Global Cocoa and Chocolate Market Report and Forecast 2024-2032

Global Cocoa and Chocolate Market Outlook

The cocoa and chocolate market attained a value of about USD 143.43 billion in 2023. The market is further estimated to grow at a CAGR of 5.1% in the forecast period of 2024-2032 to reach a value of around USD 225.05 billion by 2032.

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Rising Demand for Cocoa Powder Aiding the Market Growth of Cocoa and Chocolate

Cocoa powder is used in large quantities as a flavouring and colouring agent and is available in wide varieties. Based on ingredient, the demand for cocoa powder in the preparation of baked goods and confectionery is witnessing a surge. This can be attributed to the ability of cocoa powder to deliver deep, dark chocolate flavour that is hard to beat. The addition of cocoa powder to food preparations considerably impacts the properties of the end product, like the nutritional values and shelf life of the product. Additionally, fine particles and the negative zeta-potential of cocoa powder have a substantial impact on the texture of certain food items.

The increasing use of cocoa powder in preparing delicacies other than baked items, such as smoothies and yoghurt, along with other ingredients like dried fruits or fresh fruits, is aiding the market growth. Moreover, the increasing prevalence of diabetes is leading to the increased adoption of unsweetened cocoa powder that consists of polyphenols and antioxidants, which improves blood sugar and cholesterol levels. Also, theobromine found in cocoa powder helps reduce inflammation and eliminates the risk of heart disease, cancer, and diabetes. These factors have positively impacted the cocoa and chocolate market growth globally.

Market Segmentation

Cocoa ingredients are extracted, after multiple processes, from the cocoa bean or cocoa, which is the dried and fermented seed of Theobroma cacao. Cocoa ingredients are added to food products in order to enhance their flavour or taste. Chocolate is a processed food product made from roasted and ground cocoa seed kernels. Chocolates are used on their own and can also be used as an ingredient in desserts and beverages.

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The market for cocoa, by ingredient, is divided into:

• Cocoa Butter
• Cocoa Liquor
• Cocoa Powder

Cocoa market based on application is segmented into:

• Food and Beverages
  • Confectionery
  • Dairy
  • Bakery
  • Others
• Cosmetics and Pharmaceuticals
• Others

The market for chocolate, by type, is divided into:

• Dark
• Milk
• White
• Others

The regional markets for cocoa and chocolate can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Popularity of Chocolate Flavoured Products to Drive the Market Growth of Cocoa and Chocolate

The rising popularity of ready-to-eat foods and beverages with chocolate flavour is leading to the growth of the cocoa and chocolate market. The presence of chemicals like tryptophan in chocolates, which produces serotonin and offers happiness, is leading to their increased consumption. Additionally, cocoa butter is increasingly used in the cosmetic sector as a rich moisturiser as it contains fatty acids, which hydrate the skin deeply. Further, the rising inclination towards home baking and the expanding restaurant chains, bakeries, and confectionery shops are resulting in the increased demand for cocoa and chocolate.

The availability of different types of cocoa ingredients and chocolates, like cocoa butter, cocoa liquor, black chocolate, white chocolate, and others, is contributing to the market expansion. Additionally, the expanding distribution channels and the emergence of e-commerce are enabling the easy accessibility of cocoa and chocolate-based products.

The government initiatives towards boosting the production of cocoa to enhance its availability as a raw material for various products are accelerating the market development. For instance, in 2020, the Cocoa & Forests Initiative by the governments of Cote d’Ivoire and Ghana, along with 35 leading cocoa and chocolate companies, focused on teaching farmers to grow more cocoa on less land and aimed at sustainable cocoa production.  Over the forecast period, the new product launches by the market players to expand their product portfolio are expected to further augment the market growth.

Key Players in the Global Market for Cocoa and Chocolate

The report gives a detailed analysis of the following key players in the global cocoa and chocolate market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Barry Callebaut AG

• Cargill Incorporated

• Nestlé S.A.

• Olam Food Ingredients (ofi)

• Cocoa Processing Company Limited (CPC)

• Mondelez International, Inc.

• Meiji Holdings Co., Ltd.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

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Cocoa and Chocolate Market Report Snapshots

Cocoa and Chocolate Market Size

Cocoa and Chocolate Market Growth

Cocoa and Chocolate Companies