North America Cocoa Market Report and Forecast 2024-2032

North America Cocoa Market Size

The North America cocoa market is projected to grow at a CAGR of 3.8% between 2024 and 2032. Aided by the growing demand for cocoa-derived chocolates and desserts among consumers, the market is expected to witness significant growth in the forecast period.

North America Cocoa Market Outlook

• The USA is the world’s 2nd largest importer of cocoa butter, which cost the nation $598 million in 2022.

• Increasing investments by African cocoa companies in North America are expected to drive the market growth.

• The USA is expected to witness an increasing demand for cocoa desserts, which can favourably impact the market growth.

North America Cocoa Market Growth

Cocoa liquor manufacturers in the United States are capitalising on the increasing demand for whiskey and Americans’ habitual chocolate consumption to manufacture bittersweet chocolate whiskeys with low sugar content. Moreover, the use of rare varieties of chocolate (such as Criollo) to make chocolate liquors without emulsifiers is gaining traction, which leaves a lasting taste on the tongue. This is expected to drive the consumption of cocoa liquors among consumers.

The increasing demand for speciality and sugar-free chocolates is prompting major market players to establish large-scale chocolate manufacturing facilities, boosting the demand for cocoa. In April 2022, Barry Callebaut announced an investment of $104 billion into the development of a new chocolate manufacturing facility in Ontario, Canada, with an annual production capacity exceeding 50,000 tonnes.

By gaining micro-market insights into chocolate consumption and preferences on a regional level, cocoa manufacturers can significantly enhance chocolate sales by designing customised product offerings and introducing unique tastes and toppings into their desserts.

North America Cocoa Industry Segmentation

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

Market Breakup by Type

• Cocoa Butter

• Cocoa Powder

• Cocoa Liquor

Market Breakup by Application

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

• Others

Market Breakup by Country

• United States of America

• Canada

North America Cocoa Market Share

Based on application, the market can be segmented into food and beverages, and cosmetics and pharmaceuticals, among others. The application of cocoa in the food and beverages sector is expected to rise in the forecast period, as cocoa enjoys great appeal among chocolate manufacturers and small restaurants. High consumer disposable incomes are expected to offset chocolate price increases by major manufacturers, thereby leading to the market growth.

Leading Companies in the North America Cocoa Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

• Cargill Inc.

• Barry Callebaut AG

• Hershey Co.

• Nestle S.A.

• Mondelez International, Inc.

• BASF SE

• Buhler AG

• Ferrero International S.A.

• Olam International Ltd.

• Blommer Chocolate Co.

• Canada Cacao Company Inc.

• Others

Market players are launching chocolate with high cocoa content amid the increasing awareness regarding the health benefits of cocoa.

Key Highlights of the Report