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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 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.

 

Key Takeaways

  • According to the International Cocoa Organisation, in the cocoa year 2021/2022, Ivory Coast accounted for 43% of the cocoa produced globally.
  • Europeans on average consume 5.0 kilograms of chocolate per capita per year.
  • Nestle’s Nestle Cocoa Plan, Cargill’s Cargill Cocoa Promise, and Mondelez’ Mondelez Cocoa Life are aimed at enhancing the sustainability of the cocoa sector.
  • Hybrid cocoa varieties can yield an increase of 30-40% compared to conventional cocoa varieties.

 

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

Global Cocoa Market

 

Some of the factors driving the cocoa market growth are the rising chocolate consumption, demand for organic cocoa, and availability of various cocoa varieties.

 

Key Trends and Developments

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.

 

Global Cocoa Market Trends

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.

 

Cocoa Market by Segments

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Market Segmentation

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.

 

Cocoa Market by Region

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Competitive Landscape

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 BASF SE, Buhler Group, Mondelez International, Nestle SA, The Hershey Company, 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.

 

Global Cocoa Market Analysis by Region

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.

 

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 Analysis
  • 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
  • BASF SE
  • Bühler Group
  • Mondelez International
  • Nestle S.A.
  • The Hershey Company
  • 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
  • Crown of Holland (Tradin Organic Agriculture B.V.)
  • 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    BASF SE
            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    Bühler Group
            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    Mondelez International
            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    Nestle S.A.
            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    The Hershey Company
            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    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
        18.2.7    TOUTON S.A.
            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    Olam Food Ingredients (ofi)
            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    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
        18.2.10    Cargill, Incorporated
            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    Cocoa Processing Company Limited (CPC)
            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
        18.2.12    ECOM Agroindustrial Corp. Limited
            18.2.12.1    Company Overview
            18.2.12.2    Product Portfolio
            18.2.12.3    Demographic Reach and Achievements
            18.2.12.4    Certifications
        18.2.13    PRONATEC AG
            18.2.13.1    Company Overview
            18.2.13.2    Product Portfolio
            18.2.13.3    Demographic Reach and Achievements
            18.2.13.4    Certifications
        18.2.14    Blommer Chocolate Company
            18.2.14.1    Company Overview
            18.2.14.2    Product Portfolio
            18.2.14.3    Demographic Reach and Achievements
            18.2.14.4    Certifications
        18.2.15    Crown of Holland (Tradin Organic Agriculture B.V.)
            18.2.15.1    Company Overview
            18.2.15.2    Product Portfolio
            18.2.15.3    Demographic Reach and Achievements
            18.2.15.4    Certifications
        18.2.18    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

Key Questions Answered in the Report

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 BASF SE, Buhler Group, Mondelez International, Nestle SA, The Hershey Company, 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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