Cocoa and Chocolate Market by Type (Cocoa [Butter, Powder, and Liquor] and Chocolate [Milk, White, Ruby, and Dark]), Application (Cosmetics, Food & Beverage, Pharmaceuticals, and Others), Distribution Channel (Online and Offline), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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.
Attributes |
Details |
Report Title |
Cocoa And Chocolate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
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) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
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 |
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Cocoa and Chocolate Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Cocoa and Chocolate Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Cocoa and Chocolate Market - Supply Chain
4.5. Global Cocoa and Chocolate Market Forecast
4.5.1. Cocoa and Chocolate Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Cocoa and Chocolate Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Cocoa and Chocolate Market Absolute $ Opportunity
5. Global Cocoa and Chocolate Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Cocoa and Chocolate Market Size and Volume Forecast by Types
5.3.1. Cocoa Chocolate
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Cocoa and Chocolate Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Cocoa and Chocolate Market Size and Volume Forecast by Applications
6.3.1. Cosmetics
6.3.2. Food & Beverage
6.3.3. Pharmaceuticals
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Cocoa and Chocolate Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Cocoa and Chocolate Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Cocoa and Chocolate Demand Share Forecast, 2019-2026
8. North America Cocoa and Chocolate Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Cocoa and Chocolate Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Cocoa and Chocolate Market Size and Volume Forecast by Types
8.4.1. Cocoa Chocolate
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Cocoa and Chocolate Market Size and Volume Forecast by Applications
8.7.1. Cosmetics
8.7.2. Food & Beverage
8.7.3. Pharmaceuticals
8.7.4. Others
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Cocoa and Chocolate Demand Share Forecast, 2019-2026
9. Latin America Cocoa and Chocolate Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Cocoa and Chocolate Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Cocoa and Chocolate Market Size and Volume Forecast by Types
9.4.1. Cocoa Chocolate
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Cocoa and Chocolate Market Size and Volume Forecast by Applications
9.7.1. Cosmetics
9.7.2. Food & Beverage
9.7.3. Pharmaceuticals
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Cocoa and Chocolate Demand Share Forecast, 2019-2026
10. Europe Cocoa and Chocolate Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Cocoa and Chocolate Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Cocoa and Chocolate Market Size and Volume Forecast by Types
10.4.1. Cocoa Chocolate
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Cocoa and Chocolate Market Size and Volume Forecast by Applications
10.7.1. Cosmetics
10.7.2. Food & Beverage
10.7.3. Pharmaceuticals
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Cocoa and Chocolate Demand Share Forecast, 2019-2026
11. Asia Pacific Cocoa and Chocolate Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Cocoa and Chocolate Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Cocoa and Chocolate Market Size and Volume Forecast by Types
11.4.1. Cocoa Chocolate
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Cocoa and Chocolate Market Size and Volume Forecast by Applications
11.7.1. Cosmetics
11.7.2. Food & Beverage
11.7.3. Pharmaceuticals
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Cocoa and Chocolate Demand Share Forecast, 2019-2026
12. Middle East & Africa Cocoa and Chocolate Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Cocoa and Chocolate Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Cocoa and Chocolate Market Size and Volume Forecast by Types
12.4.1. Cocoa Chocolate
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Cocoa and Chocolate Market Size and Volume Forecast by Applications
12.7.1. Cosmetics
12.7.2. Food & Beverage
12.7.3. Pharmaceuticals
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Cocoa and Chocolate Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Cocoa and Chocolate Market: Market Share Analysis
13.2. Cocoa and Chocolate Distributors and Customers
13.3. Cocoa and Chocolate Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Kerry Group plc.
13.4.2. Barry Callebaut
13.4.3. FUJI OIL HOLDINGS INC.
13.4.4. BD Associates Ghana Limited
13.4.5. NICHE COCOA
13.4.6. Cargill, Incorporated
13.4.7. CÉMOI
13.4.8. Foley’s
13.4.9. Ferrero
13.4.10. Blommer Chocolate Company