According to the research report titled ‘Global Cocoa Beans Market Size study, By Application (Cosmetics, Confectionery, Pharmaceuticals, Functional Food & Beverage), By Product (Butter, Powder, Liquor), By Distribution Channel (Online, Offline), and Regional Forecasts 2020-2027’, available with Market Study Report, global cocoa beans market was worth USD 10.66 billion in 2019 and is projected to record a CAGR of 7.4% over the next seven years to be valued at USD 18.87 billion by the year 2027.
 

Growing chocolate industries in emerging countries such as India and China is primarily driving global cocoa beans market expansion. In addition, rising significance of coating for improved flavoring in the processing of vegetables, fruits, and cereals is expected to fuel product demand.
 

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Cocoa beans are used in different verticals such as functional confectionery, food & beverage, pharmaceuticals, and cosmetics, owing to health benefits, which include regulating fatigue syndrome, excellent antioxidant properties, and decreasing the impact of hypertension.
 

Chocolate variants such as brownies, chocolate milk, and dark chocolate are becoming increasingly popular around the world. Further, it is speculated that craft chocolate to have same customer interest as other creative food items such as craft beer and craft cheese with surge in curiosity among consumers, in tandem with rise in purchasing potential.
 

The Forastero, a type of cocoa bean, is used in the majority chocolate production across the globe, accounting for more than 80% share, as it is high-yielding and disease-resistant. Therefore, chocolate producers continue to favor Forastero over Criollo and Trinitario. Emphasis among bean-to-bar chocolate manufacturers on sourcing high purity beans will further stimulate the worldwide cocoa beans market outlook.
 

Considering the geographical ambit, North America held significant portion of global cocoa beans market share in 2019 and projected to expand significantly through 2027, owing to soaring demand from Canada and the US cosmetics, confectionary, and pharmaceutical sectors. Moreover, rapid urbanization, and increasing disposable income in Mexico are predicted to create lucrative prospects over the coming years.
 

Meanwhile, Asia Pacific cocoa beans industry is poised to amass high returns by 2027, creditable to shifting customer preferences, increasing health cognizance, and growing target population.
 

Major companies in global cocoa beans market sphere are Puratos Group, Blommer Chocolate Company, Cemoi Group, United Cocoa Processor Inc., Jindal Cocoa, Meiji Holdings Company Ltd., Nestle S.A., The Barry Callebaut Group, Cargill Incorporated, and The Hershey Company.