Sales of cocoa bean extracts reached US$ 7.6 Billion in FY 2021, and is poised to register a 3.9% Y-o-Y expansion rate, reaching US$ 7.9 Billion in 2022. During the 2022-2032 forecast period, a CAGR of 3.4% is projected for the cocoa bean extract market. By 2032, it is slated to be valued at US$ 11 Billion.
Cocoa bean extract is a bitter mixture produced from cocoa beans. It is a concentrated form of cocoa beans. Cocoa bean extract is rich in flavanols, procyanidines, etc. and is used to enhance the flavour of food formulations that contain chocolate.Cocoa bean extract is available in two forms – liquid and powder. Cocoa bean extract can easily mix with various products such as chocolates, cakes, baby food, etc., without leaving any precipitate. Cocoa bean extract has applications in several industries, which include food, beverages, pharmaceuticals, cosmetics, etc., and can be easily used without emulsifiers, suspension agents, etc.
Cocoa bean extract is gaining traction in the food & beverages and pharmaceutical industries
Consumers are focusing on the usage of nutritional food products that are organic and have a higher shelf-life, because of which the manufacturers of food and beverages are seeking food ingredients that fulfil the requirements of consumers and help develop innovative products. Cocoa bean extract meets the requirements of consumers as it is organic and has a higher shelf-life, due to which the demand for cocoa bean extract from the food and beverages industry is likely to increase.
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The scientific data on cocoa bean extract has boosted its usage in the pharmaceutical industry as it provides several health benefits. Companies are focusing on the development of pharmaceutical products that use cocoa bean extracts in capsules, tablets, etc., to provide health benefits along the classic flavour of cocoa.
However, unfavourable weather conditions which affects the quality as well as the yield of cocoa beans is one of the major factors restraining the cocoa bean extract market. In 2017, the cocoa production in Ghana was affected due to mixed weather conditions. Unpredictable climate can decrease the production of cocoa beans, which is likely to increase its cost price. Increase in the price of cocoa bean extract is likely to hamper its demand from the manufacturers of various products, and this is expected to restrain the growth of the cocoa bean extract market.
Global Cocoa Bean Extract Market: Some key market players operating in the cocoa bean extract market are Bioriginal Food & Science Corporation, The Green Labs, John Aromas, Kerry Inc., Cyvex Nutrition, Inc., Ambe Phytoextracts Pvt Ltd., PROVA SAS, Panacea Phytoextracts Pvt. Ltd., Haldin, CPC Ingredients, Indo-World, Tharakan and Company and Van Aroma.
Global Cocoa Bean Extract Market: Key Developments
In May 2018, Prova launched a new collection of cocoa bean extracts and flavours, which have a long shelf life and are eight times stronger than cocoa powder. These products have a less powdery mouth-feel and taste better than cocoa or chocolate.
In 2016, Naturex, in collaboration with Barry Callebaut, launched its first cocoa bean extract products for the cardiovascular health supplement market. The CocoActiv ingredient was mainly designed to be incorporated in tablets, gummies, capsules, etc.
In 2014, Nutegrity launched an organic cocoa bean extract named CocoaNol, which has the antioxidant property of chocolate and can be used by industries, such as food & beverages, dietary supplements, etc., to develop innovative products.
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Opportunities for Cocoa Bean Extract Market Participants:
The preference of consumer for new flavours and the increasing demand for chocolate products are some of the factors that are likely to facilitate the growth of the cocoa bean extract market. The Gulf Cooperation Council (GCC) is a large market for chocolate, which is expected to grow in the future. This is likely to create growth opportunities for the manufacturers of cocoa bean extract to expand their distribution network and provide a variety of cocoa bean extracts in the region. The demand for speciality chocolates is growing in France, Germany, Italy and several other countries, and consumers are seeking organic and higher quality of cocoa content in their chocolates, which is expected to boost the demand for cocoa bean extract in these countries.
Key Segments Covered in the Cocoa Bean Extract Market Report
By Form:
- Powdered Cocoa Bean Extract
- Liquid Cocoa Bean Extract
By Nature:
- Organic Cocoa Bean Extract
- Conventional Cocoa Bean Extract
By End Use:
- Cocoa Bean Extract for Food & Beverage
- Bakery
- Confectionery
- Infant Formula & Baby Food
- Others (e.g. Cereals, etc.)
- Cocoa Bean Extract for Cosmetics & Personal Care
- Cocoa Bean Extract for Pharmaceutical Industry
- Cocoa Bean Extract for Other End Uses (Dietary Supplements, etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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