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Global Cocoa Market Share, Size, Growth, Analysis, Trends, 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; 2023-2028

Global Cocoa Market Outlook

The global cocoa market attained a value of nearly USD 14.5 billion in 2022. The cocoa market is further expected to grow at a CAGR of 4.7% between 2023 and 2028 to attain a value of USD 19.1 billion.

 

Cocoa Market

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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.

 

 

Cocoa Market by Type

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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 types into cocoa butter, powder, and liquor. On the basis of applications, the industry is segmented into cosmetics, pharmaceuticals, food and beverages, and confectionery.

 

The report also covers the regional cocoa markets like North America, Europe, the Middle East and Africa, the Asia Pacific, and Latin America.

 

Cocoa Market by Region

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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
  • MondelÄ“z 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 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Application
  • Region
Breakup by Type
  • Cocoa Butter
  • Cocoa Powder
  • Cocoa Liquor
Breakup by Application
  • Food and Beverages
  • Cosmetics and Pharmaceuticals
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Barry Callebaut
  • BASF SE
  • Bühler Group
  • MondelÄ“z International
  • Nestle S.A.
  • Olam International
  • Cocoa Processing Company Limited
  • Cemoi Group
  • The Hershey Company
  • Touton S.A.
  • Others

 

*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 (2018-2022) 
    8.3    Global Cocoa Market Forecast (2023-2028)
    8.4    Global Cocoa Market by Type
        8.4.1    Cocoa Butter
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022) 
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Cocoa Powder
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022) 
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Cocoa Liquor
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022) 
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Cocoa Market by Application
        8.5.1    Food and Beverages
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022) 
            8.5.1.3    Forecast Trend (2023-2028)
            8.5.1.4    Breakup by Type
                8.5.1.4.1    Confectionery
                    8.5.1.4.1.1    Market Share
                    8.5.1.4.1.2    Historical Trend (2018-2022) 
                    8.5.1.4.1.3    Forecast Trend (2023-2028)
                8.5.1.4.2    Dairy
                    8.5.1.4.2.1    Market Share
                    8.5.1.4.2.2    Historical Trend (2018-2022) 
                    8.5.1.4.2.3    Forecast Trend (2023-2028)
                8.5.1.4.3    Bakery
                    8.5.1.4.3.1    Market Share
                    8.5.1.4.3.2    Historical Trend (2018-2022) 
                    8.5.1.4.3.3    Forecast Trend (2023-2028)
                8.5.1.4.4    Others
        8.5.2    Cosmetics and Pharmaceuticals
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022) 
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Others
    8.6    Global Cocoa Market by Region
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
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    Market Share
            9.3.1.2    Historical Trend (2018-2022) 
            9.3.1.3    Forecast Trend (2023-2028)
        9.3.2    Canada
            9.3.2.1    Market Share
            9.3.2.2    Historical Trend (2018-2022) 
            9.3.2.3    Forecast Trend (2023-2028)
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    Market Share
            10.3.1.2    Historical Trend (2018-2022) 
            10.3.1.3    Forecast Trend (2023-2028)
        10.3.2    Germany
            10.3.2.1    Market Share
            10.3.2.2    Historical Trend (2018-2022) 
            10.3.2.3    Forecast Trend (2023-2028)
        10.3.3    France
            10.3.3.1    Market Share
            10.3.3.2    Historical Trend (2018-2022) 
            10.3.3.3    Forecast Trend (2023-2028)
        10.3.4    Italy
            10.3.4.1    Market Share
            10.3.4.2    Historical Trend (2018-2022) 
            10.3.4.3    Forecast Trend (2023-2028)
        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    Market Share
            11.3.1.2    Historical Trend (2018-2022) 
            11.3.1.3    Forecast Trend (2023-2028)
        11.3.2    Japan
            11.3.2.1    Market Share
            11.3.2.2    Historical Trend (2018-2022) 
            11.3.2.3    Forecast Trend (2023-2028)
        11.3.3    India
            11.3.3.1    Market Share
            11.3.3.2    Historical Trend (2018-2022) 
            11.3.3.3    Forecast Trend (2023-2028)
        11.3.4    ASEAN
            11.3.4.1    Market Share
            11.3.4.2    Historical Trend (2018-2022) 
            11.3.4.3    Forecast Trend (2023-2028)
        11.3.5    Australia
            11.3.5.1    Market Share
            11.3.5.2    Historical Trend (2018-2022) 
            11.3.5.3    Forecast Trend (2023-2028)
        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    Market Share
            12.3.1.2    Historical Trend (2018-2022) 
            12.3.1.3    Forecast Trend (2023-2028)
        12.3.2    Argentina
            12.3.2.1    Market Share
            12.3.2.2    Historical Trend (2018-2022) 
            12.3.2.3    Forecast Trend (2023-2028)
        12.3.3    Mexico
            12.3.3.1    Market Share
            12.3.3.2    Historical Trend (2018-2022) 
            12.3.3.3    Forecast Trend (2023-2028)
        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    Market Share
            13.3.1.2    Historical Trend (2018-2022) 
            13.3.1.3    Forecast Trend (2023-2028)
        13.3.2    United Arab Emirates
            13.3.2.1    Market Share
            13.3.2.2    Historical Trend (2018-2022) 
            13.3.2.3    Forecast Trend (2023-2028)
        13.3.3    Nigeria
            13.3.3.1    Market Share
            13.3.3.2    Historical Trend (2018-2022) 
            13.3.3.3    Forecast Trend (2023-2028)
        13.3.4    South Africa
            13.3.4.1    Market Share
            13.3.4.2    Historical Trend (2018-2022) 
            13.3.4.3    Forecast Trend (2023-2028)
        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 (2018-2022) and Forecast (2023-2028)
        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 (2018-2022) and Forecast (2023-2028)
        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 (2018-2022) and Forecast (2023-2028)
        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 2028
2.    Global Cocoa Historical Market: Breakup by Type (USD Million), 2018-2022
3.    Global Cocoa Market Forecast: Breakup by Type (USD Million), 2023-2028
4.    Global Cocoa Historical Market: Breakup by Application (USD Million), 2018-2022
5.    Global Cocoa Market Forecast: Breakup by Application (USD Million), 2023-2028
6.    Global Cocoa Historical Market: Breakup by Region (USD Million), 2018-2022
7.    Global Cocoa Market Forecast: Breakup by Region (USD Million), 2023-2028
8.    North America Cocoa Historical Market: Breakup by Country (USD Million), 2018-2022
9.    North America Cocoa Market Forecast: Breakup by Country (USD Million), 2023-2028
10.    Europe Cocoa Historical Market: Breakup by Country (USD Million), 2018-2022
11.    Europe Cocoa Market Forecast: Breakup by Country (USD Million), 2023-2028
12.    Asia Pacific Cocoa Historical Market: Breakup by Country (USD Million), 2018-2022
13.    Asia Pacific Cocoa Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Latin America Cocoa Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Latin America Cocoa Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Middle East and Africa Cocoa Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Middle East and Africa Cocoa Market Forecast: Breakup by Country (USD Million), 2023-2028
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 2022, the global cocoa market attained a value of nearly USD 14.5 billion.

The market is projected to grow at a CAGR of 4.7% between 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 19.1 billion by 2028. 

The major drivers of the industry, 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 industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major types of cocoa in the industry are cocoa butter, powder, and liquor.

The leading applications of cocoa are cosmetics, pharmaceuticals, food and beverages, and confectionery.

The major players in the industry are Barry Callebaut, BASF SE, Bühler Group, Mondelez International, Nestle S.A., Olam International, Barry Callebaut, 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 14.5 billion in 2022, 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 2023-2028, growing at a CAGR of 4.7%. The cocoa market is projected to reach USD 19.1 billion by 2028.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the industry can be segmented into cocoa butter, powder, and liquor. On the basis of applications, the industry is divided into cosmetics, pharmaceuticals, food and beverages, and confectionery. 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, Barry Callebaut, 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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