It is projected that the cocoa butter market will be worth US$ 8,890.5 million in 2023. By 2033, this amount is anticipated to have grown at a 1.7% CAGR to US$ 10,558.9 million.
Cocoa butter is a great source of Vitamin E, which supports vision and maintains brain and skin quality. These nutritional benefits positively help the sales of cocoa butter during the forecast period. Apart from that, the availability of a wide variety of chocolate flavors is something that has increased the usage of cocoa butter. This is valid, especially in the case of developing countries, where certain types of flavors are new for customers present in these countries. This is expected to increase the demand for cocoa butter during the forecast period.
There is also an increasing need for cocoa butter, especially from bakeries and confectionaries. This is because of an increase in the sales of pastries, and cocoa butter is one of the most important ingredients for making pastries of certain flavors. This is expected to increase the sales of cocoa butter during the forecast period. A study conducted by certain scientists found that dark chocolates made with cocoa butter contain more flavonoids than any other kind of chocolate. The flavonoids are responsible for lowering high blood pressure. These also aid in overcoming age-related memory issues.
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According to the research conducted by FMI, it was inferred that Europe might be the largest market for cocoa butter during the forecast period. Europe is home to some of the best chocolate manufacturers who are based in Germany, the United Kingdom, Belgium, France, and Italy.
Key Takeaways:
- According to FMI, the United States market is expanding at a CAGR of 33.0% due to the increasing demand for confectionary in 2022.
- The German market is anticipated to be growing at a CAGR of 31.0% in the year 2022
- The Japanese market is showing promise of growing to a CAGR of 7.0% in the same year.
- FMI observed that the market of Australia grew at a CAGR of 1.1% in 2022
- The Chinese market expanded at a CAGR of 4.8% in 2022 due to consumer awareness of sustainable products.
- India showed a CAGR of 3.3% in 2022 as the effect of the combined causes of sustainability and a growing consumer preference for protein-rich items.
- The United Kingdom market inflated at a CAGR of 2.1% in 2022, based on research done by FMI. This lower CAGR is due to price and availability fluctuations.
Competitive Landscape:
Keeping an eye out towards sustainable development, the key players of the market are making use of sustainable ingredients to ensure that they take the best possible steps, mainly for the improvement of the lifestyle of farmers.
Recent Developments:
- In August 2022, Olam Agri appointed Ashish Pande as country head in Nigeria.
- In May 2022, Barry Callebaut opened a new Chocolate Academy Center in Casablanca, Morocco.
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Leading Competitors:
- Cargill Inc.
Cargill Inc. offers a diverse range of origins and plant locations that can customize the product and supply chain to specific consumer requirements all around the world. They offer plenty of choices to maintain the texture and flavor of their chocolate in several varieties, such as
Full-flavor butter: their flavor of cocoa butter adds extra flavor to the consumers’ chocolate and enhances the overall taste experience.
Partly deodorized: they also offer a number of cocoa butter options with different degrees of deodorization.
White cocoa butter: they also offer white cocoa butter, which is used to improve the appearance of white chocolate, delivering the best white chocolate experience available.
Key Players in the Cocoa Butter Market
- Cargill Inc.
- Barry Callebaut AG
- Shirin Asal Food Industrial Group PJSC
- Olam International Ltd
- SunOpta Inc.
- Natra SA
- Bolmay Cocoa
- ECOM Agroindustrial Corporation
- JB Foods Ltd.
- Jindal Drugs Pvt. Ltd.
- Others
Key Segment in Cocoa Butter Market
By Product Type:
- Natural
- Deodorized
- Semi-Deodorized
By Nature:
- Organic
- Conventional
By Product Form:
- Blocks
- Powder
- Liquid
By End Use:
- Food & Beverage Industry
- Pharmaceuticals
- Personal Care & Cosmetics
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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