The global cacao beans market is expected to grow at about 7% from 2020 to 2030. This market growth would lead to an increase in demand worth from about USD 10 billion in 2020 to around USD 20 billion by the end of the forecast period. It is significant to note that several factors would keep the market optimistic.
According to the Transparency Market Research, rising chocolate production and consumption is a significant factor in market growth. However, an increase in obesity and heart diseases is leading people to look for healthier options. This is why nutritional chocolate bars are expected to witness notable growth in demand over the forecast period, moving growth in the global cacao beans market.
Key Findings of Global Cacao Beans Market Study:
- Forastero cocoa beans to account for a sizeable share of the overall market growth over the forecast period
- The food and beverage industry to be the most significant end-user (applications) in the global cacao beans market.
- Europe holds about 43% global market share, South Asia and MEA holds about 17% and 16%, respectively.
Key Drivers of Growth in Global Cacao Beans Market:
Transparency Market Research underlined the presence of many factors influencing growth in the global cacao beans market. Several significant trends that are keeping the global cacao beans market on a high growth direction over the forecast period are provided below:
- Increases in disposable incomes and growing health awareness leads consumers to demand healthier alternatives at a premium price.
- The packaging is gaining prominence in the market; spike in demand for products in traditional packaging is noted around festivals.
- Innovations in products such as quinoa vegan bars and ruby chocolates are causing growth in demand for cacao beans.
- The use of cacao in pharmaceuticals and cosmetics industry is set to grow due to various health benefits as a result of consumption and application, respectively.