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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Asia Pacific Cocoa Market Outlook
The Asia Pacific cocoa market size reached USD 3.47 billion in 2023. The market is expected to grow at a CAGR of 5.60% between 2024 and 2032, reaching USD 5.68 billion by 2032.
Key Takeaways:
- As per the USDA Foreign Agricultural Service, in 2023, Vietnam imported USD 51.6 million worth of cocoa from the US.
- As per the USDA Foreign Agricultural Service , South Korea in 2023 imported USD 363 million worth of chocolates worldwide.
- The USDA Foreign Agricultural Service reported that India imported USD377 million worth of chocolate and cocoa products worldwide in 2022.
Application in foods and beverages leads the Asia Pacific cocoa market growth since it is primarily used in the production of chocolate. In cosmetics and pharmaceuticals, cocoa finds usage in lotions and balms among other similar skincare and haircare products
In the food and beverages sector, cocoa is primarily used in the production of chocolate, including bars, confectionery and bakery items like cakes, brownies and muffins among others. Significant consumption of cocoa powder is driven by increasing demand for premium chocolates.
Growth in the cocoa industry largely depends on the rising production of cocoa for use cases in foods and beverages and for other uses in the pharma and cosmetics industry. As of October 2023, countries in the Asia Pacific region have been pumping investments into African countries in a bid to increase production to fulfil the rising consumption of cocoa.
Cocoa-derived ingredients are essential in the cosmetics and pharmaceutical sectors. The popularity of cocoa butter as a hydrating agent makes it a common ingredient for lotions and lip balms. This trend goes well with the rising consumer acceptance of organic beauty products. Cocoa extracts have antioxidant properties which may have potential health benefits, including improved cardiovascular health and cognitive function.
Market Segmentation
Asia Pacific Cocoa Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Cocoa Butter
- Cocoa Powder
- Cocoa Liquor
Market Breakup by Application
- Food and Beverages
- Confectionery
- Dairy
- Bakery
- Others
- Cosmetics and Pharmaceuticals
- Others
Market Breakup by Country
- China
- Japan
- India
- ASEAN
- Australia
- Others
The Asia Pacific cocoa market key players are Cargill Inc., Barry Callebaut AG, Hershey Co., Nestle S.A., Mondelez International, Inc., BASF SE, MEIJI Holdings Co. Ltd., Buhler AG, Ferrero International S.A., Olam International Ltd., Mars Inc., and Morinaga & Company, Ltd. among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at USD 3.47 billion in 2023.
The market is projected to grow at a CAGR of 5.60% between 2024 and 2032.
The revenue generated from the cocoa market is expected to reach USD 5.68 billion in 2032.
Based on type, the cocoa market is split into cocoa butter, cocoa powder, and cocoa liquor.
The key players are Cargill Inc., Barry Callebaut AG, Hershey Co., Nestle S.A., Mondelez International, Inc., BASF SE, MEIJI Holdings Co. Ltd., Buhler AG, Ferrero International S.A., Olam International Ltd., Mars Inc., and Morinaga & Company, Ltd. among others.
Based on the application, the market is split into food and beverages, cosmetics and pharmaceuticals, and others.
Based on the country, the market is split into China, Japan, India, ASEAN, Australia, and others.
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