The global cocoa nibs market size is projected to reach USD 1.99 billion by 2027 and is registering a 7.9% CAGR over the forecast period from 2020 to 2027, according to new report by Million Insights. Increasing usage of cocoa nibs in the food & beverage industry due to its chocolaty and nutty flavor along with its nutritional properties is expected to drive the market growth during the forecast period. In addition, rising application of these nibs in frozen desserts & beverages like coffees and smoothies is opening new avenues for market growth.
Moreover, growing adoption of cocoa nibs in crushed form for bakery, dessert and confectionery is projected to surge the market growth over the forecast period. Rising awareness regarding the health benefits of this product is also playing a vital role in boosting the product demand.
The household segment is projected to grow with the highest CAGR of 8.1% during the forecast period, from 2020 to 2027. Rich and nutritious flavored products is gaining traction among consumers. Therefore, consumers are widely using cocoa nibs in making flavored milk, smoothies, cakes and also consume like snacks.
In 2019, North America held the largest cocoa nibs market share and accounted for over 30.0% in terms of revenue. In addition, in the U.S., consumers are shifting towards organic and natural products, which is projected to propel the demand for cocoa nibs in this region.
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Further key findings from the report suggest:
• In 2019, the conventional products segment held the largest market share of more than 70% and expected to retain its leading position throughout the forecast period. This growth is attributed due to the presence of a wide range of products in the global market.
• In 2019, commercial applications accounted for the largest market share of over 65%. The beverage and bakery industry are the highest growing industries in terms of usage wherein confectionary sector is a major consumer of cocoa nibs.
• The organic products is emerging as the fastest growing segment and projected to register 8.2% CAGR during the forecast period due to growing adoption of natural and organic foods among consumers globally.
• Asia Pacific is projected to exhibit with the highest CAGR of over 8.0% during the forecast period. Increasing consumption of different types of chocolates in India and China due to rapidly changing consumers’ food preferences and lifestyles is anticipated to bode well for the market growth.
Million Insights has segmented the global cocoa nibs market on the basis of product, application and region:
Cocoa Nibs Product Outlook (Revenue, USD Million, 2016 - 2027)
Cocoa Nibs Application Outlook (Revenue, USD Million, 2016 - 2027)
Cocoa Nibs Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
List of Key Players of Cocoa Nibs Market
• Barry Callebaut AG
• Cocoa Family Farms
• United Cocoa Processor, Inc.
• Navitas Organics
• Fine Cocoa Products Corporation
• Viva Naturals
• NOW Foods
• Urban Platter
• BMV International