Cocoa
beans are dried, fully fermented, and processed to extract cocoa
butter, cocoa liquor, and cocoa powder. Forastero, trinitario, and
criollo are the three main varieties of cocoa plant, of which
Forastero beans are most widely consumed and comprises around 85% of
the world production of cocoa.
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Growing
demand for chocolate and chocolate coatings are major factors
propelling growth of the market. Moreover, abundant application of
cocoa products such as cocoa butter, liquor, and powder is
contributing to growth of the market. Cocoa is extensively used in
various products, including drinking chocolate, dark chocolate, sweet
chocolate, baking chocolate, and milk chocolate. Cocoa offers several
health benefits as it contains high flavonoids concentration that
help in reducing cardiovascular problems.
However,
declining soil fertility, changing climate and weather conditions are
some of the factors adversely affecting the productivity of cocoa
beans. According to the World Cocoa Foundation, variation in climate
conditions affect cultivation of cocoa in a several ways including
pest infestation and reduction in pod weight. Furthermore, the
changing climatic conditions causes shrinkage of cocoa growing areas
in leading cocoa producing countries such as Côte d’Ivoire and
Ghana. These factors restrain growth of the global cocoa market.
Europe
held a dominant position, in terms of revenue, in the global cocoa
market and is expected to maintain its dominance over the forecast
period, witnessing highest CAGR among all. According to the Center
for the Promotion of Imports (CBI), Ministry of Foreign Affairs, in
2016, Europe accounted for more than half of global cocoa bean
imports, with Germany, the Netherlands and Belgium being the largest
importers in the region. Furthermore, the Netherlands is the major
direct importer of cocoa beans from emerging economies such as Ivory
Coast, Ghana, Cameroon, Nigeria, and Peru.
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