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The cocoa and chocolate market attained a value of about USD 143.43 billion in 2023. The market is further estimated to grow at a CAGR of 5.1% in the forecast period of 2024-2032 to reach a value of around USD 225.05 billion by 2032.
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Cocoa powder is used in large quantities as a flavouring and colouring agent and is available in wide varieties. Based on ingredient, the demand for cocoa powder in the preparation of baked goods and confectionery is witnessing a surge. This can be attributed to the ability of cocoa powder to deliver deep, dark chocolate flavour that is hard to beat. The addition of cocoa powder to food preparations considerably impacts the properties of the end product, like the nutritional values and shelf life of the product. Additionally, fine particles and the negative zeta-potential of cocoa powder have a substantial impact on the texture of certain food items.
The increasing use of cocoa powder in preparing delicacies other than baked items, such as smoothies and yoghurt, along with other ingredients like dried fruits or fresh fruits, is aiding the market growth. Moreover, the increasing prevalence of diabetes is leading to the increased adoption of unsweetened cocoa powder that consists of polyphenols and antioxidants, which improves blood sugar and cholesterol levels. Also, theobromine found in cocoa powder helps reduce inflammation and eliminates the risk of heart disease, cancer, and diabetes. These factors have positively impacted the cocoa and chocolate market growth globally.
Cocoa ingredients are extracted, after multiple processes, from the cocoa bean or cocoa, which is the dried and fermented seed of Theobroma cacao. Cocoa ingredients are added to food products in order to enhance their flavour or taste. Chocolate is a processed food product made from roasted and ground cocoa seed kernels. Chocolates are used on their own and can also be used as an ingredient in desserts and beverages.
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The market for cocoa, by ingredient, is divided into:
Cocoa market based on application is segmented into:
The market for chocolate, by type, is divided into:
The regional markets for cocoa and chocolate can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The rising popularity of ready-to-eat foods and beverages with chocolate flavour is leading to the growth of the cocoa and chocolate market. The presence of chemicals like tryptophan in chocolates, which produces serotonin and offers happiness, is leading to their increased consumption. Additionally, cocoa butter is increasingly used in the cosmetic sector as a rich moisturiser as it contains fatty acids, which hydrate the skin deeply. Further, the rising inclination towards home baking and the expanding restaurant chains, bakeries, and confectionery shops are resulting in the increased demand for cocoa and chocolate.
The availability of different types of cocoa ingredients and chocolates, like cocoa butter, cocoa liquor, black chocolate, white chocolate, and others, is contributing to the market expansion. Additionally, the expanding distribution channels and the emergence of e-commerce are enabling the easy accessibility of cocoa and chocolate-based products.
The government initiatives towards boosting the production of cocoa to enhance its availability as a raw material for various products are accelerating the market development. For instance, in 2020, the Cocoa & Forests Initiative by the governments of Cote d’Ivoire and Ghana, along with 35 leading cocoa and chocolate companies, focused on teaching farmers to grow more cocoa on less land and aimed at sustainable cocoa production. Over the forecast period, the new product launches by the market players to expand their product portfolio are expected to further augment the market growth.
The report gives a detailed analysis of the following key players in the global cocoa and chocolate market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Cocoa Ingredient |
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Breakup by Cococa Application |
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Breakup by Chocolate Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Cocoa and Chocolate Market Size
*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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In 2023, the global cocoa and chocolate market attained a value of USD 143.43 billion.
The cocoa and chocolate market is assessed to grow at a CAGR of 5.1% between 2024 and 2032.
The Global cocoa and chocolate market is anticipated to reach a value of USD 225.05 billion in 2032.
The major market drivers include the expanding distribution channels, availability of different types of cocoa and chocolate, expanding food and beverage sector, increasing use of unsweetened cocoa powder due to multiple health benefits, rising inclination towards ready-to-eat food items, government initiatives to boost cocoa production, and adoption of home baking.
The key trends guiding the growth of the market include the growing popularity of chocolate flavour, its wide adoption in various food products and beverages, emergence of e-commerce channels, and new product launches by market players.
The major regions are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types of chocolate include white, dark and milk, among others.
The various applications of cocoa include food and beverages, cosmetics, and pharmaceuticals, among others. Food and beverage is further divided into confectionery, bakery and dairy, among others.
The major players in the 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.
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