According to the latest report by IMARC Group, titled “Nigeria Cocoa Processing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The Nigeria cocoa processing market is expected to exhibit a CAGR of 7.2% during 2022-2027.
Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027
Cocoa processing refers to a technique used for converting cocoa beans into different forms, such as cocoa powder, cocoa liquor, cocoa butter, etc. These products are rich sources of theobromine, iron, vitamins, polyphenols, magnesium, zinc, etc. Cocoa-based items offer numerous benefits in improving metabolism, maintaining blood pressure levels, enhancing cognitive health, etc. They find diverse applications across various industries, including pharmaceuticals, food and beverages, cosmetics, etc.
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Nigeria Cocoa Processing Market Trends:
The extensive land use and the favorable climatic conditions for the sustainable production of cocoa are driving the Nigeria cocoa processing market. Furthermore, the growing penetration of western food trends is also propelling the demand for cocoa-based baked products, beverages, confectioneries, etc. Moreover, the rising awareness of the anti-aging, moisturizing, and anti-inflammatory properties of cocoa beans is further augmenting their usage in the cosmetics industry. Apart from this, the rising popularity of cocoa-infused grooming products, such as soap bars, lotions, creams, lip balms, etc., is also catalyzing the market growth. Additionally, cocoa products are extensively used as flavoring agents and coatings on medicines in the pharmaceutical industry, which is projected to fuel the growth of the Nigeria market over the forecasted period.
Nigeria Cocoa Processing Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Cocoa (Ile-Oluji) Limited
- FTN Cocoa Processors Plc
- Mondelez International
- Olam International
- Saroafrica International Limited
The report has segmented the market on the basis on bean type, product type and application.
Breakup by Bean Type:
- Forastero
- Criollo
- Trinitario
Breakup by Product Type:
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
- Others
Breakup by Application:
- Confectionary
- Bakery
- Beverages
- Pharmaceuticals
- Others
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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