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Cocoa Nibs Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global cocoa nibs products market size was valued at USD 4.2 billion in 2022 and is projected to expand at a CAGR of 8.7% from 2023 to 2030. Cocoa nibs are gaining popularity among end-users due to their numerous health benefits and natural taste. They are widely used in the manufacture of various food and beverage products, such as chocolates, cookies, and ice creams. Furthermore, the rising popularity of dark chocolate is expected to propel the market growth in the coming years.
The increasing demand for healthy snacks and the growing trend of snacking are some of the major factors driving the cocoa nibs market. Furthermore, the growing health-conscious population is pushing the demand for cocoa nibs due to their various health benefits, such as high fiber content, antioxidants, and anti-inflammatory properties. The rising trend of veganism is also driving the demand for cocoa nibs as they are vegan-friendly.
The increasing demand for organic and sustainable products is also driving the market growth. The rising awareness among consumers regarding health benefits related to organic foods is pushing the demand for organic cocoa nibs. Companies are introducing new organic cocoa nibs products to meet the growing demand from consumers. For instance, in December 2021, Barry Callebaut launched a new organic cocoa nibs product made from sustainably sourced cocoa beans.
The rising demand for dark chocolate products is also driving the market growth. Cocoa nibs are widely used in the manufacture of dark chocolate products. Cocoa nibs are also used as an ingredient in baking, confectionery, and beverage products. Furthermore, the growing demand from food manufacturers is expected to drive the market growth in the coming years.
In addition, the increasing number of health-conscious consumers is also driving the market growth. Consumers are increasingly preferring cocoa nibs due to their numerous health benefits, such as low-calorie content, high fiber content, and high antioxidant levels. Furthermore, the rising demand for plant-based products is pushing the demand for cocoa nibs. Companies are introducing innovative products to cater to the rising demand from consumers. For instance, in April 2021, Hershey’s launched cocoa nibs with a sweet and crunchy flavor to meet the needs of health-conscious consumers.
Product Insights
The cocoa nibs segment led the market and accounted for a share of around 37.1% in 2021. Growing demand for cocoa nibs among manufacturers of various products such as ice cream, cookies, and chocolates is the major factor driving the market revenue. The World Cocoa Foundation reported that, in 2020, cocoa production in West Africa is expected to reach 3.2 million tons, an increase of 11% over the 2019 production. Moreover, rising consumer preference for dark chocolate and high-quality cocoa products has led to an increased demand for cocoa nibs among manufacturers.
The cocoa powder segment is expected to expand at the fastest CAGR of 8.7% over the forecast period. Growing demand for cocoa powder in the food and beverage industry is one of the key factors driving the market revenue. According to an article published by the World Cocoa Foundation, in December 2020, cocoa powder is the most consumed cocoa product in the global market. Furthermore, an increased demand for cocoa powder as an ingredient for various food products such as cakes, bread, chocolates, and beverages is another factor driving the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest market share in 2022. The increasing number of supermarkets and hypermarkets across the world is expected to contribute significantly to the growth of the segment. Supermarkets and hypermarkets offer a wide range of cocoa nibs-based products, such as cocoa powder, cocoa butter, and cocoa nibs. Furthermore, the availability of these products at attractive prices and the ease of shopping in these establishments are expected to drive the segment’s growth.
The online segment is anticipated to register the highest CAGR of 14.1% over the forecast period. The rising demand for online shopping and the increasing number of online stores are expected to drive the segment’s growth. In addition, the availability of discounts and offers on online platforms is expected to further boost the segment’s growth. Furthermore, the increasing penetration of smartphones and the availability of high-speed internet are expected to further propel the segment’s growth.
Type Insights
The cocoa nibs segment is expected to witness the highest CAGR of 8.2% over the forecast period. Cocoa nibs are a raw form of cocoa beans, which are crushed into small pieces. Cocoa nibs are used in various forms such as smoothies, yogurt, and ice cream. They are increasingly being used as a substitute for chocolate chips in baking. Furthermore, the availability of cacao nibs in different flavors such as semisweet, bittersweet, and unsweetened is also driving the market. For instance, in 2020, NibMor, a U.S. based company launched NibMor Organic Chocolate Gems, a premium unsweetened cocoa nibs in natural, vanilla, and salted caramel flavors.
