SAN FRANCISCO, Sept. 16, 2020 /PRNewswire/ -- The global cocoa nibs market size is expected to reach USD 1.99 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.9% from 2020 to 2027. Growing application of cocoa nibs in the food and beverages industry on account of its nutty and chocolatey flavor, coupled with exceptional nutritional properties, is expected to remain a key factor for the market growth. Moreover, increasing use of these nibs in frozen desserts and beverages, such as smoothies and coffees, is offering new scope for the global market.
Increasing adoption of these crushed product forms in confectionery, bakery, and dessert products among all age groups is expected to have a positive influence on market growth. Health benefits associated with products also play a substantial role in driving the demand for these products. Another important factor anticipated to influence the growth prospects of the market is the launch of different kinds of products in the global market.
Key suggestions from the report:
- The conventional product segment accounted for a share of more than 70.0% in 2019 and is anticipated to maintain the lead over the forecast period owing to the extensive range of products available in the global market
- The commercial application segment held the largest share of more than 65.0% in 2019. 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
- The organic product segment is expected to witness the fastest growth with a CAGR of 8.2% from 2020 to 2027 owing to higher adoption of organic and natural foods among consumers across the globe
- Asia Pacific is anticipated to foresee the fastest growth with a CAGR of 8.6% from 2020 to 2027. The consumption of various types of chocolates is continuously increasing in countries, such as China and India, owing to shifting consumers' food preferences, improving lifestyles, and increasing disposable income at the domestic level.
Read 80 page research report with ToC on "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" at: https://www.grandviewresearch.com/industry-analysis/cocoa-nibs-market
The household application segment is expected to expand at the fastest CAGR of 8.1% from 2020 to 2027. With shifting consumers' preference for a healthy lifestyle, nutritious and rich flavored products are increasingly adopted by consumers. People are increasingly using cocoa nibs for making cakes, cookies, smoothies, flavored milk, and they are also simply consumed as snacks.
North America was the largest regional market, accounting for a share of more than 30.0% in 2019 as the U.S. is one of the largest consumers of chocolates in the world. Demand for the organic products is significantly increasing in the country owing to shifting consumers' preference for organic and healthy foods, which is expected to expand the scope of cocoa nibs at the national level.
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)
- Cocoa Nibs Application Outlook (Revenue, USD Million, 2016 - 2027)
- Cocoa Nibs Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of Cocoa Nibs Market
- Barry Callebaut AG
- Cocoa Family Farms
- United Cocoa Processor, Inc.
- Navitas Organics
- Fine Cocoa Products Corporation
- Viva Naturals
- NOW Foods
- Urban Platter
- BMV International
Find more research reports on Consumer F&B Industry, by Grand View Research:
- Bubble Tea Market – Rising consumption of tea and coffee as nootropic drinks among students and working-class population is a key factor for the market growth.
- Coconut Milk Powder Market – Increasing adoption of these powdered forms as one of the economical alternatives with higher shelf-stability to regular coconut milk is driving the market.
- Frozen Fruits Market – Gaining popularity of non-seasonal fruits at the global level as a result of their freshness and exceptional nutritional benefits is expected to remain a key driving factor.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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