TABLE OF CONTENT 1 EXECUTIVE SUMMARY 1.1 MARKET ATTRACTIVENESS ANALYSIS 14 1.1.1 GLOBAL COCOA NIBS MARKET, BY CATEGORY 15 1.1.2 GLOBAL COCOA NIBS MARKET, BY DISTRIBUTION CHANNEL 16 1.1.3 GLOBAL COCOA NIBS MARKET, BY REGION 17 2 MARKET INTRODUCTION 2.1 DEFINITION 18 2.2 SCOPE OF THE STUDY 18 2.3 RESEARCH OBJECTIVE 18 2.4 MARKET STRUCTURE 19 2.5 KEY BUYING CRITERIA 19 3 RESEARCH METHODOLOGY 3.1 RESEARCH PROCESS 20 3.2 PRIMARY RESEARCH 21 3.3 SECONDARY RESEARCH 22 3.4 MARKET SIZE ESTIMATION 22 3.5 FORECAST MODEL 24 3.6 LIST OF ASSUMPTIONS 25 4 MARKET INSIGHTS 5 MARKET DYNAMICS 5.1 INTRODUCTION 29 5.2 DRIVERS 30 5.2.1 WIDESPREAD CONSUMPTION AS A TOPPING 30 5.2.2 HEALTH BENEFITS OF COCOA 30 5.2.3 DRIVERS IMPACT ANALYSIS 30 5.3 RESTRAINT 31 5.3.1 FLUCTUATING RAW MATERIAL PRICES 31 5.3.2 RESTRAINTS IMPACT ANALYSIS 31 5.4 OPPORTUNITIES 31 5.4.1 EXPANSION IN EMERGING ECONOMIES 31 5.5 CHALLENGE 32 5.5.1 STRINGENT REGULATIONS 32 6 MARKET FACTOR ANALYSIS 6.1 VALUE CHAIN ANALYSIS 33 6.1.1 RAW MATERIAL PROCUREMENT 34 6.1.2 PROCESSING 34 6.1.3 PACKAGING 34 6.2 SUPPLY CHAIN ANALYSIS 35 6.3 PORTER’S FIVE FORCES MODEL 36 6.3.1 THREAT OF NEW ENTRANTS 37 6.3.2 BARGAINING POWER OF SUPPLIERS 37 6.3.3 BARGAINING POWER OF BUYERS 37 6.3.4 THREAT OF SUBSTITUTES 37 6.3.5 INTENSITY OF RIVALRY 37 7 GLOBAL COCOA NIBS MARKET, BY CATEGORY 7.1 OVERVIEW 38 7.1.1 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2017–2025 39 7.2 CONVENTIONAL 39 7.2.1 CONVENTIONAL: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2025 39 7.3 ORGANIC 41 7.3.1 ORGANIC: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2025 41 8 GLOBAL COCOA NIBS MARKET, BY DISTRIBUTION CHANNEL 8.1 OVERVIEW 42 8.1.1 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2017–2025 43 8.2 STORE-BASED 44 8.2.1 STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2025 44 8.3 NON-STORE-BASED 45 8.3.1 NON-STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2025 45 9 GLOBAL COCOA NIBS MARKET, BY REGION 9.1 OVERVIEW 46 9.2 NORTH AMERICA 48 9.3 EUROPE 51 9.4 ASIA-PACIFIC 54 9.5 SOUTH AMERICA 57 9.6 MIDDLE EAST & AFRICA 60 10 COMPETITIVE OVERVIEW 10.1 INTRODUCTION 63 10.2 COMPETITIVE BENCHMARKING 64 11 COMPANY PROFILES 11.1 BARRY CALLEBAUT AG 65 11.1.1 COMPANY OVERVIEW 65 11.1.2 FINANCIAL OVERVIEW 66 11.1.3 PRODUCTS OFFERED 66 11.1.4 KEY DEVELOPMENTS 67 11.1.5 SWOT ANALYSIS 67 11.1.6 KEY STRATEGIES 67 11.2 COCOA FAMILY FARMS 68 11.2.1 COMPANY OVERVIEW 68 11.2.2 FINANCIAL OVERVIEW 68 11.2.3 PRODUCTS OFFERED 68 11.2.4 KEY DEVELOPMENTS 68 11.2.5 SWOT ANALYSIS 69 11.2.6 KEY STRATEGIES 69 11.3 SANTA BARBARA CHOCOLATE 70 11.3.1 COMPANY OVERVIEW 70 11.3.2 FINANCIAL OVERVIEW 70 11.3.3 PRODUCTS OFFERED 70 11.3.4 KEY DEVELOPMENTS 70 11.3.5 SWOT ANALYSIS 71 11.3.6 KEY STRATEGIES 71 11.4 NOW HEALTH GROUP, INC. 72 11.4.1 COMPANY OVERVIEW 72 11.4.2 FINANCIAL OVERVIEW 72 11.4.3 PRODUCTS