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The global cocoa market size was approximately USD 26.709 billion in 2023. The market is further projected to grow at a CAGR of 4.71% between 2024 and 2032 to attain a value of USD 36.426 billion by 2032.
Cocoa serves as a vital cash crop and a significant export for producing countries. The implementation of sustainability initiatives by private companies, non-profit organisations, and governments against climate change serves as an important market driver. According to the cocoa market report, in contrast to large-scale industrial agribusinesses, the predominant source of cocoa production is small, family-owned farms, which frequently depend on obsolete farming techniques and possess limited organisational influence.
Figure: Production of Cocoa Beans Globally, 2021-2022
Some of the factors driving the cocoa market growth are the rising chocolate consumption, demand for organic cocoa, and availability of various cocoa varieties.
Expanding use in end-use markets, demand for organic and sustainably derived cocoa products drive the cocoa market development
Date | Company | Details |
September 2023 | Cargill, Incorporated | Cargill celebrated the ten-year milestone of its Cargill Cocoa Promise program in Indonesia during the Indonesia International Cocoa Conference in Nusa Dua, Bali. |
July 2023 | Barry Callebaut Group | Unilever extended its longstanding global strategic agreement with the Barry Callebaut Group, a top-tier manufacturer of premium chocolate and cocoa products. |
November 2022 | Olam Food Ingredients | Olam Food Ingredients successfully implemented an environmentally responsible initiative, converting cocoa shells into power to support their factory operations. |
January 2022 | Blommer Chocolate Company | Blommer Chocolate Company unveiled their new R&D Applications Lab within The Merchandise Mart in downtown Chicago, IL. This state-of-the-art facility expanded the company's research and development capabilities. |
Trends | Impact |
Availability of high-yield cocoa bean variety | Forastero, Crillo, and Trinitarioa are some of the varieties of cocoa beans cultivated globally. In Ecuador, Peru, and Colombia, the cultivation of CCN 51 hybrid varieties is rising owing to their larger size and yield. |
Cocoa plays a key role in chocolate production | Cocoa's consistent global demand, driven by its key role in chocolate and confectionery production, offers stability to cocoa producers. |
Awareness of the health benefits of cocoa | A notable surge in consumer awareness about cocoa's health benefits, such as its rich antioxidant content, and its contribution to improved heart health and mood, aids cocoa demand. |
Demand for premium and organic cocoa products | The market is experiencing a heightened demand for premium and specialised cocoa products. These include dark chocolates with high cocoa content, which can be positioned at premium price points in the market. |
The demand for organic cocoa is on the rise, especially in premium markets. As reported by FiBL & IFOAM in The World of Organic Agriculture 2022, the global cultivation area of organic cocoa reached 3.1% in 2020. Furthermore, the organic chocolate market is anticipated to grow at an annual average rate of nearly 6.8% from 2021 to 2028, indicating a continued upward trajectory for the demand for organic cocoa.
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Global Cocoa Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup | Categories |
Type | Cocoa Butter, Cocoa Powder, Cocoa Liquor |
Application | Food and Beverages, Cosmetics and Pharmaceuticals, Others |
Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Food and beverages are further divided into confectionery, dairy, and others.
Cocoa butter is expected to hold a significant cocoa market share as it is a vital chocolate ingredient
Cocoa butter is supplied by manufacturers in liquid or solidified form. It plays a crucial role in chocolate production for cakes, ice creams, and lattes as well as in cosmetics products such as skin creams, and hair conditioners. Its increased demand in the cosmetics and food industries contributes to cocoa market growth.
Cocoa liquor with a high-fat content is a key ingredient in chocolate production. According to U.S. regulations, the cocoa paste should contain between 50% and 60% cocoa butter by weight. Côte d'Ivoire is the largest exporter of cocoa liquor, globally, While the Netherlands is the largest importer of cocoa liquor with countries such as Belgium and the United States.
Cocoa powder should contain at least 20% cocoa butter and up to 9% water. Fat-reduced cocoa contains less than 20% cocoa butter. Powdered chocolate combines cocoa powder and sugars with a minimum of 32% cocoa powder while drinking chocolate or sweetened cocoa contains at least 25% cocoa powder.
The food and beverages sector is a key consumer of cocoa to produce a variety of chocolates and cocoa-based drinks
The food and beverages segment is a crucial contributor to the cocoa market expansion. The growing demand for cocoa products can be attributed to their high flavanol content, which is believed to have the potential to lower blood pressure, improve blood flow to the brain and heart, prevent blood clots, and combat cellular damage. To attain cardiovascular health benefits, the European Food Safety Authority suggests a daily intake of 0.1 ounces (2.5 grams) of high-flavanol cocoa powder or 0.4 ounces (10 grams) of high-flavanol dark chocolate with a minimum of 200 mg of flavanols.
The rich and indulgent flavour of chocolate and cocoa is gaining popularity among consumers, leading to a growing demand for products such as chocolate cakes, pastries, ice cream, yogurt, and chocolate-flavoured milk.
