Cocoa Nibs Market Growth & Trends
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.
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.
Cocoa Nibs Market Report Highlights
- 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.