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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.
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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cocoa Market Analysis
8.1 Key Industry Highlights
8.2 Global Cocoa Historical Market (2018-2023)
8.3 Global Cocoa Market Forecast (2024-2032)
8.4 Global Cocoa Market by Type
8.4.1 Cocoa Butter
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Cocoa Powder
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Cocoa Liquor
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Cocoa Market by Application
8.5.1 Food and Beverages
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.1.3 Breakup by Type
8.5.1.3.1 Confectionery
8.5.1.3.1.1 Historical Trend (2018-2023)
8.5.1.3.1.2 Forecast Trend (2024-2032)
8.5.1.3.2 Dairy
8.5.1.3.2.1 Historical Trend (2018-2023)
8.5.1.3.2.2 Forecast Trend (2024-2032)
8.5.1.3.3 Bakery
8.5.1.3.3.1 Historical Trend (2018-2023)
8.5.1.3.3.2 Forecast Trend (2024-2032)
8.5.1.3.4 Others
8.5.2 Cosmetics and Pharmaceuticals
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Cocoa Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Cocoa Market Analysis
9.1 Market by Type
9.2 Market by Application
9.3 Market by Country
9.3.1 United States of America
9.3.1.1 Historical Trend (2018-2023)
9.3.1.2 Forecast Trend (2024-2032)
9.3.2 Canada
9.3.2.1 Historical Trend (2018-2023)
9.3.2.2 Forecast Trend (2024-2032)
10 Europe Cocoa Market Analysis
10.1 Market by Type
10.2 Market by Application
10.3 Market by Country
10.3.1 United Kingdom
10.3.1.1 Historical Trend (2018-2023)
10.3.1.2 Forecast Trend (2024-2032)
10.3.2 Germany
10.3.2.1 Historical Trend (2018-2023)
10.3.2.2 Forecast Trend (2024-2032)
10.3.3 France
10.3.3.1 Historical Trend (2018-2023)
10.3.3.2 Forecast Trend (2024-2032)
10.3.4 Italy
10.3.4.1 Historical Trend (2018-2023)
10.3.4.2 Forecast Trend (2024-2032)
10.3.5 Others
11 Asia Pacific Cocoa Market Analysis
11.1 Market by Type
11.2 Market by Application
11.3 Market by Country
11.3.1 China
11.3.1.1 Historical Trend (2018-2023)
11.3.1.2 Forecast Trend (2024-2032)
11.3.2 Japan
11.3.2.1 Historical Trend (2018-2023)
11.3.2.2 Forecast Trend (2024-2032)
11.3.3 India
11.3.3.1 Historical Trend (2018-2023)
11.3.3.2 Forecast Trend (2024-2032)
11.3.4 ASEAN
11.3.4.1 Historical Trend (2018-2023)
11.3.4.2 Forecast Trend (2024-2032)
11.3.5 Australia
11.3.5.1 Historical Trend (2018-2023)
11.3.5.2 Forecast Trend (2024-2032)
11.3.6 Others
12 Latin America Cocoa Market Analysis
12.1 Market by Type
12.2 Market by Application
12.3 Market by Country
12.3.1 Brazil
12.3.1.1 Historical Trend (2018-2023)
12.3.1.2 Forecast Trend (2024-2032)
12.3.2 Argentina
12.3.2.1 Historical Trend (2018-2023)
12.3.2.2 Forecast Trend (2024-2032)
12.3.3 Mexico
12.3.3.1 Historical Trend (2018-2023)
12.3.3.2 Forecast Trend (2024-2032)
12.3.4 Others
13 Middle East and Africa Cocoa Market Analysis
13.1 Market by Type
13.2 Market by Application
13.3 Market by Country
13.3.1 Saudi Arabia
13.3.1.1 Historical Trend (2018-2023)
13.3.1.2 Forecast Trend (2024-2032)
13.3.2 United Arab Emirates
13.3.2.1 Historical Trend (2018-2023)
13.3.2.2 Forecast Trend (2024-2032)
13.3.3 Nigeria
13.3.3.1 Historical Trend (2018-2023)
13.3.3.2 Forecast Trend (2024-2032)
13.3.4 South Africa
13.3.4.1 Historical Trend (2018-2023)
13.3.4.2 Forecast Trend (2024-2032)
13.3.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 1806)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
17.1 Cocoa Butter Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.1.1 North America
17.1.2 Europe
17.1.3 Asia Pacific
17.1.4 Latin America
17.1.5 Middle East and Africa
17.2 Cocoa Powder Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2.1 North America
17.2.2 Europe
17.2.3 Asia Pacific
17.2.4 Latin America
17.2.5 Middle East and Africa
17.3 Cocoa Liquor Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3.1 North America
17.3.2 Europe
17.3.3 Asia Pacific
17.3.4 Latin America
17.3.5 Middle East and Africa
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Barry Callebaut AG
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.2 TOUTON S.A.
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Olam Food Ingredients (ofi)
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Cemoi Group
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Cargill, Incorporated
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Cocoa Processing Company Limited (CPC)
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 ECOM Agroindustrial Corp. Limited
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 PRONATEC AG
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Blommer Chocolate Company
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Crown of Holland (Tradin Organic Agriculture B.V.)
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cocoa Market: Key Industry Highlights, 2018 and 2032
2. Global Cocoa Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Cocoa Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Cocoa Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Cocoa Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Cocoa Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Cocoa Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Major Importing Countries by Value
19. Major Exporting Countries by Value
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. Cocoa Butter Historical Price Trends and Forecast (2018-2032)
23. Cocoa Powder Historical Price Trends and Forecast (2018-2032)
24. Cocoa Liquid Historical Price Trends and Forecast (2018-2032)
25. Global Cocoa Market Structure
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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