The cocoa liquor market is forecast to expand at 6% CAGR over the estimated time-period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 7,021 million in 2023.
The market for cocoa liquor is expected to expand at a steady rate in the following years. Chocolate manufacturers extensively use cocoa liquor in their production processes. Deep penetration of cocoa infused confectioneries, even in the emerging economies, is feeding the market’s growth.
Consumers are seeking variety in taste of food and beverages, and showing special preference for chocolate flavor. Thus, growing demand for chocolaty sweets and food is pushing the sales of cocoa liquor among multiple end users.
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The market is backed by escalating demand for specialty or artisan chocolates. These premium chocolates are mostly used for gifting purposes. Low-calorie dark chocolate is also gaining widespread prominence across the globe, as reflected by the uptake of cocoa liquor infused goods. To meet the high demand for chocolates, production of cocoa liquor is increasing. Manufacturers are investing and building their units in different geographies, to spread their operations wide.
Companies are also focusing on adopting sustainable practices in the production of cocoa liquor. This is credited to the growing knowledge regarding dreadful environment situation, which is fueling customers to make eco-conscious decisions while purchasing.
Businesses are also aligning their production activity to profit from the running trend of organic chocolate goods and clean-label products. Additionally, increasing cognizance about health benefits associated with cocoa liquor is expected to boost its demand among end users.
Top Highlights from the FMI’s Analysis of Cocoa Liquor Market:
- The United States holds the dominant status in the cocoa liquor industry, globally. In 2022, the market held 21.8% value share.
- The United States market is closely followed by Germany, which acquired 20.6% market share in 2022.
- The Japan cocoa liquor industry gained 3.5% value share, and Australia cocoa liquor industry gained 2.1% value share.
- From 2023 to 2033, India is expected to proceed with a 7.6% CAGR.
- The Chinese cocoa liquor industry is projected to expand at a CAGR of 6.7%.
- The United Kingdom cocoa liquor industry is expected to unfold at a CAGR of 6% in the years to follow.
- On the basis of product type, Dutch cocoa liquor assumed market share of 57% in 2022.
- Based on cocoa variety, the forastero segment gained maximum market share of 80% in 2022.
- Under the category of form, wafers segment accounted for 41% in 2022.
- Based on application, chocolate and confectionery segment acquired 35.1% market share in 2022.
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Market Update: Key Innovations Taking Place in the Market
- Hershey India revealed two new flavors, in October 2021, under the ‘Hershey’s Exotic Dark’ category of premium chocolates. The latest flavors have ‘Guava & Mexican Chili’ and ‘Blackberry Granules’ composed of whole roasted California Almonds. These flavors are aimed at next-Gen consumers, who have constantly changing palate.
- Nestle introduced new range of ‘Icona’ bars, which is a distinct product that employs cocoa fruit pulp as an eco-friendly and healthy sugar substitute. As per company’s reports, the ‘Icona’ bar is soon going to be launched in the Netherlands and France, and other countries in Europe. By incorporating cocoa fruit pulp, sugar usage in chocolate can be drastically reduced, along with the product wastage during chocolate manufacturing.
Some of the key players in the cocoa liquor market are listed below.
- Cargill Inc.
- The Archer Daniels Midland Company
- United Cocoa Processor, Inc.
- Blommer Chocolate Company
- Nestlé S.A
- Valrhona
- Barry Callebaut
- Cemoi
- JBCOCOA
- India Cocoa
- Charley’s
- Others
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Cocoa Liquor Market by Category
By Product Type:
- Dutch
- Natural
By Cocoa Variety:
- Forastero
- Criollo
- Trinitario
- Other Cocoa Varieties
By Form:
- Wafers
- Blocks
- Chips
- Liquid
By Application:
- Chocolate and Confectionery
- Ice Cream
- Food and Beverage Coatings
- Beverages
- Bakery
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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