Global Cocoa Nibs Market - 2022-2029

Global Cocoa Nibs Market - 2022-2029

Market Overview

The global cocoa nibs’ market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Cocoa nibs are dried, roasted, fermented, and crushed cocoa beans used in the production of high-end chocolates in the baking and beverage sectors. These nibs are fermented, dried, roasted, and crushed cocoa beans utilized in the production of premium chocolates and bread and beverage products. Cocoa beans, both roasted and crushed, are high in fiber, minerals, healthy fats, and protein, which help prevent chronic diseases like cardiovascular disease and diabetes. As a result, increased consumer awareness of the health benefits of cocoa nibs is likely to propel the market forward. Because of their raw, nutty, and rich chocolate flavor, cocoa nibs are becoming increasingly popular in the food and beverage industry.

Market Dynamics:

Increasing awareness of health benefits of cocoa nibs is driving the market

Cocoa nibs are high in healthy fats and other substances that can boost the amounts of serotonin and dopamine in the brain, which affects the mood. These strong nutritional features are intended to appeal to purchasers who want to live a healthier lifestyle. Cocoa nibs contain many antioxidants. Epicatechin, catechin, and procyanidins are only a few of the flavonoid antioxidants found in crushed cocoa beans. These flavonoids provide various health benefits, including lowering the risk of carcinogenic illnesses and cardiovascular disease. Furthermore, it regulates blood sugar, has anti-inflammatory qualities, and boosts the body's immunity. These health benefits will boost cocoa nibs' popularity as a healthy functional component.

Furthermore, consumers use these nibs in chocolates, frozen desserts, smoothies, porridge, and toppings. Bakeries use it to make bread and muffins, while food and beverage companies make snacks, barbecue sauces, nut butter, flavored milk, lattes, and cappuccinos. These industry trends drive up global demand for healthy and delicious cocoa nibs.

Market Segmentation:

Commercial segment accounted for the highest share in global cocoa nibs market

With over XX percent market share, the commercial segment is likely to maintain its dominance during the projection period. The confectionery industry is a key consumer of these nibs in this market, but the baking and beverage industries are gaining pace in terms of utilization. As a result, producers are focusing on incorporating cocoa nibs into a variety of bakery products, including bread, cupcakes, cookies, and muffins, to improve flavor and add richness to the chocolate flavor.

The household application segment is expected to grow at the quickest rate of XX percent during the projected period. Consumers are increasingly adopting nutritious and richly flavored items as their preferences for a healthy lifestyle evolve. Cocoa nibs have been popular in recent years for use in smoothies, flavored milk, cakes, pastries, and snacking. It gives dishes a nutty, chocolatey flavor. Furthermore, it is high in nutritional value, offering new possibilities in the domestic market.

Geographical Penetration:

North America is the dominating region during the forecast period

With a market share of more than XX percent in 2021, North America was the largest regional market for cocoa nibs. The United States is one of the largest chocolate consumers in North America. Every year, the United States consumes an estimated 2.8 billion pounds of chocolate. Due to rising customer demand, manufacturers increase their chocolate production in the region.

Asia Pacific is anticipated to be the fastest-growing regional market with a CAGR of XX% during the forecast period. Because of changing consumer food choices, improved lifestyles, and rising disposable income in the region, consumption of various forms of chocolate is steadily increasing. Chocolate and related goods are gaining traction in the region, which is expected to provide new avenues for the regional market over the projection period due to a big young population.

Competitive Landscape:

Due to domestic and international players with a large product portfolio and global customer reach, the market is slightly fragmented. In Europe, North America, and Asia, these companies have a considerable market share. The market participants operating in the global cocoa nibs market are identified across the value chain: Navitas Organics, Adam Vacon, Edica Naturals Ltd, Viva Naturals, Sunfood Corporation, and cocoa nibs manufacturers. Manufacturers have been concentrating on improving production techniques and constant product innovation to expand their product range that is more acceptable for consumers wishing to embrace a healthy lifestyle to retain and grow their customer base. For example, Mars, Incorporated said in October 2018 that it would invest roughly USD 20 million in Mexico by 2022 to enhance its production capacity to meet the country's growing chocolate demand.

COVID-19 Impact: Negative impact on the global cocoa nibs market

The outbreak of COVID-19 has had a significant influence on the cocoa nibs market. Several governments have imposed restrictions on public movement to limit viral infection spread. Due to the closure of restaurants, bakeries, and cafes, demand for cocoa nibs has reduced. However, individuals have become more health-conscious and preferring more nutritional and healthy foods to boost the human body's immunity. During a COVID-19 outbreak, these factors are predicted to stimulate demand for cocoa nibs as a functional food in various nutritional items and meals.