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Report Overview
The global cocoa products market reached a value of nearly USD 38.33 Billion in 2024. The market is assessed to grow at a CAGR of 5.80% during the forecast period of 2025-2034 to attain a value of around USD 67.36 Billion by 2034. The market is being driven by the growing health consciousness, the rising demand for chocolate, flavour and format innovations, technological advancements in cocoa processing, and the surging emphasis on sustainability.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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The production of cocoa beans is significantly growing, ensuring a steady supply of the raw material for chocolate and cocoa product manufacturers. Globally, nearly 6 million tonnes of cocoa beans are produced each year, with production of approximately 63% cocoa beans concentrated in West Africa. With a stable supply of cocoa beans, the use of cocoa beans in diverse end-use sectors, including baking, pharmaceuticals, and cosmetics, among others, is increasing.
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With the growing demand for chocolate in both developed and developed countries, the utilisation of cocoa products such as cocoa liquor, cocoa butter, and cocoa powder is rising. In South Korea, sales of chocolate reached USD 578 million in 2023. The growing chocolate sales in such countries are prompting cocoa companies to expand their presence to offer novel flavours, cocoa-based snacks, and functional chocolates.
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Amid the growing consumer demand for ethically sourced and sustainable products, major companies such as Nestlé, Barry Callebaut, and Mars are committed to developing a 100% responsibly sourced cocoa supply chain. Cocoa products certified as Rainforest Alliance, Fairtrade and Fairtrade are perceived as more socially responsible and of higher quality, making them more appealing to premium markets. Moreover, increasing investments in blockchain technologies to enhance traceability, build customer trust, and ensure the responsible sourcing of cocoa are boosting the cocoa products market revenue.
Compound Annual Growth Rate
Value in USD Billion
5.8%
2025-2034
Cocoa Products Market Outlook
*this image is indicative*
Global Cocoa Products Market Growth
The recognition of cocoa as a superfood due to its rich magnesium, antioxidants, flavonoids, and iron content is driving the market growth. Due to its potential to improve brain function, mood, and cardiovascular health, the demand for cocoa-based supplements for stress relief, cognitive enhancement, and anti-ageing is increasing.
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The growing trend of veganism is also positively influencing the cocoa products market development. To capitalise on the growing demand for plant-based products, cocoa manufacturers are developing plant-based cocoa beverages, dairy-free chocolates, and vegan-friendly cocoa snacks, among others. In September 2024, Ferrero launched the plant-based version of Nutella by utilising ingredients such as rice syrup and chickpeas.
With customers demanding exotic and adventurous flavours, the demand for complex and unique cocoa flavours derived from specific origins is rising. In November 2022, Colombian chocolate manufacturer Luker Chocolate announced the launch of a Single Origin Ecuador 72% dark chocolate, made exclusively with Ecuadorian flavour cocoas. Single-origin cocoa beans, grown in distinct regions with specific territories and climates, boast distinct flavour notes based on unique climates, cultivation methods, and soil. This enables manufacturers to develop speciality or artisanal products that cater to consumers seeking premium indulgence experiences with distinctive and refined tastes.
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Key Trends and Recent Developments
Rising health consciousness; the increasing focus on sustainability; flavour and product format innovations; and technological advancements in cocoa processing are favouring the cocoa products market expansion.
Rising health consciousness
Cocoa is rich in polyphenols, offering health benefits such as better blood flow, reduced inflammation, lowered blood pressure, and improved blood sugar and cholesterol levels. It also contains high amounts of flavonoids and antioxidants, which are linked to improved blood circulation, heart health, and cognitive function. Hence, the growing health-consciousness is surging the demand for cocoa-rich products.
Increasing focus on sustainability
The increasing emphasis on sustainability amid the growing consumer awareness regarding social, environmental, and ethical issues is creating lucrative cocoa products market opportunities. Cocoa farmers are increasingly adopting sustainable agricultural practices to reduce their environmental impact, maintain biodiversity, and support ethical labour practices. Moreover, manufacturers are actively adopting sustainable packaging solutions to reduce plastic waste and align with their sustainability goals.
Flavour and product format innovations
With the growing customer demand for more complex and diverse cocoa flavours, manufacturers are experimenting with flavour innovations such as the addition of coffee, chilli, sea salt, herbs, exotic spices, orange, mint, and berries to provide gourmet and unique experiences to customers. Innovations in single-serve cocoa products and the development of snack-sized cocoa bars, individually wrapped chocolates, and ready-to-eat cocoa-based snacks to provide quick and easy indulgence are driving the market.
Technological advancements in cocoa processing
Technological advancements aimed at improving the quality, production efficiency, and efficiency of cocoa processing are boosting the cocoa products market revenue. The development of advanced fermentation technologies and new drying methods, including mechanical dryers and solar-powered drying systems, is improving the processing efficiency of cocoa farming while improving the quality of cocoa.
