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Cocoa Market

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 size was approximately USD 15.18 billion in 2023. The market is further projected to grow at a CAGR of 4.7% between 2024 and 2032 to attain a value of USD 22.95 billion by 2032.

 

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. Cocoa was first domesticated about 5,300 years ago in equatorial South America, specifically from the Santa Ana-La Florida site in southeast Ecuador. This early domestication indicates that cocoa was a significant part of the culture and diet in these regions long before its introduction to the rest of the world.

 

Cocoa Market

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Cocoa beans are processed into a variety of products, including chocolate liquor, cocoa butter, and cocoa powder. The processing involves roasting, cracking, and deshelling the beans. Cocoa is known for its health benefits due to the presence of phytochemicals like flavonols and theobromine, and it also contains a small amount of caffeine.

 

The rapidly growing demand for organic or sustainable variants of the product, along with the 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 market 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 for the production of chocolate.

 

Cocoa Market Segmentation

The market is divided on the basis of type into:

  • Cocoa Butter
  • Cocoa Powder
  • Cocoa Liquor

 

The rising consumption of chocolate globally, particularly in Europe and North America, is a primary driver for the demand for cocoa powder. These regions collectively hold more than 70% of the world's chocolate market, leading to strong demand for cocoa powder used in chocolate production and confectionery products.

 

Cocoa powder is known for its health benefits, such as improving blood flow, reducing the risk of heart attack, and potentially helping to prevent cancer due to its richness in antioxidants like polyphenols and flavonoids. This growing awareness of the health benefits of cocoa powder and its expanding food applications is expected to further enhance the cocoa market value.

 

Furrher, the demand for bakery and confectionery products, which often utilise cocoa as an ingredient, is closely linked to the growing interest in convenience foods. There is a growing emphasis on organic and non-GMO cocoa products driven by the increasing prevalence of lifestyle-related disorders. In response to the increasing incidence of obesity and rising health consciousness among consumers, manufacturers are innovating healthier cocoa products like dark chocolate and premium chocolate with reduced sugar content.

 

Cocoa Market by Segments

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Based on application, the market is segmented into:

  • Food and Beverages
  • Cosmetics and Pharmaceuticals
  • Others

 

Food and beverages are further subdivided into confectionery, dairy, and bakery, among others.

 

The demand for cocoa in the food and beverage market is significant and multifaceted, influenced by various factors. Cocoa is a versatile ingredient used in a wide range of food products. This includes bakery items like cakes, cookies, and pastries, where cocoa adds a rich flavour and colour. In confectionery, cocoa is fundamental in the production of chocolates and chocolate-based products.

 

In the beverage sector, cocoa is used in the making of chocolate drinks, and hot cocoa, and as a flavouring agent in other beverages. The popularity of cocoa-flavoured drinks substantially contributes to the cocoa market revenue.

 

Moreover, there is a rising trend towards organic and artisanal food products, which has boosted the demand for high-quality cocoa. Consumers are increasingly seeking out premium, ethically sourced, and organic cocoa products, reflecting a broader trend towards health-conscious and sustainable consumption. The global chocolate market, which is a significant user of cocoa, continues to grow, driven by both traditional markets (in North America and Europe) and emerging markets (in the Asia Pacific and other regions).

 

The report also covers the regional markets for cocoa, which are as follows:

  • North America
  • Europe
  • Asia Pacific 
  • Latin America
  • Middle East and Africa

 

Cocoa Market Analysis

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.

 

Favourable weather conditions in Ghana and introduction of the hand-pollination method are some of the major driving factors for the cocoa market demand. The Asian markets are expected to show a fast-growing trend in chocolate consumption due to a rise in disposable incomes of consumers. The rising demand from consumer markets, such as China, India, the United States, and Europe, is driving the market further.

 

Additionally, 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, dilate blood vessels to relieve blood pressure, and increase insulin sensitivity. Also, the intake of dark chocolate is favoured as it contains minimal or no sugar.

 

Further, 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 alkalising agents, making the brand suitable to be marked as clean.

 

Cocoa Market by Region

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Market Share by Region

The cocoa market share, in terms of production, is dominated by West African countries like Ivory Coast, Ghana, and Nigeria, owing to the favourable weather conditions in these regions. 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 markets of cocoa like Jamaica are receiving government aid to enhance their farming capabilities of the product, further propelling the market growth. Ivory Coast, Ghana, and Cameroon are the major exporters in the market.

 

The Netherlands is the world's leading importer of the product, with Europe being its leading consumer market. The Netherlands imports nearly 25% of cocoa, followed by the United States and Germany.

 

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. The supply-demand gap can result in price fluctuations, influencing market dynamics.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global cocoa market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, capacity expansions, 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 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:

  • 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 Analysis
  • 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 (2018-2023) 
    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
            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.

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