According to cocoa market analysis, cocoa’s rich antioxidant content is increasing its role in the cosmetic and pharmaceutical sector. Cocoa powder plays a significant role in combating the effects of free radical damage and reducing the visible signs of aging. Antioxidants are effective in reversing damage caused by environmental factors, and cocoa powder is particularly rich in antioxidant flavonoids. These flavonoids assist in repairing damage induced by the harmful effects of UV rays.
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The market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge in the market
Company Name | Year Founded | Headquarters | Products/Services |
Barry Callebaut AG | 1996 | Zurich, Switzerland | Cocoa products: Cocoa powder, decorations and inclusions, cocoa butter, and cocoa liquor. Others: Caramel, dark, milk, ruby, and white chocolate, cacao fruit, chips, and chunks, etc. |
TOUTON S.A. | 1848 | Bordeaux, France | Cocoa products: Cocoa bean and cocoa derivative sourcing and cocoa liquor processing. Others: Coffee, vanilla, and natural ingredients. |
Olam International | 1989 | Marina One East Tower, Singapore | Cocoa products: Cocoa powder, cocoa liquor, cocoa butter, cocoa beans, etc. Others: Coffee, dairy, nuts, spices, and private label products. |
Cemoi Group | 1962 | Perpignan, France | Cocoa products: Cocoa powders, cocoa mass, and cocoa butter. Others: Liquid dark, milk, and white chocolate, fillings and compounds, etc. |
Other key players in the cocoa market include Cargill, Incorporated, Cocoa Processing Company Limited (CPC), ECOM Agroindustrial Corp. Limited, PRONATEC AG, Blommer Chocolate Company, and Crown of Holland (Tradin Organic Agriculture B.V.), among others.
Europe is expected to hold a significant share of the cocoa market owing to the presence of prominent chocolate manufacturers
According to the cocoa market analysis, Europe is home to the countries with the highest chocolate consumption rates. Europeans on average consume 5.0 kilograms of chocolate per capita per year, which is well above the global average of 0.9 kilograms per capita. Due to the presence of leading chocolate manufacturers such as Nestle S.A., Mondelez International, Ferrero, and Lindt & Sprungli, Europe has a strong demand for large volumes of cocoa beans. Further, sustainability concerns are aiding the demand for organic cocoa in Europe.
In November 2022, Ghana's leading private cocoa processing company, Niche Cocoa, announced the establishment of its first North American manufacturing facility in Franklin, Wis., situated in the greater Milwaukee metropolitan area. According to the cocoa market report, the major companies in the United States chocolate and confectionery market, such as The Hershey Company, Blommer Chocolate Company, Barry Callebaut AG, Mars Incorporated, and Guittard Chocolate Company are aiding the development of the market.
The Asia Pacific region is also a prominent contributor to the cocoa market development. In Asia, Indonesia is the largest cocoa producer. Globally, Indonesia accounted for 3% of cocoa bean production during the 2021/2022 cocoa season. The key cocoa producers in Indonesia include Olam Cocoa, Musim Mas, and Barry Callebaut.
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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Cocoa Market Regional Analysis
*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.
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 Liquor 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 AG
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
18.2.2 TOUTON S.A.
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 Olam Food Ingredients (ofi)
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 Cemoi Group
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 Cargill, Incorporated
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 Cocoa Processing Company Limited (CPC)
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 ECOM Agroindustrial Corp. Limited
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 PRONATEC AG
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
18.2.9 Blommer Chocolate Company
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
18.2.10 Crown of Holland (Tradin Organic Agriculture B.V.)
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
18.2.11 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 (2018-2032)
23. Cocoa Powder Historical Price Trends and Forecast (2018-2032)
24. Cocoa Liquid Historical Price Trends and Forecast (2018-2032)
25. Global Cocoa Market Structure
In 2023, the cocoa market attained a value of nearly USD 26.709 billion.
The market is assessed to grow at a CAGR of 4.71% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 36.426 billion by 2032.
Cocoa is rich in flavonols that enhance heart health and improve blood flow. Further, antioxidants in cocoa help to improve cholesterol and blood sugar levels.
The theobromine present in cocoa powder increases blood flow to the skin's surface, making it brighter. The vitamin C present helps fade dark spots and reduces hyperpigmentation.
The major drivers of the cocoa market include a rapidly growing demand for organic or sustainable variants of the product, the higher nutritional content of the product, and expanding end-use markets.
The key trends supporting the market growth are the availability of high-yield cocoa bean varieties, awareness of the health benefits of cocoa, and the demand for premium and organic cocoa products.
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.
The major players in the market are Barry Callebaut AG, TOUTON S.A., Olam Food Ingredients (ofi), Cemoi Group, Cargill, Incorporated, Cocoa Processing Company Limited (CPC), ECOM Agroindustrial Corp. Limited, PRONATEC AG, Blommer Chocolate Company, and Crown of Holland (Tradin Organic Agriculture B.V.), among others.
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