The global cocoa and chocolate market size was USD 47 Bn in 2022 and is likely to reach USD 68.9 Bn by 2031, expanding at a CAGR of 5.1% during 2023–2031. The growth of the market is attributed to the rising application and increasing product popularity.
Cocoa is an ingredient made from cocoa tree seeds. It is an unadulterated form of chocolate. It originated in Latin America and is now grown in most of the tropical regions, starting from West and Central Africa to Asia. Cocoa seeds are used in the production of a wide range of products such as cocoa butter, cocoa liquor, and cocoa powder.
Chocolate is prepared from cocoa beans and has a similar manufacturing process as cocoa. On the other hand, cocoa butter is not extracted from chocolate. It contributes to rich and smooth consistency of chocolate. Chocolate is available in a solid candy bar form or in a liquid form such as hot chocolate.
Commercial chocolates have sugar and sometimes contain milk. They are rich in carbohydrates, which is an instant source of energy. It contains certain amounts of chemicals such as alkaloids known as caffeine and theobromine. Center-filled chocolates are popular among gifting options during festivals and celebrations.
The report finds that the COVID-19 pandemic hampered the overall revenue of the global cocoa and chocolate market due to the sharp decline in product manufacturing and demand worldwide. The prolonged shutdown of factories had plummeted the overall demand for food & beverage, due to fluctuation in raw material availability.
Cocoa And Chocolate Market Dynamics
Major Drivers
Rising demand for chocolate products and high consumption of cocoa and chocolate in industrial applications are expected to drive the market. Increasing consumers’ preference for chocolate confectioneries during events, celebrations, and festive seasons fuels the market. Additionally, certain health benefits associated with the adequate consumption of chocolate cocoa ingredients is propelling the market in the projection period.
Existing Restraints
Lack of availability of raw materials such as cocoa beans, is expected to restrain the market in the forecast period. Volatility in the prices and high production process costs impede the market.
Emerging Opportunities
Introduction of improved chocolate development methods is expected to create lucrative opportunities in the market. Rising health concerns is giving rise to developing products according to standard sugar quantity consumption. Trends such as redesigned chocolate development process are projected to create opportunities in the market.
Scope of Cocoa and Chocolate Market Report
The report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cocoa And Chocolate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Cocoa [Butter, Powder, and Liquor] and Chocolate [Milk, White, Ruby, and Dark]), Application (Cosmetics, Food & Beverage, Pharmaceuticals, and Others), and Distribution Channel (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Kerry Group plc.; Barry Callebaut; FUJI OIL HOLDINGS INC.; BD Associates Ghana Limited; NICHE COCOA; Cargill; Incorporated; CÉMOI; Foley’s; Ferrero; and Blommer Chocolate Company
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Cocoa and Chocolate Market Segment Insights
Based on type, the cocoa and chocolate market is divided into cocoa and chocolate. The cocoa segment is trifurcated into butter, powder, and liquor, while the chocolate segment is sub-segmented into milk, white, ruby, and dark. The chocolate segment is expected to expand at a significant pace during the projection period.
The growth of the segment is attributed to product popularity and rising sales. Chocolate is a conventional choice of consumers and is popular among gifting options on festivals and occasions. Customers prefer experiencing a variety of chocolate products, which further drives the segment.
The growth of the cocoa segment is attributed to its increasing applications in numerous products including ice creams, non-alcoholic beverages, confectionaries, baked commodities, and nutritional drinks. Product developments in numerous applications of food industry are expected to boost the segment in the forecast period.
On the basis of application, the global market is segregated into cosmetics, food & beverage, pharmaceuticals, and others. The food & beverage segment is projected to register a considerable CAGR during the forecast period, as chocolate is a primary ingredient of confectionary foods, bakeries, beverages, and other food products. Specialty cocoa-based and gourmet products are expected to boost the segment.
Moreover, major food processing and producing companies demand customized, multifunctional, and value-added products, thus propelling the segment.
The cosmetics segment is expected to hold a significant share of the market during the forecast period, due to the wide applications of cocoa butter in cosmetic products. The usage of cocoa butter in natural ingredient-based products, especially skincare products as a moisturizer that is used to reduce dryness, which is expected to boost the segment.
Based on distribution channel, the market is bifurcated into offline and online. The offline segment is expected to expand at a robust pace during the forecast period, due to the presence of many physical store options such as supermarkets, shops, hypermarkets, convenience stores, and retailers. These offer attractive product presentations, easy returns, offers, quality examining, bulk purchasing, and enhanced customer experience. Thus, boosting the segment.
In terms of region, the global cocoa and chocolate market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to dominate the market during the projection period, as the region is considered a hub for industrial chocolate processing and production. Many countries in the region, including the Netherlands, Switzerland, Germany, and Belgium, have a home to major global chocolate and cocoa manufacturers.
Moreover, the region is a leading consumer of chocolate and cocoa products. These factors are expected to drive the market in the region in the coming years.
Segments
The cocoa and chocolate market has been segmented on the basis of
Type
Application
- Cosmetics
- Food & Beverage
- Pharmaceuticals
- Others
Distribution Channel
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players operating in the global cocoa and chocolate market include Kerry Group plc.; Barry Callebaut; FUJI OIL HOLDINGS INC.; BD Associates Ghana Limited; NICHE COCOA; Cargill; Incorporated; CÉMOI; Foley’s; Ferrero; and Blommer Chocolate Company. These companies adopt strategies such as acquisitions, expansions, partnerships, collaboration, mergers, R&D investments, and product launches to boost their market share. For instance,
In March 2022, Barry Callebaut announced its factory expansion in Campbellfield, Melbourne, Australia. The company announced a geographical expansion in Asia Pacific for creating safe and high-quality products. This expansion is targeted at catering to the food sector in Australia, its local food manufacturers, and artisanal chocolate consumers.
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