USD 46.61 billion
Cocoa And Chocolate Market Size, Share, Growth Analysis, By Nature(Traditional, Organic), By Distribution Channel(Offline, Online Retail), By Type(Cocoa Ingredients (Butter, Liquor, Powder) and Chocolate (Dark, Milk), By Application(Food & Beverage, Cosmetics, Pharmaceuticals, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30B2030 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|Tables:
119
|Figures:
77
Cocoa And Chocolate Market Insights
Cocoa And Chocolate Market size was valued at USD 46.61 billion in 2022 and is poised to grow from USD 48.29 billion in 2023 to USD 67.88 billion by 2031, growing at a CAGR of 4.98% in the forecast period (2024-2031).
Cocoa is a dark brown powder made from the crushed beans of a tree, used to prepare chocolate and give the taste of chocolate to food and drink. Cocoa is mostly produced by hand and minimally requires mechanized processes. Despite this constraint, roughly 4 million tonnes of cocoa beans have been produced globally each year since a decade. The beans are first converted into cocoa liquor, then into cocoa butter or cocoa powder, which is then used to make chocolate, cosmetics, and a range of dishes.
The cocoa industry is projected to expand, owing to its widespread appeal, popularity, and application in the food and beverage industries. This includes chocolate prepared with single-origin cocoa, low-sugar products, premium and dark chocolate, and innovative flavours. Emerging economies are also seeing an increase in demand for cocoa goods. Chocolate sales are expected to expand in countries with rising GDP per capita, such as China, Mexico, Indonesia, Turkey, and India, as end customers in these countries have more discretionary cash to spend on such items.
US Cocoa And Chocolate Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Tradition
Growth Rate
4.98% CAGR
Global Cocoa And Chocolate Market ($ Bn)
Country Share for Europe (%)
Global Cocoa And Chocolate Market
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Cocoa And Chocolate Market Segmental Analysis
Global cocoa and chocolate market is segmented based on the nature, distribution channel, type, application, and region. Based on nature, the market is segmented as traditional and organic. Based on the distribution channel, the market is segmented as offline and online retail.
By type, the market is segmented into cocoa Ingredients (Butter, Liquor, Powder) and Chocolate (Dark, Milk, White, and Filled), By application, the market is segmented into food & beverage, cosmetics, pharmaceuticals, and others. Based on Region, Cocoa And Chocolate Market segmentation spans North America, Europe, Asia-Pacific, Latin America, and MEA.
Cocoa And Chocolate Market Analysis by Nature
In 2021, the traditional sector represented the majority of the market. Because of its many benefits, conventional farming is most common in the globe. Because traditional farming requires less labour and produces in huge quantities on a less amount of land, it always remains the top option for farmers who want to minimise costs and maximise income. Furthermore, unlike organic items, traditional products are widely accessible everywhere, regardless of location. Consequently, there is always a demand for them. The organic segment is anticipated to develop the fastest. The main cause of this is traditional farming's drawbacks, which include negative environmental effects, health issues, a high risk of plant diseases, and numerous other issues. As a result, the overall demand for organic products is increasing dramatically due to customers' rising attention to their health and the environment.
Cocoa And Chocolate Market Analysis by Distribution Channel
The cocoa and chocolate market can be further divided into offline and online retail based on the distribution channels used. In 2021, the offline market had the highest share. The rise is attributable to round-the-corner presence, simple returns, bulk purchasing, haggling, examining products for quality before making a decision, quick purchases, and, last but not least, a reason to go outside that can lift one's spirits. Additionally, the expansion of contemporary stores like supermarkets, which provide the convenience of shopping for everything in one location and attractive discount offers, draws people in. The popularity of working from home, cutting-edge technological advancements like e-banking and Google maps, greater smartphone use, internet penetration, people's busy lifestyles, and a tech-friendly population are all contributors in the growth.
Global Cocoa And Chocolate Market BY Type
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Cocoa And Chocolate Market Regional Insights
Europe is the largest regional market since it has been a major importer of cocoa paste for the past several years. Grinding capacity has grown faster in Africa, Asia pacific, than in the Americas. Africa's grindings climbed from 463 thousand metric tonnes in 2003 to around 1001 thousand metric tonnes in 2021. Grinding in Asia pacific increased from 575 thousand metric tonnes in 2003 to 1170 thousand metric tonnes in 2022. Cocoa output has increased higher in Africa and the Americas, while it has dropped in Asia pacific. Africa's production climbed from 2445 thousand metric tonnes in 2003 to 3995 thousand metric tonnes in 2022. In addition, cocoa production in the Americas climbed from 462 thousand metric tonnes in 2003 to 910 thousand metric tonnes in 2022.
