Overview of the global cocoa market
Technavio’s market research analyst predicts that the global cocoa market will grow at a modest CAGR of over 3% by the end of 2020. One of the key drivers for market growth is the range of uses for cocoa powder. Since cocoa powder has a universal flavor, the market space will offer scope for multiple applications. Cocoa is an essential ingredient in products related to baking, dairy, and even beverages. After processing, cocoa powder can be used in syrups, toppings, confectionery, as a coloring agent, and even in beverages. The ability to process and utilize cocoa powder in multiple ways will lead to this market’s growth during the forecast period.
In this market research report, analysts have estimated factors like the rising demand for Fairtrade-certified cocoa products to bolster market growth until the end of 2020. Fairtrade cocoa is sourced from farms, which do not indulge in slavery or child labor. Vendors dealing in fairtrade cocoa levy a small premium on products and use these funds to improve the living standards of cocoa producing farmers. Growing awareness of fair trade practices and the rising demand for ethically cultivated and sourced cocoa products will have a positive impact on market growth during the forecast period.
Product-based segmentation and analysis of the cocoa market
- Cocoa butter
- Cocoa powder
- Cocoa liquor
The cocoa liquor segment was the largest in 2015 and is expected to grow at a CAGR of close to 3% during the next four years. Much of this segment’s growth can be attributed to its extensive use in a wide range of applications including confectionery, bakery, ice creams, and desserts. In addition, the rising demand for origin cocoa liquor will also lead to the growth of this market segment during the forecast
Global outlook of the gum market
Extensive research carried out by the analysts at Technavio has shown that the global gum market will reach close to USD 25 billion by 2020. The consumer’s choice of packaged food items is largely based on the availability of products in the market. The larger the number and more the varieties, the higher the chances of them consuming multivariate products. The availability of product variants compels consumers to change their taste frequently. Moreover, children are also drawn by different flavors, shapes, and packaging of gums, which will bolster the growth prospects for this market in the coming years.
The growing demand for nicotine gum is one of the important trends driving the growth of the global gum market over the predicted period. Nicotine gum is a type of chewing gum that delivers nicotine to the body and helps in coping with the withdrawal symptoms of smoking. According to the US FDA, tobacco products are responsible for an average of 440,000 deaths in the US every year. Therefore, to combat this health hazard, the FDA approves safe and effective therapies that consumers can use to stop smoking, including nicotine gums, lozenges, and patches. Moreover, several governments and organizations have extended support to people who want to quit smoking by providing NRT (nicotine replacement therapy). The desire to quit smoking tobacco and the increasing awareness regarding its harmful effects will contribute to the growth of this market over the next four years.
Segmentation by type and analysis of the gum market
- Chewing gum
- Bubble gum
The chewing gum segment led the global gum market and is expected to reach close to USD 22 billion by 2020. The growth of this market segment is attributed to the increasing demand for sugar-free chewing gum products. In 2012, scientific studies conducted by the European
Outlook of the global food and salad dressings market
Technavio’s market research analysts have estimated the global food and salad dressings market to grow at a CAGR of more than 5% over the forecast period. The growing demand for food and salad dressings in different cuisines is one the key factors driving the growth of this market in the coming years. Since consumers are eager to experiment with different cuisines and new flavors, it has led to the launch of several new products in the food and salad dressings market. Moreover, growing interest in experimenting with various types of foreign cuisines as well as ethnic cuisines has led to the purchase of different dressings. Also, an increasing number of health-conscious individuals who prefer healthy foods, like salads, will contribute to this market’s growth prospects in the coming years.
In this industry research report, the analysts have estimated factors such as the increasing number of private-label brands to spur the growth opportunities for this market over the predicted period. Several private-label brands for dressings such as Bay Valley Foods, Cheltan House, and Richelieu Foods offer a broad range of dressing products, the demand for which is growing significantly with increase in organized retailing. Moreover, many vendors are entering this market by increasing their investments in perishable food products as private-label brands are perceived to be better and offer higher value for money than other branded purchases. Furthermore, many large retailers are also expanding into gourmet facilities offering ethnic flavors in this category, which in turn will foster growth in this market until the end of 2020.
