The cocoa market refers to the global trade and industry surrounding cocoa beans, which are the key ingredient in chocolate production. Cocoa is primarily grown in tropical regions, with the majority of production coming from countries such as Ivory Coast, Ghana, Indonesia, and Nigeria.
The cocoa market plays a significant role in the global economy, as chocolate remains one of the most popular and widely consumed food products worldwide. The market encompasses various stakeholders, including cocoa farmers, traders, processors, manufacturers, and consumers.
Several factors influence the cocoa industry, including weather conditions, disease outbreaks, political instability in producing countries, and fluctuations in demand. These factors can affect the supply and pricing of cocoa beans.
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According to Future Market Insights (FMI), the global cocoa industry is estimated to reach US$ 15,156.7 million in 2023 and further accelerate at 4.7% CAGR throughout the assessment period. By 2033, the market size is set to attain a valuation of US$ 23,981.1 million.
Growing applications of cocoa across the thriving confectionery industry is a key factor driving the global cocoa industry forward. Subsequently, growing demand for chocolate and chocolate-based products will boost cocoa sales during the forecast period.
Most of the cocoa produced globally is utilized in the confectionery industries for making various chocolate and chocolate-based items. Rising demand for cocoa products such as cocoa powder, cocoa liquor, and cocoa butter from chocolate manufacturing companies is expected to the boost market.
The availability of a wide variety of chocolate flavors and chocolate types is resulting in an increasing consumer base. Different types of chocolates such as dark chocolate and milk chocolate are in high demand due to their various health benefits.
Rising awareness about the potential health benefits of cocoa coupled with increasing usage across functional food and pharmaceutical industries is expected to propel cocoa demand.
Cocoa contains high concentrations of flavanols which have potent anti-inflammatory and antioxidant effects. Consumption of cocoa and cocoa-based products, therefore, improves immunity and reduces the risk of disease development.
Similarly, increasing usage of cocoa products in cosmetics and toiletries is expected to create lucrative growth opportunities for cocoa manufacturers during the projection period.
Key Takeaways from the Report:
- The cocoa market is forecast to reach US$ 23,981.1 million by 2033
- In terms of product type, the cocoa liquor segment accounts for 2% of the total market share in 2023.
- By application, confectionary segment currently holds a significant share of 7% of the total cocoa industry.
- The USA cocoa market is forecast to reach a valuation of US$ 1,010.0 million by 2033.
- The United Kingdom cocoa industry is poised to accelerate at a CAGR of 7% during the assessment period during the assessment period
Who is Winning?
Leading players in cocoa industry include The Barry Callebaut, Cocoa Processing Company, ADM, Dutch Cocoa BV, JB Foods, Cemoi, Blommer Chocolate, Cargill, Inc., Mars, Inc., Meiji Holdings, Carlyle Cocoa, United Cocoa Processor, Inc., Jindal Cocoa, Olam International Ltd., Nestle, Puratos Group, and Others.
Get Valuable Insights into Cocoa Market
FMI, in its new offering, provides an unbiased analysis of the cocoa market presenting historical demand data (2018 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for cocoa market based on Product Type (Cocoa Powder, Cocoa Butter, Cocoa Liquor), Process (Natural, Dutch), Nature (Organic, Conventional), and Application (Confectionery, Cosmetics, Functional Food, Beverages, Pharmaceuticals) across several regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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Cocoa Industry by Category
By Type:
- Cocoa Powder
- Cocoa Butter
- Cocoa Liquor
By Process:
- Natural
- Dutch
By Nature:
- Organic
- Conventional
By Application:
- Confectionery
- Cosmetics
- Beverages
- Functional Food
- Pharmaceuticals
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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