OFFERED 72 11.4.4 KEY DEVELOPMENTS 72 11.4.5 SWOT ANALYSIS 73 11.4.6 KEY STRATEGIES 73 11.5 FINE COCOA PRODUCTS CORPORATION 74 11.5.1 COMPANY OVERVIEW 74 11.5.2 FINANCIAL OVERVIEW 74 11.5.3 PRODUCTS OFFERED 74 11.5.4 KEY DEVELOPMENTS 74 11.5.5 SWOT ANALYSIS 75 11.5.6 KEY STRATEGIES 75 11.6 SUNFOOD CORPORATION 76 11.6.1 COMPANY OVERVIEW 76 11.6.2 FINANCIAL OVERVIEW 76 11.6.3 PRODUCTS OFFERED 76 11.6.4 KEY DEVELOPMENTS 76 11.7 VIVA NATURALS 77 11.7.1 COMPANY OVERVIEW 77 11.7.2 FINANCIAL OVERVIEW 77 11.7.3 PRODUCTS OFFERED 77 11.7.4 KEY DEVELOPMENTS 77 11.8 NAVITAS LLC 78 11.8.1 COMPANY OVERVIEW 78 11.8.2 FINANCIAL OVERVIEW 78 11.8.3 PRODUCTS OFFERED 78 11.8.4 KEY DEVELOPMENTS 78 11.9 NUTRISURE LTD 79 11.9.1 COMPANY OVERVIEW 79 11.9.2 FINANCIAL OVERVIEW 79 11.9.3 PRODUCTS OFFERED 79 11.9.4 KEY DEVELOPMENTS 79 11.10 UNITED COCOA PROCESSOR, INC. 80 11.10.1 COMPANY OVERVIEW 80 11.10.2 FINANCIAL OVERVIEW 80 11.10.3 PRODUCTS OFFERED 80 11.10.4 KEY DEVELOPMENTS 80 12 REFERENCES

LIST OF TABLES TABLE 1 PRIMARY INTERVIEWS 21 TABLE 2 LIST OF ASSUMPTIONS 25 TABLE 3 MAXIMUM LEVEL OF CADMIUM IN COCOA AND CHOCOLATE PRODUCTS 32 TABLE 4 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2017–2021 (USD MILLION) 39 TABLE 5 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2022–2025 (USD MILLION) 39 TABLE 6 CONVENTIONAL: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2021 (USD MILLION) 39 TABLE 7 CONVENTIONAL: MARKET ESTIMATES & FORECAST, BY REGION, 2022–2025 (USD MILLION) 40 TABLE 8 ORGANIC: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2021 (USD MILLION) 41 TABLE 9 ORGANIC: MARKET ESTIMATES & FORECAST, BY REGION, 2022–2025 (USD MILLION) 41 TABLE 10 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2017–2021 (USD MILLION) 43 TABLE 11 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2022–2025 (USD MILLION) 43 TABLE 12 STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2021 (USD MILLION) 44 TABLE 13 STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2022–2025 (USD MILLION) 44 TABLE 14 NON-STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2017–2021 (USD MILLION) 45 TABLE 15 NON-STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2022–2025 (USD MILLION) 45 TABLE 16 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY REGION, 2017–2021 (USD MILLION) 47 TABLE 17 GLOBAL COCOA NIBS MARKET ESTIMATES & FORECAST, BY REGION, 2022–2025 (USD MILLION) 47 TABLE 18 NORTH AMERICA: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2017–2021 (USD MILLION) 48 TABLE 19 NORTH AMERICA: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2022–2025 (USD MILLION) 48 TABLE 20 NORTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2017–2021 (USD MILLION) 49 TABLE 21 NORTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2022–2025 (USD MILLION) 49 TABLE 22 NORTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2017–2021 (USD MILLION) 49 TABLE 23 NORTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2022–2025 (USD MILLION) 50 TABLE 24 EUROPE: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2017–2021 (USD MILLION) 51 TABLE 25 EUROPE: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2022–2025 (USD MILLION) 52 TABLE 26 EUROPE: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2017–2021 (USD MILLION) 52 TABLE 27 EUROPE: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2022–2025 (USD MILLION) 52 TABLE 28 EUROPE: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2017–2021 (USD MILLION) 53 TABLE 29 EUROPE: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2022–2025 (USD MILLION) 53 TABLE 30 ASIA-PACIFIC: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2017–2021 (USD MILLION) 54 TABLE 31 ASIA-PACIFIC: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2022–2025 (USD MILLION) 55 TABLE 32 ASIA-PACIFIC: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2017–2021 (USD MILLION) 55 TABLE 33 ASIA-PACIFIC: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2022–2025 (USD MILLION) 55 TABLE 34 ASIA-PACIFIC: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2017–2021 (USD MILLION) 56 TABLE 35 ASIA-PACIFIC: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2022–2025 (USD MILLION) 56 TABLE 36 SOUTH AMERICA: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2017–2021 (USD MILLION) 57 TABLE 37 SOUTH AMERICA: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2022–2025 (USD MILLION) 58 TABLE 38 SOUTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2017–2021 (USD MILLION) 58 TABLE 39 SOUTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2022–2025 (USD MILLION) 58 TABLE 40 SOUTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2017–2021 (USD MILLION) 59 TABLE 41 SOUTH AMERICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2022–2025 (USD MILLION) 59 TABLE 42 MIDDLE EAST & AFRICA: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2017–2021 (USD MILLION) 60 TABLE 43 MIDDLE EAST & AFRICA: MARKET ESTIMATES & FORECAST, BY COUNTRY, 2022–2025 (USD MILLION) 61 TABLE 44 MIDDLE EAST & AFRICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2017–2021 (USD MILLION) 61 TABLE 45 MIDDLE EAST & AFRICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY CATEGORY, 2022–2025 (USD MILLION) 61 TABLE 46 MIDDLE EAST & AFRICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2017–2021 (USD MILLION) 62 TABLE 47 MIDDLE EAST & AFRICA: COCOA NIBS MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2022–2025 (USD MILLION) 62 TABLE 48 BARRY CALLEBAUT AG: PRODUCTS OFFERED 66 TABLE 49 COCOA FAMILY FARMS: PRODUCTS OFFERED 68 TABLE 50 SANTA BARBARA CHOCOLATE: PRODUCTS OFFERED 70 TABLE 51 NOW HEALTH GROUP, INC.: PRODUCTS OFFERED 72 TABLE 52 NOW HEALTH GROUP, INC.: KEY DEVELOPMENTS 72 TABLE 53 FINE COCOA PRODUCTS