Cocoa- Procurement Market Report

Cocoa Market with 6.75% Surge Indicates Promising Future for Producers and Stakeholders during 2023 to 2026 | ELINT Market Research

The recent comprehensive research report of ELINT Market Research paints a promising outlook for the cocoa market, projecting a notable growth in global cocoa supply. The research statistics indicate a significant expansion at a healthy rate of 6.75%, indicating a sustainable positive trend compared with the previous cocoa seasons of 2020/2021 and 2021/2022. This upward trajectory encourages cocoa producers and other stakeholders to increase their activity in the market. In addition, the research report anticipates continuing an uptrend with an estimated 4.5% rise in the global derivative supply, further propelling a favorable landscape for the cocoa industry.

Several vital factors bring an optimistic trajectory for the global cocoa market. Some prominent among them are the surging international requirements for cocoa-based products, attributed to the changing consumer demands, and growing awareness regarding the health advantages of cocoa consumption. In addition, the high success rate drives major strategic initiatives and collaborations among key industry participants. Newer innovations in production methods, highly sustainable agricultural activities, and increasing efforts to boost cocoa yield are driving market growth.

Rise in Premium and Artisanal Chocolate Consumption Coupled with Expansion of Confectionery Sector to Boost Market Growth

The global cocoa market is showing tremendous growth potential with the support of a combination of vital factors. A massive surge in global consumption of chocolate and chocolate-based products sets a perfect tone for long-term market growth. Consumption has increased with the continuous evolution of consumer preferences and growing awareness of the ample health advantages of cocoa and dark chocolate. In addition, the fastest growing rate of bakery and confectionery industries, along with the high demand for artisanal and premium chocolates, is fostering significant growth for the cocoa industry.

In addition, sustainable and ethical sourcing concepts are coming to the fore. Consumers and companies are primarily concerned with fair trade cocoa production with minimal negative environmental impact. It has resulted in the establishment of certification programs and campaigns encouraging socially responsible cocoa production. In addition, improvements in processing methods and farming techniques are making cocoa more productive and of higher quality, helping to promote the development of the cocoa industry.

Key Highlights for the Cocoa Market

 Ivory Coast has strategically placed itself as a critical player in the highly competitive international market. Boasting an equally healthy 44%, Ivory Coast has increased its role as a significant supplier to the global cocoa market. Furthermore, Ivory Coast has a massive 40% share in cocoa exports. It is also one of the most critical players in shaping the global cocoa trade.

 The highest market share belongs to the confectionery segment at present. From 2023 through 2026, its forecast suggests it will continue to seal its spot as the significant revenue factor for the global cocoa market. The critical factors in this growth are consumer demand for premium and innovative cocoa-based confectionery products and diversification in product offerings.

Cocoa Market Regional Dynamics

Statistics from the latest research and current trends in the industry indicate the cocoa market's sustainable development. The market will expand rapidly, providing excellent opportunities to stakeholders. According to the recent report by ELINT Market Research, given that chocolate and cocoa products are substantial additions to functional food and beverages and nutritious drinks now being introduced in domestic markets, the world supply of cocoa is expected to break through 4 million metric tons (MMT) by 2023. Worldwide consumption will reach 3.6 MMT. These encouraging statistics express a favorable balance between demand-side and supply-side dynamics, with the two forces in dynamic equilibrium to foster continuing market growth. Oceania still leads in sourcing regions for cocoa, where the market price reached USD 4250 per metric ton in 2022. These landmark events together shape the encouraging trend of the cocoa industry, proving it to be an attractive sector for growth and investment.

The low surplus stocks recorded last year further highlight this optimistic outlook. Only 0.2 % of total stockholding was unspent at the end of 2022, compared with an average for the previous five years. It indicates a well-functioning market: the balance between supply and demand is close, pushing for stability. Such encouraging statistics and market conditions lead one to believe the cocoa industry will enjoy a promising future, showing its financial strength. Its prospects appear bright indeed for long-term investors.

Notable Developments in the Cocoa Market

 Cocoa-based roofing company MGM Contracting Inc., well-known in the region, has recently announced that its services will now be available to Crestview Acres. MGM Contracting Inc.'s decision to expand services into Crestview Acres is in keeping with the company's mission of serving a more extensive clientele and with the growing need for reliable and high-quality roofing in the region

 The Norfund (Norwegian Investment Fund for Developing Countries) invested US $12 million to stimulate growth and sustainability in Nigeria's cocoa industry. With these capital injections, the Nigerian cocoa sector will undergo positive transformations. It includes strengthening the value chain and contributing to general economic prosperity for the country.

Leading Players in the Cocoa Market

The cocoa industry is now in a state of constant change. Cemoi, Cargill, Barry Callebaut Mondelez, and Mars are the most critical actors. Such industry leaders take up strategic positions at the front by constantly directing investment into expanding their lines of products and utilizing cleverly designed consumer marketing campaigns to attract consumers. Understanding market dynamics is a prerequisite for any emerging player to enter this competitive environment.

Major Questions Addressed in the Cocoa Market Report

What factors contribute to the optimistic scenario in the cocoa market?

Higher global demand for cocoa-based products, awareness of the health benefits of consuming cocoa, strategic moves by major players in the industry, improvements in production techniques, and adoption of sensitivity to environmentally friendly cacao cultivation methods are some factors that make for an optimistic future.

What are the regional dynamics of the cocoa market according to the latest research statistics?

According to the latest statistical research on the cocoa industry, it is ready for growth powered by positive figures; these show a harmonious balance across demand and supply conditions. Oceania is clearly the leader among sourcing regions for cocoa, with a market price of USD 4250 per metric ton for 2022.

What are the central questions addressed in the cocoa market Report?

The research report on the cocoa industry addresses critical points such as highly influencing factors, leading market participants, regional market scenarios, and noteworthy industry developments.

ELINT market research,
Unit of Be Compliant LLC,
317 Commercial St. NE, Ste. A, PMB 379,
Albuquerque, NM 87102
Priyanka.j@elintmarketresearch.com

ELINT Market Research is the Procurement Market Intelligence and advisory unit of BE Compliant LLC providing accurate and easy-to-consume procurement market intelligence.
Accurate category insights and data can be hard to find however with ELINT, pricing data, supplier intelligence and contract strategies are available at a click. For Procurement teams who struggle with a lack of good market intelligence and supplier risk analysis, we are offering high-quality procurement market intelligent research reports which are beneficial to leading market players, stakeholders, startups, investors etc.. ELINT Market Research has been modernizing continuously, expanding the product & service portfolios specifically in Procurement Intelligence. We are a fast growing industry research firm backed by highly professional team of research analysts, that offers valuable analytics and data which will optimize your direct and indirect spend. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services.

This release was published on openPR.