San Francisco — Worldwide cocoa bean sales are anticipated to increase 7.3 percent by 2025, with the market value projected to hit $16.3 billion, according to Grand View Research, Inc.
Usage of cocoa butter as a functional ingredient in chocolates is anticipated to be a key factor for growth. Additionally, the research company expects premium chocolate trends to continue during the forecast period, which will lift the market.
Growing popularity of cocoa as a polyphenolic functional ingredient and the increasing use of the beans in organic personal care products will also drive demand, according to Grand View. Additionally, pharmaceuticals are expected to remain the fastest-growing application for the sector.