Global Cocoa Market Report and Forecast 2024-2032

Global Cocoa Market Outlook

The global cocoa market size was approximately USD 26.70 billion in 2023. The market is further projected to grow at a CAGR of 4.7% between 2024 and 2032 to attain a value of USD 36.42 billion by 2032.

Key Takeaways

• According to the International Cocoa Organisation, in the cocoa year 2021/2022, Ivory Coast accounted for 43% of the cocoa produced globally.

• Europeans on average consume 5.0 kilograms of chocolate per capita per year.

• Nestle’s Nestle Cocoa Plan, Cargill’s Cargill Cocoa Promise, and Mondelez’ Mondelez Cocoa Life are aimed at enhancing the sustainability of the cocoa sector.

• Hybrid cocoa varieties can yield an increase of 30-40% compared to conventional cocoa varieties.

Cocoa serves as a vital cash crop and a significant export for producing countries. The implementation of sustainability initiatives by private companies, non-profit organisations, and governments against climate change serves as an important market driver. According to the cocoa market report, in contrast to large-scale industrial agribusinesses, the predominant source of cocoa production is small, family-owned farms, which frequently depend on obsolete farming techniques and possess limited organisational influence.

Figure: Production of Cocoa Beans Globally, 2021-2022

Some of the factors driving the cocoa market growth are the rising chocolate consumption, demand for organic cocoa, and availability of various cocoa varieties.

Key Trends and Developments

Expanding use in end-use markets, demand for organic and sustainably derived cocoa products drive the cocoa market development

Global Cocoa Market Trends

The demand for organic cocoa is on the rise, especially in premium markets. As reported by FiBL & IFOAM in The World of Organic Agriculture 2022, the global cultivation area of organic cocoa reached 3.1% in 2020. Furthermore, the organic chocolate market is anticipated to grow at an annual average rate of nearly 6.8% from 2021 to 2028, indicating a continued upward trajectory for the demand for organic cocoa.

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Market Segmentation

Global Cocoa Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Food and beverages are further divided into confectionery, dairy, and others.

Cocoa butter is expected to hold a significant cocoa market share as it is a vital chocolate ingredient

Cocoa butter is supplied by manufacturers in liquid or solidified form. It plays a crucial role in chocolate production for cakes, ice creams, and lattes as well as in cosmetics products such as skin creams, and hair conditioners. Its increased demand in the cosmetics and food industries contributes to cocoa market growth.

Cocoa liquor with a high-fat content is a key ingredient in chocolate production. According to U.S. regulations, the cocoa paste should contain between 50% and 60% cocoa butter by weight. Côte d'Ivoire is the largest exporter of cocoa liquor, globally, While the Netherlands is the largest importer of cocoa liquor with countries such as Belgium and the United States.

Cocoa powder should contain at least 20% cocoa butter and up to 9% water. Fat-reduced cocoa contains less than 20% cocoa butter. Powdered chocolate combines cocoa powder and sugars with a minimum of 32% cocoa powder while drinking chocolate or sweetened cocoa contains at least 25% cocoa powder.

The food and beverages sector is a key consumer of cocoa to produce a variety of chocolates and cocoa-based drinks

The food and beverages segment is a crucial contributor to the cocoa market expansion. The growing demand for cocoa products can be attributed to their high flavanol content, which is believed to have the potential to lower blood pressure, improve blood flow to the brain and heart, prevent blood clots, and combat cellular damage. To attain cardiovascular health benefits, the European Food Safety Authority suggests a daily intake of 0.1 ounces (2.5 grams) of high-flavanol cocoa powder or 0.4 ounces (10 grams) of high-flavanol dark chocolate with a minimum of 200 mg of flavanols.

The rich and indulgent flavour of chocolate and cocoa is gaining popularity among consumers, leading to a growing demand for products such as chocolate cakes, pastries, ice cream, yogurt, and chocolate-flavoured milk.

According to cocoa market analysis, cocoa’s rich antioxidant content is increasing its role in the cosmetic and pharmaceutical sector. Cocoa powder plays a significant role in combating the effects of free radical damage and reducing the visible signs of aging. Antioxidants are effective in reversing damage caused by environmental factors, and cocoa powder is particularly rich in antioxidant flavonoids. These flavonoids assist in repairing damage induced by the harmful effects of UV rays.

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Competitive Landscape

The market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge in the market

Other key players in the cocoa market include Cargill, Incorporated, Cocoa Processing Company Limited (CPC), ECOM Agroindustrial Corp. Limited, PRONATEC AG, Blommer Chocolate Company, and Crown of Holland (Tradin Organic Agriculture B.V.), among others.

Global Cocoa Market Analysis by Region

Europe is expected to hold a significant share of the cocoa market owing to the presence of prominent chocolate manufacturers

According to the cocoa market analysis, Europe is home to the countries with the highest chocolate consumption rates. Europeans on average consume 5.0 kilograms of chocolate per capita per year, which is well above the global average of 0.9 kilograms per capita. Due to the presence of leading chocolate manufacturers such as Nestle S.A., Mondelez International, Ferrero, and Lindt & Sprungli, Europe has a strong demand for large volumes of cocoa beans. Further, sustainability concerns are aiding the demand for organic cocoa in Europe.

In November 2022, Ghana's leading private cocoa processing company, Niche Cocoa, announced the establishment of its first North American manufacturing facility in Franklin, Wis., situated in the greater Milwaukee metropolitan area. According to the cocoa market report, the major companies in the United States chocolate and confectionery market, such as The Hershey Company, Blommer Chocolate Company, Barry Callebaut AG, Mars Incorporated, and Guittard Chocolate Company are aiding the development of the market.

The Asia Pacific region is also a prominent contributor to the cocoa market development. In Asia, Indonesia is the largest cocoa producer. Globally, Indonesia accounted for 3% of cocoa bean production during the 2021/2022 cocoa season. The key cocoa producers in Indonesia include Olam Cocoa, Musim Mas, and Barry Callebaut.

Key Highlights of the Report

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