North America Cocoa Products Market

North America Cocoa Products Market Size Analysis 2022 - 2027:

North America Cocoa Products Market size was at USD xx.xx million in 2021 and is determined to increase to USD xx.xx million, garnering a CAGR of xx% throughout the projection period 2022 - 2027.

Cocoa is a product that can be obtained through the processing of the seeds of a cocoa tree. It was initially indigenous to Latin America, however, today it is grown in practically all the tropics ranging from West and Central Africa to the Asia Pacific. There are various items produced from cocoa beans, for example, cocoa butter, cocoa alcohol, and cocoa powder. Cocoa powder is generally employed in the making of chocolate candies and cocoa cola. The cocoa spread is finding applications in pharmaceutical and recovery companies for the development of healthy skin products.

Recent Developments in North America Cocoa Products Market:

1. Olam International completed the purchase of Archer Daniels Midland Co.'s international cocoa business in a deal worth USD $ 1.2 billion.
2. In December 2019, Sucden became a part of the International Cocoa Initiative (ICI) for protecting the child labor that can increase its goodwill and income in the future.
3. Cargill has completed the purchase of ADM's global chocolate business for an enterprise value of $ 440 million. This acquisition underscores Cargill's commitment to meeting customer needs and is an important step in its chocolate growth strategy, strengthening its position as a leader in the cocoa and chocolate industry.
4. The cocoa and chocolate business of Cargill and Smet, a leading Belgian supplier of chocolate decorations and confectionery for the catering and confectionery markets, announces its intention to consolidate its global gourmet chocolate business. The combined activity will offer significant opportunities to accelerate the growth of the gastronomic segment.
5. Barry Callebaut, the world's leading manufacturer of high-quality cocoa and chocolate products, has signed an agreement with Petra Foods Ltd., Singapore, to acquire its Cocoa Ingredients division. Petra Foods Cocoa Ingredients division is the largest supplier of cocoa products in Asia.
6. The KPPU concluded that the acquisition of ADM Cocoa Business (ADM) by Olam International Limited (Olam) does not give rise to allegations of monopolistic practices or unfair competition.
7. The Blommer Chocolate Company, the largest manufacturer of chocolate ingredients in North America and the third largest in the world, announced that it has signed an agreement to be acquired by Fuji Oil Holding, Inc., a world leader in oily and fatty ingredients used in the industry food.
8. In February 2019, Olam International Limited completed the acquisition an 85 percent stake in the parent company of the largest cocoa processor in Indonesia to keep pace with rising need in the Asian market. The remaining 15 percent of the shares will be held by BT Cocoa's founding members, Piter Jasman and his family.

North America Cocoa Products Market Drivers and Restraints:

The growing awareness of the health benefits of consuming cocoa-rich products is driving the growth of the North America cocoa products market. The health benefits of the human body include a decrease in hypertension, reduction of chronic fatigue syndrome, protection against sunburn, etc. Cocoa is also rich in polyphenols that help protect body tissues against oxidative stress and associated pathologies such as cancer and inflammation. These factors are also driving the growth of the local cocoa products market. The increasing call for chocolate and its related products, such as milk chocolate, white chocolate and dark chocolate, together with aggressive advertisements by manufacturers for brand recognition, are mainly driving the growth of the market for cocoa products. The growing popularity of cocoa products, including cocoa beverages and other products, along with the increase in disposable income among the middle-class population is supposed to drive sales of cocoa beans. Also, factors such as changing consumer demand, changing tastes, and increasing consumer health awareness are expected to increase the market demand for cocoa products in North America. Furthermore, increased government efforts to provide modern agricultural techniques to farmers are expected to generate positive prospects for cocoa beans, which will ultimately drive the growth of the North American cocoa products market.

However, price volatility and limited cocoa production hamper the growth of this market. On the contrary, for the production of cocoa, improvements in commercial cultivation techniques are used, which should increase the supply of this product, thus improving the possibilities for future growth.

North America Cocoa Products Market Segmentation:

The North America Cocoa Products market can be divided based on the Products and Application.

By product, the market for cocoa products is segmented into chocolate, cocoa paste, and liquor, cocoa powder, and cake, cocoa butter, cocoa beans. Among these, cocoa beans had the largest market share in 2019 due to the growing demand for a wide range of food and beverages. Additionally, cocoa beans are also good for the cardiovascular system, as they contain polyphenols that have been shown to be very beneficial for heart health. Also, several studies indicate that polyphenols found in cocoa beans can lower blood pressure.

Food & Beverages is one of the fastest-growing application segments of the cocoa products market due to the growing trend towards ready-to-bake or ready-to-thaw frozen products. Also, quick-service restaurants and the retail chain are benefiting from frozen baked goods as they can now easily defrost frozen baked goods or make fresh produce from frozen dough. Plus, ready-to-bake or ready-to-thaw includes less food waste, as stores can cook to order while keeping leftovers frozen and in storage.

Impact of COVID-19 on North America Cocoa Products Market

The Cocoa Products Market has experienced a sudden halt amid the outbreak of the Coronavirus due to the major shift in demand dynamics. The pandemic is supposed to negatively affect Cocoa Products sales in North American countries for a period of time due to the lockdown. Chocolate confectionery and cocoa are not considered essential products and consumer demand for these products has declined in these countries in recent months. The novel coronavirus is supposed to reduce demand for Cocoa Products Market while disrupting the supply chain. Chocolate manufacturers may experience a decline in sales that is expected to negatively impact the growth of the North America Cocoa Products Market.

Regional Analysis:

The North America Cocoa Products market has been categorized based on geography into the United States, Canada, Mexico, and the rest of North America. The increasing demand for chocolate and cocoa-based skin products in the USA has been the major promoter to the expansion of the regional cocoa products market. Also, it shows increased consumption and production of cocoa products in Canada. Recent trends in the use of cocoa as a raw material in various industries are also foreseen to boost the cocoa products market in the mentioned regions.

Leading Company

Artisan Confection Company had the largest share of the North America Cocoa Products Market in terms of sales and revenue in 2020.

Key Players Covered in the North America Cocoa Products Market report are:

Prominent players in the North America Cocoa Products Market include Ciranda, Artisan Confection Company, Tradin Organic Agriculture BV, Touton SA, Pascha Chocolate, Nord Cocoa, Kraft Food Group Inc., Internatural Food, Cargill, and Bloomer Chocolate Company.