The cocoa powder segment is anticipated to hold the second-largest share in the global cocoa nibs market during the forecast period. Cocoa powder is used in various applications such as beverages, confectionery products, ice creams, and bakery products. Moreover, cocoa powder is used as a natural flavoring and colorant in the food and beverage industry. The increasing demand for cocoa powder due to its health benefits such as the presence of antioxidants, vitamins, and minerals is expected to drive the segment’s growth.
Regional Insights
Europe is expected to be the largest market for cocoa nibs products, accounting for more than 34.2% of the global revenue in 2022. The prevalence of a large number of consumers in the region who are health-conscious and understand the nutritional benefits of cocoa nibs is driving the growth of the market. Additionally, policies and regulations laid down by the European Union have made it mandatory for the food industry to utilize cocoa nibs for the production of certain food products, further propelling the market growth in the region.
Asia Pacific is expected to witness the fastest growth in the coming years. Increasing health consciousness among consumers in countries such as India and China is one of the prime factors driving the market in the region. Furthermore, the entry of numerous small and medium-sized companies in the cocoa nibs products market is expected to create lucrative opportunities in the region. For instance, in April 2021, ChocoVino Group launched a vegan-friendly dark chocolate with cocoa nibs in India.
Financial Projections
In this part of the cocoa nibs products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a cocoa nibs products business comes from the sale of cocoa nibs products. Other possible sources of profit may include wholesale partnerships, affiliate marketing, direct-to-consumer sales, advertising, fundraising, and the sale of merchandise.
Projecting Expenses
In this section, all the regular expenses related to keeping the cocoa nibs products business running will be described. The list of operating expenses includes wages, the cost of ingredients, packaging materials, shipping and delivery fees, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the cocoa nibs market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Barry Callebaut launched a range of cocoa nibs with different sizes and levels of cocoa butter, ranging from fine to extra-fine.
– In August 2022, Cargill launched their new range of cocoa nibs, called Nibbles, which are made from single-origin cocoa beans.
– In October 2022, Valrhona launched the first range of cocoa nibs made with organic cocoa beans.
Some of the prominent players in the cocoa nibs market include:
– Barry Callebaut
– Cargill
– Olam International
– Valrhona
– Blommer Chocolate Company
– Ferrero
– Guittard Chocolate Company
– Lindt & Sprungli
– Mars, Incorporated
– Hershey’s
Global Cocoa Nibs Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global cocoa nibs products market based on product type, distribution channel, application, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Dark Chocolate Nibs
– Milk Chocolate Nibs
– White Chocolate Nibs
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Beverages
– Confectionery
– Bakery & Confectionery
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
Q: What are the Major Growth Drivers of the Cocoa Nibs Market?
A: The increasing demand for cocoa nibs in the confectionery and bakery industry, rising awareness about health benefits associated with cocoa nibs, and the rising demand for organic and natural cocoa nibs are some of the major factors driving the demand for cocoa nibs. Additionally, the growing demand for dark chocolate and usage of cocoa nibs as a substitute for sugar in the food and beverage industry are some of the other factors contributing to the growth of the cocoa nibs market.
Q: What is the Regional Outlook of the Cocoa Nibs Market?
A: North America is expected to be the most lucrative market for cocoa nibs during the forecast period. The region is characterized by the presence of several established companies in the food & beverage sector, along with the rising awareness about healthy diets. Additionally, the growing demand for chocolates and the increasing purchasing power of the people in the region are also boosting the growth of the cocoa nibs market in the region.
Q: Who are the Key Vendors in the Cocoa Nibs Market?
A: The key vendors in the cocoa nibs market include Barry Callebaut AG, Blommer Chocolate Company, Cargill Inc., Touton SA, Archer Daniels Midland Company, Valrhona SA, The Hershey Company, Godiva Chocolatier, Inc., Olam International, and Mondelēz International, Inc.
Q: What Are the Market Opportunities in the Cocoa Nibs Market?
A: The increasing applications of cocoa nibs in pharmaceuticals and nutraceuticals and the growing demand for cocoa nibs in the confectionery and bakery industries are some of the major opportunities in the cocoa nibs market. Additionally, the increasing popularity of cocoa nibs in the beverage industry and the rising demand for organic and natural cocoa nibs are some of the other opportunities in the cocoa nibs market.
Q: What are the Major Restraints in the Cocoa Nibs Market?
A: The fluctuating prices of cocoa beans and the stringent government regulations related to the use of cocoa products are some of the major restraints in the cocoa nibs market. Additionally, the presence of alternative substitutes such as carob and the high cost of cocoa nibs are some of the other factors hampering the growth of the cocoa nibs market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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