Global Cocoa And Chocolate Market By Region
- Largest
- Fastest
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Cocoa And Chocolate Market Dynamics
Cocoa And Chocolate Market Driver
Increase in health benefits to add more to market expansion
- The market for cocoa and chocolate is expanding as consumers become more aware of the health benefits of consuming foods that have a high cocoa content. In addition to providing the human body with various health advantages, cocoa helps to lower blood pressure and treat chronic fatigue syndrome. Additionally, cocoa includes polyphenols, which shields the body's tissues against oxidative stress and its associated conditions including cancer and inflammation.
- In developing countries, the middle-income groups are expanding quickly. These people have a greater purchasing power and larger disposable incomes. Additionally, they are willing to spend more on foreign items imported chocolate from the West. Middle-income population in developing countries like China and India are also becoming more health-conscious.
Cocoa And Chocolate Market Restraint
Price fluctuation and geographical conditions to impede the market growth
- Volatile cocoa prices and constrained cocoa production hinder the market's expansion. Mineral content is high in cacao products including dark chocolate, nibs, and unsweetened cocoa powder. Raw cacao products with minimum processing have more antioxidants and less added sugar than those with heavy processing, which inhibits market expansion.
- Ageing plantations, subpar farm management, degraded soil, and rising insect and disease pressure are all threats to the production of cocoa in many nations. Producers of cocoa frequently depend on the removal of more forest land to expand production and meet demand.
- Deforestation results in loss of biodiversity and accelerates the climate change. Additionally, the improper or excessive use of pesticides and chemical fertilisers has a severe impact on the quality of nearby water supplies, contaminates soils, and further diminishes biodiversity in many cocoa fields.
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Cocoa And Chocolate Market Competitive Landscape
The Global Cocoa and Chocolate market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Cocoa And Chocolate Market Top Player's Company Profiles
- Mars, Incorporated
- Barry Callebaut
- Nestle S.A.
- Mondelez International, Inc.
- Ferrero Group
- The Hershey Company
- Lindt & Sprüngli AG
- Meiji Holdings Co., Ltd.
- Ghirardelli Chocolate Company
- Valrhona
- Blommer Chocolate Company
- Cargill, Incorporated
- Guittard Chocolate Company
- Puratos Group
- Olam International Limited
- Touton S.A.
- Petra Foods Limited
- TCHO Ventures, Inc.
- Felchlin Switzerland
- Fuji Oil Group
Cocoa And Chocolate Market Recent Developments
- In Jan 2022, With the release of the newest cocoanut-centered product under the brand name Sundrop Duo, Agro Tech Foods announced the launch of new products into the chocolate confectionery industry.
- In May 2022, Nestle KitKat has unveiled a subtle change to its iconic chocolate bar, launched a product with 30% recycled packaging.
Cocoa And Chocolate Key Market Trends
- Theobromine, which is present in cocoa powder, aids in the reduction of inflammation and offers protection from life-threatening illnesses. The calories obtained from cocoa powder are high in useful substances since cocoa has a high concentration of phytonutrients and is low in fat and sugar. Because they are created from agitated, dry, unroasted cacao beans, raw goods are frequently less processed and healthier. However, dark chocolate with at least 70% cacao is a good source of minerals and antioxidants, opening up a sizable market.
- The trend of single-origin chocolate is moreover getting popularized among customers. Customers are becoming more interested in the origins of chocolate goods as they search for more expensive, higher-quality options. The agro-climatic characteristics of production areas and the history of producers and their communities have also grown in popularity with consumers.
Cocoa And Chocolate Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global cocoa and chocolate market report analysis, the traditional segment accounted for the largest share. For its several benefits, conventional farming is most common type across the globe. As traditional farming requires less labour and produces with huge quantities at a lesser size of land, it always remains the best option for farmers who want to minimize costs and maximize income. In terms of distribution channel, the offline segment accounted for maximum market share as the expansion of contemporary stores like supermarkets, which provide the convenience of shopping for everything in one location and attractive discount offers.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 46.61 billion |
| Market size value in 2031 | USD 67.88 billion |
| Growth Rate | 4.98% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cocoa And Chocolate Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cocoa And Chocolate Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cocoa And Chocolate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cocoa And Chocolate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cocoa And Chocolate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cocoa And Chocolate Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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