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Global Cocoa Market to Grow at a CAGR of 4.7% over the Forecast Period of 2023-2028.

According to a new report by EMR titled, ‘Global Cocoa Market Report and Forecast 2023-2028’, the global cocoa market stood at a value of around USD 14.5 billion in 2022. The market is further projected to grow at a CAGR of 4.7% between 2023 and 2028 to reach a value of USD 19.1 billion by 2028.

West African countries like Ivory Coast, Ghana, and Nigeria, dominate the global cocoa market owing to the favourable weather conditions in the regions. Indonesia, along with these western African countries, is a significant producer of cocoa beans. Together, they account for nearly 70% of the total global market share. While Europe is the leading consumer market of cocoa, the Netherlands serves as the leading cocoa importer, importing nearly 25% of cocoa. Due to the growing demand for cocoa from its end-use markets, its global production has increased by nearly 5% from 2017 to 2020. The global cocoa market is being aided by its increased demand from food and beverage industry, particularly for the production of chocolate. In the emerging economies of the Asia Pacific, the demand for the product is expected to witness a robust growth in the forecast period due to the rising disposable incomes and growing awareness regarding the positive impact of cocoa consumption on health. Cocoa liquor, among other cocoa derivatives, can be used in diverse applications and, thus, has emerged as a leading derivative segment, which is further expected to be the fastest-growing segment due to its increasing popularity in the production of chocolate.


With the rising demand for organic and clean labelled products from the food and beverage sector, the manufacturers are seeking natural alternatives; thus, further propelling the cocoa industry forward. In August 2020, Barry Callebaut AG (OTCMKTS: BYCBF), a leading player in the industry, introduced Bensdorp Natural Dark, a 100% natural, dark cocoa powder with a superior taste, formulated using baking soda instead of alkalizing agents, making the brand suitable to be marked as clean. This can further be used in all major application segments such as bakery and pastry creations, cold drinks and beverages, ice cream and others, enabling food manufacturers to deliver a rich, chocolaty flavour naturally.


Market Breakup by Derivatives, Applications, and Regions:

  • The major types of cocoa in the market are cocoa butter, cocoa powder, and cocoa liquor.
  • On the basis of application, the market is segmented into food and beverages, and cosmetics and pharmaceuticals, among others. Food and beverages are further segmented into confectionery, dairy, and bakery, among others.
  • Region-wise, the global cocoa market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.


Key Findings of the Report:

  • The growing demand for natural or organic products due to the rising health concern among consumers is leading to the growth of the global cocoa industry.
  • The growing food and beverage and cosmetics sectors are providing further impetus to the industry growth.
  • Increasing urbanisation and rising disposable incomes, leading to increased per capita spending on premium quality products in emerging economies, is further propelling the industry forward.
  • With rapidly advancing technology and the diversification in products' range, the industry is witnessing a further growth.


Key Offerings of the Report:

  • The EMR report gives an overview of the global cocoa market for the periods (2018-2022) and (2023-2028).
  • The report also offers historical (2018-2022) and forecast (2023-2028) information for the regional markets for the global cocoa market.
  • A thorough analysis of the regional price trends has also been provided within the report for the (2018-2022) and (2023-2028) periods.
  • It offers an in-depth look into the trade data, covering the value and volume of the leading exporting and importing countries.
  • It also provides an assessment of the market based on the Porter’s Five Forces model, along with a SWOT and value chain analysis.


The major players in the global cocoa market are Barry Callebaut, BASF SE, Bühler Group, Mondelez International, Nestle S.A., Olam International, Cocoa Processing Company Limited, Cemoi Group, The Hershey Company, and Touton S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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