Wednesday, August 29th, 2018 - Fact.MR

Demand for premium chocolate is quickly growing in Asia Pacific, mainly in the Chinese market as the country experiences rapid upgrades in consumption, with the niche and handmade chocolate markets becoming the new favorites. Fact.MR states that it is proving difficult for domestic confectionery brands in APAC to capture the cocoa powder market’s attention as foreign players continue to take the lead.

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Particularly, demand has picked up in Asia Pacific, whereby countries including the Philippines, Indonesia, India and China are demanding more cocoa powder for products like cookies and ice cream. The consumption of cocoa powder in China is less than 1 kilogram a year on a per capita basis, a mere tenth of the figure in Europe, and is projected to grow in the near future. The popularity of cocoa powder in Asia Pacific region is attributed to its reasonable price and expanded applications across several food domains. Cocoa powder is used in confectionary industry as a flavoring and coloring agent. Increasing demand for natural and organic food products will create high demand for natural cocoa powder among consumers in APAC.

It is becoming gradually obvious that domestic chocolate brands have become more high-end recently, not only by achieving growth in the luxury food segment, but also through customers’ desire for better quality and better tasting everyday products. With confectionery syrups and chocolates becoming the new growth engines for Asia Pacific’s cocoa powder market, mass-producing brands are all ramping up efforts to attract more consumers in two main ways: by taking advantage of e-commerce and targeting younger generations. For instance, Nestle has been introducing premium chocolates to China via e-commerce platforms since 2015, including the iconic Italian brand Baci.

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Fact.MR studies that food & beverage will continue to be a leading segment in the global cocoa powder market. The global cocoa powder market is expected to reflect a CAGR of 2.2% in terms of volume during the assessment period 2017-2026. Increasing preference for better flavor, color and texture is also driving demand for cocoa powder as a coloring agent. Cocoa powder is also rich in flavonoids and several minerals. New process of manufacturing cocoa powder is being adopted on a large scale as the amount of flavonoids depends on the processing. Cocoa powder products may contain cadmium which is a toxic heavy metal, hence, European Union is planning to impose limit for cadmium in cocoa powder of 0.6 µg per gram of cocoa powder.

As consumption of the chocolate products benefits cardiovascular health, sales of cocoa powder will continue to remain high among the leading food and beverage companies. However, various factors will continue to impact growth of the global cocoa powder marker negatively during the forecast period. Consumption of food products with high cocoa content has led to increasing instances of insomnia. In addition, the caffeine-sensitive customers avoid consuming food products with high cocoa content. These factors are expected to inhibit demand for cocoa powder in the food and beverage industry significantly.

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Keywords

Cocoa powder market, Asia Pacific cocoa powder market, Global cocoa powder market, cocoa powder industry

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