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

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.