Asia Pacific Cocoa Derivatives Market

The Asia Pacific cocoa derivatives market is expected to grow from US$ 6,374.48 million in 2022 to US$ 9,264.06 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2022 to 2028.

Mounting Demand for Cocoa-Based Confectioneries

Cocoa is increasingly being used in formulating different beverages and confectionery products, such as milkshakes, cakes, croissants, and hot cocoa. The influx of cocoa-based confectioneries has increased tremendously in developed and developing economies in the last several years due to growing consumer spending on various indulgent confectioneries, particularly chocolate-based products, and the surging popularity of molded and countline chocolates. Moreover, key manufacturers are adding new chocolate types, such as dark chocolate and ruby chocolate, to their portfolio. In February 2022, Hershey's created the limited-edition "Celebrate SHE" cocoa-based bars to commemorate all women and girls. The brand highlighted “SHE” in the center of the milk cocoa-based bar. The launch of such innovative cocoa-based confectioneries would further accelerate the cocoa derivatives market growth.

According to a survey by the Associated Chambers of Commerce and Industry of India (Assocham), adulteration in traditional sweets, leading to a decrease in consumer confidence, and the rising prices of dry fruits are driving the popularity of cocoa-based confectioneries. Moreover, acceptance of chocolates, consistency in quality, attractive packaging, rising urban influence on youth, high disposable incomes, and sweet tooth together are the other prominent aspects that bolster the popularity of cocoa-based confectioneries. The flourishing trend of gifting chocolates during festivities also favors the demand for cocoa derivatives. Thus, the overall increase in demand for cocoa-based confectioneries drives the growth of the cocoa derivatives market.

Asia Pacific Cocoa Derivatives Market Overview

The cocoa derivatives market in Asia Pacific is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. According to the May 2019 data by Olam Cocoa researchers, the demand for cocoa powder in Asia is set to increase at a CAGR of 8% over the next 5 years. China, India, Japan, and the Philippines are likely to be the major demand generators in the region. Considering this, major players in the cocoa derivatives market have been focusing on the strategic expansion of their footprints in the region. For instance, Olam International Limited, a food and agri-business, has announced the acquisition of an 85% share of YTS Holdings Pte Limited, which is 100% owner of PT Bumitangerang Mesindotama (BT Cocoa), for a consideration of US$ 90 million.

Further, populations in Asia Pacific countries are becoming more aware of the benefits of cocoa and cocoa derivatives. Cocoa is rich in micronutrients, polyphenols, and potent antioxidants flavanols, which help reduce inflammation, lower blood pressure, and regulate cholesterol and blood sugar levels. As a result, manufacturers in the food & beverages industry are increasingly incorporating cocoa derivatives, such as cocoa beans and powder, in ice creams, snacks, protein powder, etc. Additionally, consumers are more inclined toward sweet-savory indulgence, due to which businesses are launching sweet-salty snacks in the region. Asia Pacific accounted for ~58% of the global launches of chocolate-flavored salty snacks in 2018. In this, Japan alone experienced 12% of these launches. Hence, the increasing incorporation of cocoa derivatives in bakery products and confectioneries, desserts, and local food varieties fuels the demand for cocoa derivatives in Asia Pacific.

Asia Pacific Cocoa Derivatives Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Cocoa Derivatives Strategic Insights

Strategic insights for the Asia Pacific Cocoa Derivatives provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Asia Pacific Cocoa Derivatives Report Scope

Asia Pacific Cocoa Derivatives Regional Insights

The geographic scope of the Asia Pacific Cocoa Derivatives refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

Asia Pacific Cocoa Derivatives Market Segmentation

The Asia Pacific cocoa derivatives market is segmented based on type, category, application, and country. Based on type, the Asia Pacific cocoa derivatives market is segmented into cocoa butter, cocoa beans, cocoa powder, and others. The cocoa beans segment held the largest market share in 2022.

Based on category, the Asia Pacific cocoa derivatives market is bifurcated into organic and conventional. The conventional segment held a larger market share in 2022.

Based on application, the Asia Pacific cocoa derivatives market is segmented into food and beverages, personal care, and other. The food and beverages segment held the largest market share in 2022. Further, food and beverages are segmented into bakery and confectionery, dairy and frozen desserts, beverages, and others.

Based on country, the Asia Pacific cocoa derivatives market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. The Rest of Asia Pacific dominated the Asia Pacific cocoa derivatives market share in 2022.

Olam Group Ltd; Indcre SA; Cargill Inc; Natra SA; JB Foods Ltd; United Cocoa Processor Inc.; Barry Callebaut AG; Moner Cocoa SA; and Altınmarka Gıda San. ve Tic. A.Ş. are the leading companies operating in the Asia Pacific cocoa derivatives market.