Global Cocoa and Chocolate Market to Grow at a CAGR of 5.1% During 2024-2032, Aided by the Growing Chocolate Consumption Due To Rising Consumer Disposable Incomes

Europe holds a significant market share due to the presence of leading international chocolate brands such as Barry Callebaut, Lindt & Sprüngli, and Mondelez International in the region. In 2020–2021, Europe accounted for almost 36% of global cocoa grinding activities. Additionally, the growing popularity of artisanal chocolates positively influences the cocoa and chocolate market growth. Cocoa production primarily relies on small-scale farmers, with 90% of cocoa sourced from family farms of up to 5 hectares globally.

Developing nations such as Ghana, Ivory Coast, Nigeria, and Cameroon in West Africa produce around 90% of global cocoa supplies. Ivory Coast and Ghana are the largest cocoa producers, contributing to 63% of the world's cocoa production. Global brands such as Cadbury and Nestle source primarily from Ivory Coast and Ghana, making a significant impact on their GDPs.

The expansion of the product portfolio by key players supports the market growth of cocoa and chocolate. In October 2023, Mondelez International (NASDAQ: MDLZ) announced the transformation of its beloved Toblerone chocolate brand by introducing innovative formats in key markets, embodying its refreshed brand signature, "Never Square."

With a rich history spanning 115 years, the iconic brand is reinforcing its new identity through substantial investments in premium product offerings, extensive marketing and advertising efforts, and an expanded distribution strategy. Its new premium offerings, including Toblerone Truffles and Tiny Toblerone boxes, in sharable packs of treat-sized chocolates are aimed at supporting customers to snack mindfully.

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Market Analysis by Ingredient, Application, Type, and Region:

• The cocoa market, on the basis of ingredient, can be divided into cocoa butter, cocoa liquor, and cocoa powder.

• Based on application, the market for cocoa can be divided into food and beverages and cosmetics and pharmaceuticals, among others.

• The different types of chocolate include dark, milk, and white, among others.

• The regional markets for cocoa and chocolate include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Growing chocolate consumption due to rising consumer disposable income is propelling the expansion of the market. Demand for lower-sugar chocolates is increasing among health-conscious consumers; hence companies like Mondelez International and Cascade Chocolate Company have introduced such products.

• Due to its versatility, cocoa is used in many snacks and foods, such as cookies, cakes, pudding, pancakes, waffles, pies, cookies, crêpes, hot chocolate and a variety of pastries. Furthermore, it is an essential ingredient in many retail food items like trail mixes, ice cream, and granola bars.

• Consumers’ growing focus on sustainability has induced cocoa and chocolate manufacturers to emphasise ethical sourcing, fair trade practices, and eco-friendly packaging, aligning with evolving consumer preferences.

• Consumers’ growing demand for artisanal chocolates and personalised gift packs and the availability of such options on online channels fuel the cocoa and chocolate market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the global cocoa and chocolate market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the ingredients, applications, and regions of cocoa and types and regions of chocolate.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market,  along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cocoa and chocolate market are Barry Callebaut AG, Cargill Incorporated, Nestlé S.A., Olam Food Ingredients (ofi), Cocoa Processing Company Limited (CPC), Mondelez International, Inc., and Meiji Holdings Co., Ltd., 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.

Key Highlights of the Report

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