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Global Cocoa Market Share, Size, Growth, Analysis, Forecast: By Type: Cocoa Butter, Cocoa Powder, Cocoa Liquor; By Application: Food and Beverages, Cosmetics and Pharmaceuticals, Others; Regional Analysis; Market Dynamics; Trade Data Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Cocoa Market Outlook
The global cocoa market attained a value of approximately USD 15.18 billion in 2023. The cocoa market is further expected to grow at a CAGR of 4.7% between 2024 and 2032 to attain a value of USD 22.95 billion by 2032.
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The cocoa market is dominated by West African countries like Ivory Coast, Ghana, and Nigeria, owing to the favourable weather conditions in these regions for the production of the substance. The global supply grew by nearly 5% between 2017 and 2020, with Ivory Coast accounting for nearly 40% of the total global production. Indonesia is also a significant producer of cocoa beans. Ivory Coast, Ghana, Nigeria, and Indonesia together account for nearly three-fourths of the total global output of the product. Growing cocoa markets like Jamaica are receiving government aid to enhance their farming capabilities of the product, further propelling the cocoa market growth. Ivory Coast, Ghana, and Cameroon are the major exporters in the market. The Netherlands is the world's leading importers of the product, with Europe being its leading consumer market. The Netherlands imports nearly 25% of cocoa, followed by the United States and Germany.
The rapidly growing demand for organic or sustainable variants of the product, along with higher nutritional content of the product, is expected to drive the cocoa market growth. The rising demand for derivatives of the product is further propelling the industry forward. The derivatives supply witnessed an increase of 6.5% between 2017 and 2020. Cocoa liquor, a leading derivative of the product, is expected to be the fastest growing derivative segment due to the diversification of its applications and its increasing preference in the production of chocolate.
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Properties and Applications
Cocoa is derived from a tree called Theobroma cacao or cacao tree; a small evergreen tree usually found in the deep tropical areas of Mexico.
The market is divided on the basis of type into cocoa butter, cocoa powder, and cocoa liquor. Based on application, the market is segmented into food and beverages, and cosmetics and pharmaceuticals, among others. Food and beverages are further subdivided into confectionery, dairy, and bakery, among others.
The report also covers the regional cocoa markets like North America, Europe, the Middle East and Africa, the Asia Pacific, and Latin America.
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Market Analysis
Favourable weather conditions in Ghana is the major driving factor for the cocoa market growth. The introduction of a hand-pollination method by Ghana has led to increased production. The Asian markets are expected to show a fast-growing trend in chocolate consumption, which could be due to a rise in the disposable incomes of consumers, thus, aiding the growth of the cocoa market. The rising demand from consumer markets, such as China, India, the United States, and Europe, are driving the industry further. Chocolate production continues to be the main demand driver for the product with demand for cocoa butter expected to rise, especially in mature markets such as the United States and Europe, due to high consumer preferences. The primary driver for the rise in the grinding volume was the rising demand for cocoa powder from developing economies, like the Asia Pacific and Latin America.
With rising cases of heart disease, blood pressure, diabetes, and cancer, there is a sharp increase in the intake of natural food products that are effective in alleviating these conditions. Cocoa is rich in antioxidants and has been shown to decrease HDL, dilates blood vessels to relieve blood pressure, and increases insulin sensitivity. Also, the intake of dark chocolate is favoured as it contains minimal or no sugar. With the growing demand for clean label foods, the manufacturers of confectionery are switching to natural alternatives. Barry Callebaut has launched ‘Bensdorp Clean,’ a cocoa powder that is formulated using baking soda instead of alkalizing agents, making the brand suitable to be marked as clean. This is driving the growth of the overall cocoa market.
Price Analysis
The prices of the product experienced a surge in the 2018-2020 period due to unfavourable weather conditions leading to a supply deficit. However, the prices are expected to recover and witness an increase in the forecast period.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global cocoa market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Barry Callebaut
- BASF SE
- Bühler Group
- Mondelēz International
- Nestle S.A.
- Olam International
- Barry Callebaut
- Cocoa Processing Company Limited
- Cemoi Group
- The Hershey Company
- Touton S.A.
- Others
The comprehensive EMR report provides an in-depth assessment of the cocoa market based on Porter's five forces model, along with giving a SWOT analysis.
