The size of the Middle East and Africa Cocoa and Chocolate Market is expected to be worth USD 2.57 billion in 2024 and grow at a CAGR of 4.02% from 2024 to 2029 to achieve USD 3.13 billion by 2029.
The market is showing potential in the mentioned period. The amount of cocoa decides in which category chocolate falls in. Milk chocolates have the highest share of about 50% of all chocolate consumption but they contain approximately 10% cocoa. Conversely, chocolate is considered as “dark chocolate” if it contains cocoa in excess of 60%.
The cocoa and chocolate market has been growing at a slow but steady pace. Cocoa provides flavor, texture and color to products. Also, it has anti-inflammatory, anti-depressant and anti-oxidative properties. The market for these ingredients is increasing in developing economies such as India and China. In specific, dark chocolate contains high amounts of antioxidants, which are believed to prevent certain types of diseases like Cardiac arrest. Health benefits, perceived by people and doctors, have been the main reason behind steady growth for products with high quantities of cocoa.
Powerful growth in demand is unevenly matched against an unstable and unpredictable supply. But chocolate consumers are quite price insensitive. Except in some rare circumstances consumers are ready to purchase cocoa product at any price. The huge demand for chocolate and cocoa in confectionery and food and beverage industries majorly drives the market. The health benefits of cocoa and chocolate in pharmaceuticals and cosmetics has enough evidence to back manufacturers to consider using such ingredients.
The milk and white chocolate segment is anticipated to grow at the highest rate. Israel has the fastest growth rate and has the largest market share in Middle East and Africa. The cocoa liquor segment leads the cocoa market. Consumer awareness about health benefits of cocoa has led to some of the important innovations in the Middle East and Africa cocoa and chocolate industry.
Major Key Players in the MEA Cocoa and Chocolate Market are ADM, Cargill, Bunge, Indcresa, Blommer, JB Foods Limited, Plot Ghana, Dutch Cocoa, Barry Callebaut, and Cocoa Processing Company Limited
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