Cocoa beans are available in different varieties in the market, including Criollo cocoa beans, Forastero cocoa beans, and Trinitario cocoa beans.
EINPresswire – Cocoa beans are well-known valuable cash crop of the South American region. Cocoa beans are used for centuries in a wide range of applications and have gained high demand in the market. These beans exhibit several health benefits and other beneficial properties. Thus, high demand has been reported for cocoa beans, as they are used on a large scale in the food & beverage, confectionery, and cosmetic industries.
COVID-19 scenario analysis
The cocoa beans market is expected to sustain the impact of the COVID-19 pandemic to some extent. Chocolate is the major product manufactured from cocoa beans. Although it does not come under essential products, it is being increasingly purchased by consumers. However, lockdown has negatively impacted the purchasing of seasonal and highend products. Thus, cocoa products sale during Easter showed unsatisfactory results. The supply chain disruption in cocoa producing countries will lead to a major cocoa shortage, and acts as a concern for organic cocoa manufacturers. In addition, confectionery travel retail sales is halted due to the travel bans and global quarantine.
Cocoa beans are available in different varieties in the market, including Criollo cocoa beans, Forastero cocoa beans, and Trinitario cocoa beans. Among these, Criollo cocoa beans experience high demand in the global market due to their high quality. In addition, Criollo cocoa beans are more expensive than the other two varieties of cocoa beans. Furthermore, many other cocoa products can be extracted from cocoa beans, including cocoa butter, cocoa liquor, and cocoa powder. The major consumer of cocoa beans is the evergrowing chocolate industry. Thus, expansion of the chocolate industry is anticipated to propel the growth of the global cocoa beans market at a rapid pace during the forecast period.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
High demand for cocoa beans from the chocolate industry boosts the market for cocoa beans, globally. Along with this, surge in demand for chocolate-based products is driving the growth of the global cocoa beans market. Presently, consumers have become more health-conscious and are inclining toward products providing health benefits, which, in turn, augments the sale of the cocoa beans. This is attributed to the fact that cocoa beans help in improving blood flow, lowering blood pressure, and reducing risks of cardiac attack. In addition, the presence of minerals, vitamins, potassium, iron, and copper helps in supporting cardiovascular health and transporting oxygen throughout the body. Thus, all these factors significantly contribute toward the growth of the global cocoa beans market.
However, weakening proper supply network and the fluctuating prices of the cocoa beans hamper the market growth. Along with this, lack of farm management skills and less penetration of modern farming techniques in a few regions restrict the market growth for cocoa beans. Moreover, various pests and crop diseases massively affect the production of cocoa beans, which declines the production of cocoa beans, thus acting as a major challenge for the growth of the overall market.
On the contrary, improvement in farming techniques, aggressive advertisement, brand recognition, and increase in investment in R&D to find out new uses of the cocoa beans are anticipated to offer remunerative opportunities for the growth of this market, globally.
