocoa market.
The growth of the global Global Organic Cocoa Market can be stemmed from its diverse application in various industries, especially in chocolate production. The global market for premium chocolate has grown significantly in recent years driven by increasing consumer awareness of premium chocolates and escalating interest from major players in the premium chocolate segment which has created opportunities for the global organic cocoa market.
Motivated by the strong demand for organic food, farmers are attracted to switch to organic farming methods which helps them command more price for their produce. In addition, the governments in multiple countries are encouraging farmers to convert to organic farming practices which in turn, boosts the growth of the global organic cocoa market.
On the other hand, the market growth might be constrained by volatility in the price of organic cocoa. Other restraining factors include lack of consistency in quality and irregularities of supplies.
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- In June 2019, Herza Schokolade GmbH & Co. KG (Herza) announced the launch of new chocolate products made from organic cocoa varieties which would be presented at BioFach 2019 in February. The chocolate products are made from individual varieties of high-quality fine cocoa.
The global organic cocoa market has been segmented on the basis of application which includes functional food & beverages, pharmaceuticals, bakery & confectionery, personal care products, and others. The bakery and confectionery segment accounts for more than 40% share of the global market and is expected to grow at a CAGR of 10.92% over the forecast period. The growth of the segment can be attributed to surging consumer preference for chemical-free healthy ingredients in food products which are expected to generate high demand for the product. The functional food & beverages segment is expected to be the second largest segment and attain a valuation of more than 40 Mn by the end of the forecast period. The personal care products segment is expected to be the fastest growing segment and capture a CAGR of 13.33% over the forecast period.
By region, the global organic cocoa market has been segmented into the Americas, Africa and the rest of the world (RoW). The Americas is the largest market for organic cocoa which is expected to remain highly lucrative over the forecast period. Organic food consumption trend in the region increased level of health awareness, and affordability has led to increased demand for organic cocoa in the region. In addition, an established food and confectionery industry in the region also acts as a plus for the growth of the market. The Americas organic cocoa market is expected to attain a valuation of over USD 400 Mn by the end of the forecast period. The presence of key players in the US and Canada make them key markets in the region and are an attractive destination for investment. The Americas account for more than 60% share of the global market and is anticipated to capture a CAGR of 14.27% over the forecast period. Africa is a global supplier of cocoa is strongly positioned to exhibit impressive growth rate of 9.02% over the forecast period.
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The key players in the global organic cocoa market include Olam (Uganda) Limited (Uganda), Barry Callebaut AG (Switzerland), Tradin Organic Agriculture B.V. (U.S.), Mars Inc. (U.S.), Blommer chocolate company (U.S.), BT Cocoa (Indonesia), and Conacado Agroindustrial S.A.(Dominican Republic).
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