According to a report, “Cocoa Nibs Market Size, Share & Trends Analysis Report By Product (Conventional, Organic), By Application (Commercial, Household), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2020 - 2027”, published by Grand View Research, Inc., The global cocoa nibs market is expected to reach at USD 1.99 billion by 2027 at a CAGR of 7.9%, according to a new report by Grand View Research, Inc. The rise in application of cocoa nibs in the food and beverages industry is likely to impel a high market growth in the coming years.
Rise in use of cocoa nibs for frozen desserts and beverages is witnessed all across the globe since bakeries and confectioneries are expected to play a substantial role in enhancing the market demand for bakery products. Growing adoption of bakery products is another major factor driving the market growth.
Increase in diabetic and health conscious population can have specific demands for bakery food products that are rich in fiber and highly nutritious. These are associated with health benefits that promote the nutritional properties of cocoa nibs. In addition, these products also impart nutritional properties for cardiovascular patients wherein roasted cocoa is used in the making of bakery products.
Covid-19 Effect:
Amid the covid-19 effect on the bakery food and confectionery products, the cocoa nibs market is expected to witness specific demand owing to the home makers preferring home made confectionery products. Moreover, availability of raw ingredients is a major factor boosting home made cocoa products. In fact, the unlocking of markets in the pandemic time is attracting new opportunities in relevance to supply chain wherein home made products are preferred for end-use.
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Further Findings From the Report Suggest:
Conventional cocoa nibs accounted for a significant share and is expected to maintain a high dominance throughout the forecast period
Household application is anticipated to expand at a high CAGR owing to the shift in consumer preference for healthy lifestyle and rich flavored products
Organic product segment is anticipated to witness a fast growth attributing to the high adoption of organic and natural products among global consumers
Conventional products are likely to gain a huge traction owing to high consumerism and presence of bakery and beverage industries in the developed countries
North America is one of the large regional markets for cocoa nibs owing to the high revenue share and high consumption of chocolate and confectionery products. High demand among consumers is one of the major factors triggering the growth of regional market
Major Players:
l Barry Callebaut AG
l Cocoa Family Farms
l Sunfood
l Viva Naturals
l NOW Foods
l Urban Platter
l United Cocoa Processor,Inc
l BMV International
l Fine Cocoa Products Corporation
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Application Insights
The commercial application segment held the largest share of more than 65.0% in 2019 and is expected to maintain the lead over the forecast period. The confectionery sector is the largest consumer of cocoa nibs while the bakery and beverage industries are among the fastest-growing segments in terms of usage. Manufacturers are actively introducing these nibs in various bakery products, including muffins, cookies, cupcakes, and bread, in order to enhance the flavor as well as bring out the rich chocolate flavor.
The household application segment is expected to register the fastest CAGR of 8.1% from 2020 to 2027. With the shifting consumers’ preference for a healthy lifestyle, nutritious and rich flavored products are increasingly adopted by the consumers. Over the past few years, people are using cocoa nibs for making smoothies, flavored milk, cakes, cookies, and they are also simply consumed as snacks. It adds a nutty and chocolatey note in food. Moreover, it is loaded with nutritional properties, which is opening a new scope in the household segment.
Cocoa Nibs Market Segmentation
Grand View Research has segmented the global cocoa nibs market on the basis of product, application, and region:
Cocoa Nibs Product Outlook (Revenue, USD Million, 2016 - 2027)
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Conventional
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Organic
Cocoa Nibs Application Outlook (Revenue, USD Million, 2016 - 2027)
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Commercial
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Household
Cocoa Nibs Regional Outlook (Revenue, USD Million, 2016 - 2027)
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North America
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The U.S.
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Europe
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The U.K.
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Germany
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France
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- Asia Pacific
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China
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India
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Central & South America
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Brazil
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Middle East & Africa
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