Gourmet Cocoa: Market outlook
The concept of “premiumization” is persuading the cocoa industry at large, ranging beyond pricing to include incredible quality and a grander experience. Premiumization has fueled customer opinion for high quality and value-added products with the right quality ingredients that have potential health benefits and cocoa industry has not remained untouched.
Gourmet cocoa is catching eye of food and beverage giants and millennial consumers. Gourmet cocoa is richest and finest cocoa made with selective cocoa beans and high quality ingredients to provide consumers with indulgence and superior taste flavours.
Brands are gaming around customization and personalization to target future growth in better-for-you gourmet cocoa category. Strong label game, attractive packaging, unique ingredients, and authentic flavours is proliferating the market growth for gourmet cocoa.
Premiumization Digs in the Indulgence Category
Craft producers and artisan products along with products furnishing health-conscious consumers are anticipated to gain ground in sales. Gourmet cocoa is branded and sold as an artisan product and thus is gaining popularity in modern times. Gourmet cocoa offerings especially those focused on sugar-free, gluten-free, and keto-friendly traits are caching hold of wider consumer base.
Hot gourmet cocoa beverages are new go-to-drink of consumers. Consumers are regularly consuming gourmet cocoa drinks in day-to-day life to experience moderate to intense bittersweet cocoa flavor and chocolate taste to have grander taste experience.
Increasing consumer spending, growing numbers of specialty stores, and rising premiumization trends are expected to fuel the demand for gourmet cocoa.
Global Gourmet Cocoa: Key Players
There is an increasing concentration in the global cocoa supply chain. Both on the vertical and horizontal levels, many of the cocoa and chocolate manufacturers have seen mergers & acquisition / takeovers by the competitors. The key traders & grinders control approximately three quarter of the world cocoa trade. This concentration shall further weaken the farmer’s position, making the asymmetry in the favor of buyers and traders of gourmet cocoa.
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Some the key players operating their business in the global Gourmet Cocoa market are Gourmet Food World, LLC., Indulgent Foods, Grand Marceline Company, Fazenda Coffee Roasters, Kerry Group Plc., Godiva, Ghirardelli , DaVinci Gourmet, Boca Java, and Holy Chocolate, among others
- In the year 2017, Barry Callebaut expanded its Gourmet offerings in China to meet the demand for chocolate in fast-growing segment of professional users
Opportunities for Gourmet Cocoa Market Participants:
Consciousness and carefulness regarding consumption have led to the requirement of transparency in products. Consumers are now asking companies to increase the transparency of their products, going past ingredients, quality status, and nutritional levels. This is motivated by the buyer’s rising demand to understand the product’s circumstantial – from how and where the ingredients were obtained, till the manufacturing of the finished product. Gourmet cocoa manufacturers thus should keep in mind the clean label demand of consumers.
Gourmet cocoa is anticipated to witness a growing demand from Asia Pacific owing to increasing consumers demand for premium and gourmet food category and increasing consumer spending on premium food products.