Global Cocoa Products Market Trends
Growing health concerns among consumers and the rising focus on reducing sugar intake to improve overall health are boosting the demand for sugar-free and reduced-sugar cocoa products, such as chocolate bars, snacks, and cocoa beverages. The surging popularity of dietary trends such as ketogenic diets is also prompting key players to introduce low-carb or keto-friendly chocolate products with higher fat content and reduced sugar.
With customers increasingly demanding more transparency regarding the sourcing of raw materials, key players in the cocoa products market are focusing on prioritising sustainability and supporting ethical farming practices. For instance, Mars intends to achieve a physically segregated global cocoa supply chain by 2030 and make products using cocoa which is sustainably sourced or certified by Fairtrade and Rainforest Alliance.
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Global Cocoa Products Industry Segmentation
The EMR’s report titled “Global Cocoa Products Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
- Cocoa Beans
- Cocoa Butter
- Cocoa Powder and Cake
- Cocoa Paste and Liquor
- Chocolate
Market Breakup by Application
- Confectionery
- Food and Beverages
- Cosmetics
- Pharmaceutical
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Cocoa Products Market Share
As per the cocoa products market analysis, confectionery accounts for a significant market share as cocoa is extensively used in the production of chocolate spreads, chocolate, chocolate-covered snacks, and truffles. The growing demand for dark chocolate and the surging preference for premium and high-quality cocoa-based confectioneries are aiding the segment’s growth.
In the food and beverage industry, cocoa is used in baked goods, seasonings, ice creams, chocolate drinks, and flavour enhancers. The growing demand for cocoa-based beverages, the rising trend of functional foods, and the increasing use of cocoa in ready-to-eat products and breakfast foods are driving the segment’s expansion.
Cocoa, due to its anti-ageing and moisturising properties, is a popular ingredient in skincare products. The rising consumer preference for organic and natural beauty products is propelling the use of cocoa in cosmetic products. Meanwhile, the pharmaceutical sector uses cocoa in medicinal and therapeutic formulations due to the presence of bioactive compounds such as theobromine and flavonoids.
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Competitive Landscape
Key cocoa products market players are extensively investing in the responsible sourcing of cocoa and implementing climate-smart agricultural practices to lower the environmental impact associated with cocoa farming. Cocoa products companies are also developing low-sugar, plant-based, sugar-free, and functional cocoa products to meet the evolving demands of vegan and health-conscious customers.
The Hershey Company
The Hershey Company, headquartered in Pennsylvania, United States, is a leader in the snacks industry. Established in 1894, the company boasts 17,000 employees and more than 90 brands around the world. Some of its iconic brands are Ice Breakers, Hershey's, Reese's, Kit Kat®, and Pirate's Booty, among others.
Barry Callebaut
Barry Callebaut, founded in 1996, is a leading manufacturer of chocolate and cocoa products. Headquartered in Zurich, Switzerland, the company serves the entire food sector, ranging from industrial food manufacturers to artisanal and professional users of chocolate. Some of its prominent brands are Cacao Barry®, Callebaut®, Carma®, and Mona Lisa®.
United Cocoa Processor, Inc.
United Cocoa Processor, Inc., headquartered in Delaware, United States, and founded in 1992, is a cocoa processing company that focuses on speciality cocoa products such as customised, single origin, or certified products. It serves various sectors such as chocolate, baking, cookies, pharmaceuticals, and flavouring, among others.
Jindal Cocoa
Jindal Cocoa, headquartered in Maharashtra, India, is a leading manufacturer of cocoa-based products. Its product range includes hazelnut spreads, cocoa powders, chocolate syrup, handcrafted chocolate bars, and high-quality baking essentials. Its products do not contain artificial colours, palm oil, and preservatives.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the cocoa products market include Cargill, Incorporated and Fuji Oil Co., Ltd., among others.
*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 2024, the market reached an approximate value of USD 38.33 Billion.
The market is assessed to grow at a CAGR of 5.80% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 67.36 Billion by 2034.
The major market drivers are rising food and beverage industry, growing demand from the bakery industry, and the increasing awareness regarding the various health advantages of cocoa-based products.
The key trends of the market include the increasing demand for chocolate and chocolate-based items and aggressive brand-recognition campaigns by the producers.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The dominant product type of cocoa in the global market is cocoa beans.
The major applications of cocoa products include confectionery, food and beverages, cosmetics, and pharmaceutical, among others.
The major players in the market are The Hershey Company (NYSE: HSY), Barry Callebaut, Cargill, Incorporated, Fuji Oil Co., Ltd., United Cocoa Processor, Inc., Jindal Cocoa, Others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
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Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment
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