Cocoa Nibs Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global cocoa nibs market size was accounted for USD 1.08 billion in 2019 and is anticipated to grow at a CAGR of 7.9% over the forecast period, from 2020 to 2027. Increasing usage of cocoa nibs in the food and beverage sector due to its nutty, rich chocolate and raw flavor is majorly driving the market growth.

Roasted and crushed cocoa beans are rich in source of fiber, minerals, healthy fats, and protein, which help to curb occurrences of chronic diseases like cardiovascular diseases and diabetes. Therefore, rising awareness regarding the health benefits of cocoa nibs among consumers is expected to further fuel the market growth. These nibs are fermented, dried, roasted, and crushed cocoa beans, thereby, used in making premium chocolates as well as in the bakery & beverage sectors.

Crushed and roasted cocoa beans contain low sugar and are a high source of fibers, antioxidants, proteins, healthy fats, and minerals like phosphorus, magnesium, iron, and zinc. These high nutritional properties are expected to gain traction among buyers to maintain a healthy lifestyle. Crushed cocoa beans comprise potent plant compounds like flavonoid antioxidants including epicatechin, catechin, and procyanidins. These flavonoids contain several health benefits as they help to reduce the chances of carcinogenic disorders and cardiovascular diseases. In addition, it controls blood sugar, contains anti-inflammatory properties, and increases the immunity of the human body.

Consumers are using these nibs for frozen desserts, toppings, smoothies, and chocolates. Bakery manufacturers used these nibs for making nut butter, lattes, flavored milk, capuchins, snacks, and barbecue sauces. Several usages of cocoa nibs are fueling demand for delicious and healthy products across the globe. 

Product Insights

Based on the product, in 2019, the conventional cocoa nibs accounted for the highest share in the cocoa nibs market with over 70.0%. The availability of a wide range of products in this category is a major factor driving the market growth. In addition, the conventional segment is increasingly used in the commercial sector in coffee and bakers shops.

On the other hand, the organic segment is projected to register the fastest growth with an 8.2% CAGR over the forecast duration. Increasing penetration of natural and organic food among consumers is driving the segment growth. Increasing health consciousness among consumers and changing food habits are supplementing the demand for low-sugar products, which in turn, is driving the segment growth.

Application Insights

In 2019, the commercial segment accounted for the largest market share of over 65% and is expected to maintain its position throughout the forecast period. In this segment, the confectionery sector is a major consumer for these nibs wherein bakery & beverage industries are gaining traction in terms of usage. Thus, manufacturers are focusing on introducing cocoa nibs in several bakery products including bread, cupcakes, cookies, and muffins to improve flavor and bring richness in chocolate flavor.

The household application segment is projected to grow with the fastest CAGR of 8.1% over the forecast period. Consumers are shifting towards a healthy lifestyle; thereby they are looking for rich flavored and notorious products. In recent years, consumers are using these nibs for making flavored milk, cookies, cakes and preferring it as snacks. It gives a chocolaty and nutty flavor to food along with nutritional properties, which is expected to open new avenues for market growth in this segment.

Regional Insights

In 2019, North America held the largest cocoa nibs market share of over 30.0%. The U.S. is one of the major consumers of chocolates in this region. As per estimation, around 2.8 billion pounds of chocolates are consumed in the country every year. Therefore, manufacturers are increasing their production to fulfill the growing demand in the region. For example, in 2018, Mars, Incorporated has invested around 20 million in Mexico by 2022 to surge production capacity and fulfill the increasing demand for chocolate in this country.

Asia Pacific is projected to grow with the fastest CAGR of over 8.5% during the forecast period. In this region, consumption of different types of chocolates is increasing due to rapidly changing consumer’s food preferences along with improving lifestyles. Moreover, owing to the presence of a large number of young populations, the demand for chocolates and their related products is increasing, which is expected to positively influence the market growth.

Impact of COVID-19

The cocoa nibs market is negatively impacted due to the outbreak of COVID-19. Governments across several countries have restricted public movement in order to prevent the spread of virus infection. Restaurants, bakery, and cafes have shut down their operations, thereby the demand for cocoa nibs decreased to some extent. 

However, in a pandemic situation, people became more health-conscious and are preferring more nutritional and healthy food to increase the immunity of the human body. These factors are expected to drive the demand for cocoa nibs as a functional food in different nutritional items and dishes during an outbreak of COVID-19. 

Cocoa Nibs Market Share Insights

The market is highly fragmented due to the presence of international and domestic players along with wide customer reach and a large product folio across the globe. Over the past few years, the market is strengthening its footprints in emerging regions such as the Asia Pacific. Factors such as changing consumer food preferences and shifting retail models are enforcing manufacturers to opt for new strategies to strengthen their position in the market. In addition, manufacturers are focusing on product innovation along with production techniques to offer an ideal product for consumer’s healthier lifestyles. The major players operating in this market are as follows:

    • United Cocoa Processor, Inc.
    • Navitas Organics
    • Cocoa Family Farms
    • Sunfood
    • Viva Naturals
    • NOW Foods
    • Fine Cocoa Products Corporation
    • Urban Platter
    • BMV International
    • Barry Callebaut AG

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global cocoa nibs market report based on product, application, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2027)
    • Conventional
    • Organic

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Commercial
    • Household

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
    • Europe
        • The U.K.
        • Germany
        • France
    • The Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa