Middle East and Africa Cocoa Products Market size was at USD xx.xx million in 2021 and is anticipated to the extent an over of USD xx.xx million by the end of the assessment period. The Middle East and Africa Cocoa Products Market is estimated to experience reasonable growth to record a CAGR of xx.xx% throughout the estimated period (2022 - 2027).
Cocoa is a product that can be determined by processing the seeds of the cocoa tree. Cocoa has its beginnings in Latin America, however today it develops in practically all the tropics from West and Central Africa to the Asia Pacific. There are various items produced from cocoa beans, for example, cocoa alcohol, cocoa spreads, and cocoa powder. Cocoa powder is widely used to make chocolate candies and cocoa cola, which is used to create candies. The cocoa spread is widely used by pharmaceutical and recovery companies to make healthy skin items.
The growing awareness of the medical benefits of using cocoa-rich products is driving the development of the MEA cocoa product market. Medical benefits for the human body include decreased hypertension, decreased relentless fatigue disorder, protection against sunburn, and others. Cocoa is also rich in polyphenols that help protect body tissues against oxidative pressure and associated pathologies, for example, malignant growths and aggravation. These factors are further driving the development of the Middle East and Africa cocoa product market. Despite the negative impact of the observed economic slowdown, especially in developed markets, demand for cocoa in the chocolate food and confectionery market will continue to outperform throughout the outlook period. In addition, the new application in the cosmetic and pharmaceutical industry will keep the pace of market gains at a high level in the near future.
The opportunity, size, and trend of the Middle East and Africa Cocoa Products Market has been analyzed in the report. The report has been segmented by product type, application, and region. By type, it is classified into cocoa beans, cocoa butter, cocoa powder and cakes, paste and cocoa liquor and chocolate. Depending on the application, it is classified into confectionery, food and beverage, cosmetics and pharmaceuticals. Based on the cocoa products market analysis, based on product type, the cocoa beans segment contributed the largest share of the cocoa products market. The increased demand for cocoa beans to make a variety of foods and beverages primarily drives their sales. According to the application, the confectionery segment has been the main contributor to the cocoa products market share in 2019 and is expected to dominate the market throughout the conjecture period. This is attributed to the growing affinity of people around the world for packaged foods and sweets.
The direct impact of Coronavirus on cocoa is unknown. Long delays in releasing quarterly grinding data mean that the true impact will only become apparent in the second half of this year. The COVID-19 lockdown measures and economic sanctions are expected to lead to a slowdown in demand due to a close relationship between economic growth and cocoa / chocolate consumption. It is worth noting that cocoa is ground into butter and powder, and in combination with vegetable oils and sugar are the basic components of chocolate. Historically, as disposable income declines, basic consumption of "luxury" items such as chocolate declines.
The Middle East and Africa Cocoa Products market has been classified based on geography to offer a clear understanding of the marketplace into South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and Rest of the Middle East and Africa.
The Middle East and Africa is one of the key emerging regions, which will generate significant opportunities in the Cocoa Products Market during the forecast period due to the consumption of cocoa beans and butter applied in the food and beverage sector and the preference for the taste of coffee have marked their preferences among US consumers.
Leading Company
Fuji Oil Co. had the largest share of the Middle East and Africa Cocoa Products Market in terms of sales revenue in 2021.
The Middle East and Africa Cocoa Products Market is concentrated with prominent players that include Touton S.A., FUJI OIL CO., Tradin Organic, United Cocoa Processor, Guan Chong Berhad (GCB), Puratos Group, The Hershey Company, Cargill, and Ciranda.
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