CORPORATION: PRODUCTS OFFERED 74 TABLE 54 SUNFOOD CORPORATION: PRODUCTS OFFERED 76 TABLE 55 VIVA NATURALS: PRODUCTS OFFERED 77 TABLE 56 NAVITAS LLC: PRODUCTS OFFERED 78 TABLE 57 NUTRISURE LTD: PRODUCTS OFFERED 79 TABLE 58 UNITED COCOA PROCESSOR, INC.: PRODUCTS OFFERED 80LIST OF FIGURES FIGURE 1 MARKET SYNOPSIS 12 FIGURE 2 MARKET ATTRACTIVENESS ANALYSIS: GLOBAL COCOA NIBS MARKET, 2018 13 FIGURE 3 GLOBAL COCOA NIBS MARKET ANALYSIS, BY CATEGORY 14 FIGURE 4 GLOBAL COCOA NIBS MARKET ANALYSIS, BY DISTRIBUTION CHANNEL 15 FIGURE 5 GLOBAL COCOA NIBS MARKET ANALYSIS, BY REGION, 2018 16 FIGURE 6 GLOBAL COCOA NIBS MARKET: STRUCTURE 18 FIGURE 7 KEY BUYING CRITERIA FOR COCOA NIBS 18 FIGURE 8 RESEARCH PROCESS 19 FIGURE 9 TOP-DOWN & BOTTOM-UP APPROACHES 22 FIGURE 10 NORTH AMERICA: COCOA NIBS MARKET SIZE, BY COUNTRY (2018 VS 2025) 25 FIGURE 11 EUROPE: COCOA NIBS MARKET SIZE, BY COUNTRY (2018 VS 2025) 25 FIGURE 12 ASIA-PACIFIC: COCOA NIBS MARKET SIZE, BY COUNTRY (2018 VS 2025) 26 FIGURE 13 SOUTH AMERICA: COCOA NIBS MARKET SIZE, BY COUNTRY (2018 VS 2025) 26 FIGURE 14 MIDDLE EAST & AFRICA: COCOA NIBS MARKET SIZE, BY COUNTRY (2018 VS 2025) 27 FIGURE 15 MARKET DYNAMICS OVERVIEW 28 FIGURE 16 DRIVERS IMPACT ANALYSIS: GLOBAL COCOA NIBS MARKET 29 FIGURE 17 RESTRAINTS IMPACT ANALYSIS: GLOBAL COCOA NIBS MARKET 30 FIGURE 18 GLOBAL COCOA NIBS MARKET: VALUE CHAIN 32 FIGURE 19 GLOBAL COCOA NIBS MARKET: SUPPLY CHAIN 34 FIGURE 21 GLOBAL COCOA NIBS MARKET, BY CATEGORY, 2018 (% SHARE) 37 FIGURE 22 GLOBAL COCOA NIBS MARKET, BY CATEGORY, 2017–2025 (USD MILLION) 37 FIGURE 23 GLOBAL COCOA NIBS MARKET, BY DISTRIBUTION CHANNEL, 2018 (% SHARE) 41 FIGURE 24 GLOBAL COCOA NIBS MARKET, BY DISTRIBUTION CHANNEL, 2017–2025 (USD MILLION) 41 FIGURE 25 GLOBAL COCOA NIBS MARKET, BY REGION, 2017–2025 (USD MILLION) 45 FIGURE 26 GLOBAL COCOA NIBS MARKET, BY REGION, 2018 (% SHARE) 46 FIGURE 27 NORTH AMERICA: COCOA NIBS MARKET SHARE, BY COUNTRY, 2018 (% SHARE) 47 FIGURE 28 EUROPE: COCOA NIBS MARKET SHARE, BY COUNTRY, 2018 (% SHARE) 50 FIGURE 29 ASIA-PACIFIC: COCOA NIBS MARKET SHARE, BY COUNTRY, 2018 (% SHARE) 53 FIGURE 30 SOUTH AMERICA: COCOA NIBS MARKET SHARE, BY COUNTRY, 2018 (% SHARE) 56 FIGURE 31 MIDDLE EAST & AFRICA: COCOA NIBS MARKET SHARE, BY COUNTRY, 2018 (% SHARE) 59 FIGURE 32 BARRY CALLEBAUT AG: FINANCIAL OVERVIEW SNAPSHOT 65 FIGURE 33 BARRY CALLEBAUT AG: SWOT ANALYSIS 66 FIGURE 34 COCOA FAMILY FARMS: SWOT ANALYSIS 68 FIGURE 35 SANTA BARBARA CHOCOLATE: SWOT ANALYSIS 70 FIGURE 36 NOW HEALTH GROUP, INC.: SWOT ANALYSIS 72 FIGURE 37 FINE COCOA PRODUCTS CORPORATION: SWOT ANALYSIS 74

Barry Callebaut AG (Switzerland), Cocoa Family Farms (US), Santa Barbara Chocolate (US), NOW Health Group, Inc. (US), Fine Cocoa Products Corporation (US), Sunfood Corporation (US), Viva Naturals (Canada), Navitas LLC (US), Nutrisure Ltd (UK), and United Cocoa Processor, Inc. (US)