In 2023, the market for cocoa is anticipated to be worth US$ 15,156.7 million. Sales of all cocoa are anticipated to increase at a 4.7% CAGR from 2023 to 2033, valuing the market at US$ 23,981.1 million by the end of that year.
With rising demand for chocolate confectionery, the market for cocoa is bound to grow inadvertently in the forecast period. Chocolate has always been one of the leading flavours with respect to new launches in bakery and beverage items. The ‘sweets’ sector also uses chocolate in greater proportion.
The consumers firmly believe in superiority of the single-origin. As such, bean-to-bar concept is expected to be the highest revenue generator in cocoa market in the upcoming period. Also, consumers’ growing preference for traceable and certified cocoa as well as chocolate products is compelling the manufacturers of cocoa to go for cocoa sustainability programs.
The last few years have witnessed a tremendous influx of chocolate confectionery in the developing economies. This could be attributed to growing expenditure on various indulgent confectionery products, particularly the chocolate confectioneries. The developed markets are into contline and molded chocolates. The key participants are also into offering new types of chocolates like ruby chocolate and dark chocolate, especially during the festivals.
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These days, cocoa is also used for manufacturing toiletries due to the flavour and aroma associated with it. It is a known fact that chocolate that contains cocoa in greater quantity is rich in minerals and antioxidants. Plus, containing calories in abundance, moderate consumption helps in checking weight. Healthcare personnel recommend the consumption of cocoa-based chocolates due to the fact that it keeps cholesterol levels under control and reduces probability of heart-related ailments. Above all, chocolate is looked upon as a premium or luxury product since long due to the flavour and aroma associated with it. As such, being regular with chocolates has a feeling of “larger than life” associated with it.
Coming to the cosmetics’ vertical, cocoa is amongst the advantageous cosmetic ingredients regarding promotion of skin. The pharmaceutical vertical also uses cocoa to impart the patient-friendly flavour.
Blends are also available in the form of multiple flavors like coffee, vanilla, mint, and likewise. The new flavors in offing include avocados, kiwifruits, blackberries, and various other cereals.
Cote d’lvoire is the biggest producer of cocoa across the globe. It, in fact, contributes to 30% of the worldwide production of cocoa. Ghana and Indonesia stand second and third respectively. This has been certified by the International Cocoa Organization.
However, in certain regions, cultivation of cocoa is adversely affected by uncertain weather and political instability. Ivory Coast is one such region. Future Market Insights has, through its team of analysts and consultants, walked through these facts with subsequent steps to be taken in its latest market study entitled “Cocoa Market”.
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Key Takeaways from Cocoa Market
- Dutch-processed cocoa holds the largest market share (over 70%). The color ranges between reddish brown and dark brown.
- North America holds the largest market share, followed by Europe.
- The Asia-Pacific is expected to grow in the cocoa market at the fastest pace due to the millennials being more into consumption of cocoa in the form of chocolates.
“The nutritional benefits of cocoa are bound to go a long way regarding the growth of cocoa market”, says an analyst from Cocoa market.
Competitive Cocoa
- Barry Callebaut, in March 2022, announced that it started expanding the factory baased out of Campbellfield (Melbourne, Australia). This facility claims to be capable of serving the entire food sector in Australia.
- Blommer Chocolate Company (subsidiary of Fuji Oil Co., Ltd.), did announce opening R&D applications lab at downtown Chicago to devise enhanced ways for supporting business.
- The industry professionals are entering into agreements and partnerships for acquiring cocoa from various sustainable sources.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the cocoa market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on nature (conventional and organic), by process (natural and Dutch), by end-use (confectionery, functional food, beverages, cosmetics, and pharmaceuticals), and by product type (cocoa powder, cocoa liquor, and cocoa butter).
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Cocoa Market by Category-
By Nature, Cocoa Market is Segmented as:
- Organic
- Conventional
By Process, Cocoa Market is Segmented as:
- Natural
- Dutch
By End Use, Cocoa Market is Segmented as:
- Confectionery
- Functional Food
- Beverages
- Cosmetics
- Pharmaceuticals
By Product Type, Cocoa Market is Segmented as:
- Cocoa powder
- Cocoa butter
- Cocoa liquor
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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