The Latin America Cocoa and Chocolate Market is growing steadily in the mentioned period. Cocoa content in the chocolate defines the category of the chocolate.
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According to the report “Latin America 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 (2016–2021)” published by Market Data Forecast, The Latin America Cocoa and Chocolate Market was worth $17.24 billion in 2016 and estimated to be growing at a CAGR of 2.19%, to reach $19.24 billion by 2021.
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Milk chocolate has the highest share of about 50% of all the chocolate consumption but they contain approximately 10% cocoa, content-wise.
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While, chocolate is considered as “dark chocolate” if it has above 60% cocoa in it.
The Latin America Cocoa and Chocolate Market have been growing at a steady pace. Strong demand is driving the cocoa and chocolate market in the Latin America.
Cocoa provides flavour, colour and texture to products. Additionally, it has anti-inflammatory, anti-oxidative and anti-depressant properties.
The market for these ingredients is growing especially in the developing economies like China and India. Dark chocolate contains even higher amounts of antioxidants, which are perceived to prevent certain types of diseases like Cardiac arrest.
Health benefits like these, believed by certain people and doctors, have been the main reason behind 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 benefit of chocolate and cocoa in cosmetics and pharmaceuticals has enough evidence needed to back manufacturers in order to consider using such ingredients.
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The Latin America Cocoa and Chocolate Market is characterized on the basis of Chocolate Type (Dark Chocolate, White Chocolate, Milk Chocolate and Filled Chocolate), by Cocoa type (Cocoa Liquor, Cocoa Powder and Cocoa Butter). Based on Application, the market is segmented into Food and Beverage, Pharmaceuticals, Cosmetics, and Confectionery.
The milk and white chocolate segment is estimated to grow at the highest rate. Brazil has the fastest growth rate, and Mexico has the largest market share in Latin America.
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 Latin America cocoa and chocolate industry.
Some of the major companies dominating the Latin America Cocoa and Chocolate Market are
- Barry Callebaut
- Blommer and JB Foods Limited
- Plot Ghana
- Dutch Cocoa
- Cocoa Processing Company Limited
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