Key Highlights of the Report
| 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 Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Trade Data Analysis |
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| Competitive Landscape |
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| Companies Covered |
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*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cocoa Market Analysis
8.1 Key Industry Highlights
8.2 Global Cocoa Historical Market (2018-2023)
8.3 Global Cocoa Market Forecast (2024-2032)
8.4 Global Cocoa Market by Type
8.4.1 Cocoa Butter
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Cocoa Powder
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Cocoa Liquor
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Cocoa Market by Application
8.5.1 Food and Beverages
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.1.3 Breakup by Type
8.5.1.3.1 Confectionery
8.5.1.3.1.1 Historical Trend (2018-2023)
8.5.1.3.1.2 Forecast Trend (2024-2032)
8.5.1.3.2 Dairy
8.5.1.3.2.1 Historical Trend (2018-2023)
8.5.1.3.2.2 Forecast Trend (2024-2032)
8.5.1.3.3 Bakery
8.5.1.3.3.1 Historical Trend (2018-2023)
8.5.1.3.3.2 Forecast Trend (2024-2032)
8.5.1.3.4 Others
8.5.2 Cosmetics and Pharmaceuticals
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Cocoa Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Cocoa Market Analysis
9.1 Market by Type
9.2 Market by Application
9.3 Market by Country
9.3.1 United States of America
9.3.1.1 Historical Trend (2018-2023)
9.3.1.2 Forecast Trend (2024-2032)
9.3.2 Canada
9.3.2.1 Historical Trend (2018-2023)
9.3.2.2 Forecast Trend (2024-2032)
10 Europe Cocoa Market Analysis
10.1 Market by Type
10.2 Market by Application
10.3 Market by Country
10.3.1 United Kingdom
10.3.1.1 Historical Trend (2018-2023)
10.3.1.2 Forecast Trend (2024-2032)
10.3.2 Germany
10.3.2.1 Historical Trend (2018-2023)
10.3.2.2 Forecast Trend (2024-2032)
10.3.3 France
10.3.3.1 Historical Trend (2018-2023)
10.3.3.2 Forecast Trend (2024-2032)
10.3.4 Italy
10.3.4.1 Historical Trend (2018-2023)
10.3.4.2 Forecast Trend (2024-2032)
10.3.5 Others
11 Asia Pacific Cocoa Market Analysis
11.1 Market by Type
11.2 Market by Application
11.3 Market by Country
11.3.1 China
11.3.1.1 Historical Trend (2018-2023)
11.3.1.2 Forecast Trend (2024-2032)
11.3.2 Japan
11.3.2.1 Historical Trend (2018-2023)
11.3.2.2 Forecast Trend (2024-2032)
11.3.3 India
11.3.3.1 Historical Trend (2018-2023)
11.3.3.2 Forecast Trend (2024-2032)
11.3.4 ASEAN
11.3.4.1 Historical Trend (2018-2023)
11.3.4.2 Forecast Trend (2024-2032)
11.3.5 Australia
11.3.5.1 Historical Trend (2018-2023)
11.3.5.2 Forecast Trend (2024-2032)
11.3.6 Others
12 Latin America Cocoa Market Analysis
12.1 Market by Type
12.2 Market by Application
12.3 Market by Country
12.3.1 Brazil
12.3.1.1 Historical Trend (2018-2023)
12.3.1.2 Forecast Trend (2024-2032)
12.3.2 Argentina
12.3.2.1 Historical Trend (2018-2023)
12.3.2.2 Forecast Trend (2024-2032)
12.3.3 Mexico
12.3.3.1 Historical Trend (2018-2023)
12.3.3.2 Forecast Trend (2024-2032)
12.3.4 Others
13 Middle East and Africa Cocoa Market Analysis
13.1 Market by Type
13.2 Market by Application
13.3 Market by Country
13.3.1 Saudi Arabia
13.3.1.1 Historical Trend (2018-2023)
13.3.1.2 Forecast Trend (2024-2032)
13.3.2 United Arab Emirates
13.3.2.1 Historical Trend (2018-2023)
13.3.2.2 Forecast Trend (2024-2032)
13.3.3 Nigeria
13.3.3.1 Historical Trend (2018-2023)
13.3.3.2 Forecast Trend (2024-2032)
13.3.4 South Africa
13.3.4.1 Historical Trend (2018-2023)
13.3.4.2 Forecast Trend (2024-2032)
13.3.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 1806)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
17.1 Cocoa Butter Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.1.1 North America
17.1.2 Europe
17.1.3 Asia Pacific
17.1.4 Latin America
17.1.5 Middle East and Africa
17.2 Cocoa Powder Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2.1 North America
17.2.2 Europe
17.2.3 Asia Pacific
17.2.4 Latin America
17.2.5 Middle East and Africa
17.3 Cocoa Liquid Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3.1 North America
17.3.2 Europe
17.3.3 Asia Pacific
17.3.4 Latin America
17.3.5 Middle East and Africa
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Barry Callebaut
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 BASF SE
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Bühler Group
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Mondelēz International
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Nestle S.A.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Olam International
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Cocoa Processing Company Limited
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.8 Cemoi Group
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.9 The Hershey Company
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.10 Touton S.A.
18.2.11.1 Company Overview
18.2.11.2 Product Portfolio
18.2.11.3 Demographic Reach and Achievements
18.2.11.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cocoa Market: Key Industry Highlights, 2018 and 2032
2. Global Cocoa Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Cocoa Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Cocoa Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Cocoa Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Cocoa Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Cocoa Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Cocoa Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Cocoa Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Major Importing Countries by Value
19. Major Exporting Countries by Value
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. Cocoa Butter Historical Price Trends and Forecast (2018-2028)
23. Cocoa Powder Historical Price Trends and Forecast (2018-2028)
24. Cocoa Liquid Historical Price Trends and Forecast (2018-2028)
25. Global Cocoa Market Structure
Key Questions Answered in the Report
In 2023, the global cocoa market attained a value of nearly USD 15.18 billion.
The market is projected to grow at a CAGR of 4.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 22.95 billion by 2032.
The major drivers of the market, such as rapidly growing demand for organic or sustainable variants of the product, higher nutritional content of the product, rise in the disposable incomes of consumers, and favourable weather conditions in Ghana, are expected to aid the market growth.
The key trend guiding the growth of the market includes the launch of ‘Bensdorp Clean,’ a cocoa powder that is formulated using baking soda instead of alkalizing agents, making the brand suitable to be marked as clean, further aiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
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.
The major players in the 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.
Analyst Review
The global cocoa market attained a value of USD 15.18 billion in 2023, driven by the rapidly growing demand for organic or sustainable cocoa. Aided by the launch of new variants, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4.7%. The cocoa market is projected to reach USD 22.95 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on its types, the market can be segmented into cocoa butter, cocoa powder, and cocoa liquor. On the basis of applications, 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. The major regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Barry Callebaut, BASF SE, Bühler Group, Mondelēz International, Nestle S.A., Olam International, Cocoa Processing Company Limited, Cemoi Group, The Hershey Company, and Touton S.A., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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