Product segmentation and analysis of the food and salad dressings market
- Mayonnaise dressings
- Cream and cream-style dressings
Outlook of the soy desserts market
The global soy desserts market is envisaged to witness steady growth and will post a CAGR of more than 5% over the forecast period. Increasing awareness of the several health benefits associated with the consumption of soy is one of the most important factors driving the growth of this market in the coming years. Soy contains the perfect proportion of all the nine essential amino acids that are vital for an individual’s wellbeing. Moreover, soy also contains phytosterols that help prevent cholesterol absorption, thereby, reducing the risks of a heart failure. Additionally, the role of soy and soy-based products in increasing bone density and as a good source of vitamin B6 and B12 will lead to its augmented demand over the next four years.
The growing popularity of soy milk is one of the key trends propelling the growth prospects for this market until the end of 2020. As soy milk is derived by finely grinding, boiling, and soaking soybeans in water, it is dairy free and contains only vegetable proteins. Also, soy milk enhances the lipid profile, promotes weight loss, reduces the risk of prostate cancer, and helps in preventing osteoporosis. Since soy milk is the main ingredient of most soy desserts, its increasing consumption will contribute to the growth of the soy desserts market during the forecast period.
Segmentation by distribution channel and analysis of the soy desserts market
- Hypermarkets and supermarkets
- Food and drink specialists
- Convenience stores
During 2015, the soy desserts distribution was led by the hypermarkets and supermarkets segment, which accounted for more than 58% of the market share in terms of revenue. The widespread availability of a wide array of soy and soy-based products in such stores will lead to the strong growth of this market segment during the estimated period.
Overview of the non-GMO food market in China
Technavio’s market research analyst predicts the non-GMO food market in China to grow impressively at a CAGR of more than 20% between 2016 and 2020. Non-genetically modified organism (GMO) food occupy a minimal share in China’s food market, which is predominantly monopolized by the genetically modified (GM) processed crops. However, the detrimental effects of these genetically-modified crops will elevate the use of non-GMO crops in the country over the predicted period. As the non-GM crops are not cultivated in an artificial medium, their threat to health and the environment is perceived to be lower than the GM crops, which is also increasing their preference over GM foods in many countries. Though consumers perceive the non-GMO food products to be of high quality, with high nutritional content, and safe to be consumed, the high prices of these products is a hindrance for the growth of this market. Crops produced through organic farming and food products derived from these crops are non-GM in nature, which is propelling the use of organic farming in non-GM agriculture in China. Awareness about non-GMO products is very limited among Chines consumers, resulting in low demand for these food items. However, the growing awareness and concern regarding the safety of GM food products will spur growth prospects for the market in the coming years.
Owing to the harmful effects of GM crops on human health and the environment, China is formulating regulations and restrictions regarding the use of these crops. None of the research studies undertaken on GM crops have proved that they can increase agricultural productivity or are high-yield crops. However, the regulated use of GM crops within the country will lead to the growing import and cultivation of GM crops, leading to increasing
Market outlook of the global cheese market
Technavio’s research analyst predicts the global cheese market to grow at a CAGR of 4% in terms of revenue between 2016 and 2020. Cheese is a good source of protein, calcium, and phosphorus and is also beneficial in preventing tooth decay. In the early ages, cheese was a popular wartime and travel food due to its portability and long shelf life. An increase in the number of fast food restaurants, food joints, dining restaurants, and households is driving the growth of this market.
A rising health-conscious population is likely to fuel the demand for low-fat cheese during the forecast period. Due to changing lifestyle and long working hours, consumers have less time for exercise. Therefore, to stay fit, they prefer food with less fat content. Moreover, due to an increase in obesity-related problems, most people are avoiding food with high-fat content. This has increased the demand for low-fat cheese. Low-fat cheese contains less amount of saturated fat, low sodium content, and low-density lipoprotein.
Segmentation by product and analysis of the global cheese market
- Natural cheese
- Processed cheese
Natural cheese has become an important ingredient in fast food like pizza and burgers and is used by restaurants and roadside eating joints. It forms an important part of many cuisines, especially in Europe. The popularity of natural and specialty cheese such as cottage cheese, cheddar cheese, and cream cheese is growing as consumers look for healthier products apart from the traditional varieties.
Segmentation by distribution channel and analysis of the global cheese market
- Hypermarkets and supermarkets
- Food specialists
- Convenience stores
Food is a broad commodity that includes everything from canned, fresh, and frozen foods to pasta and cooking oils. Many manufacturers and suppliers of packaged food have expanded their distribution networks and modified their retail formats in order to meet changing consumer demands resulting from better standards of living and changes in eating habits across the globe.
Technavio’s consumer data and market analysis advances your knowledge of the industry and its competitive environment and provides strategic insights on food industry trends, food processing, frozen food, and snack food.