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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Cocoa Market Size
The global cocoa market was approximately USD 26.709 billion in 2023. The market is further projected to grow at a CAGR of 4.71% between 2024 and 2032 to attain a value of USD 36.426 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.
Some of the factors driving the cocoa market growth are the rising chocolate consumption, demand for organic cocoa, and availability of various cocoa varieties.
Cocoa Market Report Snapshots
Cocoa Market Regional Analysis
*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
In 2023, the cocoa market attained a value of nearly USD 26.709 billion.
The market is assessed to grow at a CAGR of 4.71% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 36.426 billion by 2032.
Cocoa is rich in flavonols that enhance heart health and improve blood flow. Further, antioxidants in cocoa help to improve cholesterol and blood sugar levels.
The theobromine present in cocoa powder increases blood flow to the skin's surface, making it brighter. The vitamin C present helps fade dark spots and reduces hyperpigmentation.
The major drivers of the cocoa market include a rapidly growing demand for organic or sustainable variants of the product, the higher nutritional content of the product, and expanding end-use markets.
The key trends supporting the market growth are the availability of high-yield cocoa bean varieties, awareness of the health benefits of cocoa, and the demand for premium and organic cocoa products.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of cocoa in the market are cocoa butter, cocoa powder, and cocoa liquor.
The major players in the market are Barry Callebaut AG, TOUTON S.A., Olam Food Ingredients (ofi), Cemoi Group, 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.
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