(Entertainment-NewsWire.com, January 10, 2018 ) According to the report “Europe Cocoa And Chocolate Market By Chocolate Type (Dark Chocolate, Milk Chocolate, White Chocolate And Filled Chocolate) By Cocoa Type (Cocoa Butter, Cocoa Liquor And Cocoa Powder) By Application (Cosmetics, Pharmaceuticals, Food And Beverage And Confectionery), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2017–2022)” published by Market Data Forecast, the Europe Cocoa and Chocolate Market was worth $28.36 billion in 2016 and estimated to be growing at a CAGR of 2.34%, to reach $31.84 billion by 2022.
The market is showing enormous potential in the mentioned period. The amount of cocoa defines the category of the chocolate. Milk chocolates have the highest share of about 50% of all chocolate consumption but they contain only about 10% cocoa.
The cocoa and chocolate market has been growing at a slow but steady pace. Strong demand from United States is propelling the cocoa and chocolate market in the region, as Europe happens to be the largest producer of cocoa. Cocoa provides texture, colour and flavour to products. Also, it has anti-inflammatory, anti-oxidative, and anti-depressant properties. The market for these ingredients is increasing in developing economies such as India and China. In specific, dark chocolate contains high amounts of antioxidants, which are believed to prevent certain types of diseases like Cardiac arrest. Health benefits, perceived by people and doctors, have been the main reason behind steady growth for products with high quantities of cocoa.
Fast and steady growth in demand is not evenly matched against an unpredictable and unstable supply. But chocolate consumers are not generally price sensitive. Except in some very rare circumstances consumers are, in general, ready to purchase cocoa product at any given price. The growing demand for chocolate and cocoa in industries is the major driver of the market. The health-related benefits of chocolate and cocoa in cosmetics and pharmaceuticals have enough evidence needed to back manufacturers in order to consider using such ingredients.
The Europe Chocolate and Cocoa market is categorized on the basis of Chocolate Type (White Chocolate, Milk Chocolate, Dark Chocolate and Filled Chocolate), by Cocoa type (Cocoa Liquor, Cocoa Powder and Cocoa Butter). Based on Application, the market is segmented into Cosmetics, Food and Beverage, Pharmaceuticals and Confectionery. The milk and white chocolate segment is expected to grow at the highest rate from 2017 to 2022. As stated above, Europe is the largest producer of cocoa and has the second largest market share after North America. U.K. has the fastest growth rate, and Germany has the largest market share in Europe. The cocoa liquor segment leads the cocoa market in 2016. Consumer awareness about health benefits of cocoa has led to some of the important innovations in the European cocoa and chocolate industry.
Some of the major players in Europe Chocolate and Cocoa market:
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