Thriving Predicted to Double Market Value from US$ 13,603.2 Million to US$ 26,392.2 Million, with a Startling 6.9% CAGR from 2023 to 2033. Interest in organic cocoa beans is fueled by the growing demand for healthier options, but manufacturing issues prevent supply from keeping up with demand.
From 2023 to 2033, the cacao bean market is projected to grow at a robust 6.9% compound annual growth rate (CAGR), surpassing the 2.6% CAGR observed from 2018 to 2022. The market value of cacao beans increased from US$ 13,603.2 million in 2023 to US$ 26,392.2 million in 2033, a notable increase that may indicate a surge in demand for the company.
The market for cocoa beans is expanding rapidly; from 2023 to 2033, it is predicted to grow at a spectacular 6.9% CAGR, exceeding the 2.6% CAGR observed between 2018 and 2022. The remarkable increase in market value from US$ 13,603.2 million in 2023 to US$ 26,392.2 million by 2033 is significant.
Consumer Preferences Drive Demand: The escalating demand for organic cocoa beans, fueled by a global shift towards healthier choices, propels the cacao beans market. However, challenges in manufacturing hinder the supply from keeping pace with the soaring demand.
Recent Developments:
- Hershey’s Strategic Acquisition: In June 2021, Hershey acquired Lily’s Sweets, a producer of low-sugar chocolate, aligning with its efforts to enhance its portfolio with healthier snacking options.
- Southeast Asia’s Rising Demand: The demand for cocoa beans in Southeast Asia has surged significantly, outpacing the region’s farmers’ ability to meet this rising demand. This situation anticipates more international trade in the global cocoa bean market in the coming years.
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Consumer demands for healthier options are driving up demand for organic cocoa beans, but manufacturing issues are preventing supply from keeping up with demand.
Chocolate is expected to grow quickly in emerging nations because cocoa beans are increasingly frequently utilised in food processing and have health benefits. Sales of cocoa beans are also aided by the expanding popularity of chocolate in a wide range of tastes.
To meet the diverse markets’ demands for cacao-based goods, there must be a steady and long-term requirement for high-quality beans. Vertical corporate integration is common in cocoa-producing countries like Cameroon, with Barry Callebaut playing a prominent role.
Key Takeaways:
- India’s Growth Spurt: The cacao bean market in India is anticipated to experience a substantial CAGR of 23.5% by 2033, driven by increasing consumer demand for premium chocolates and a preference for cacao-based products.
- UK’s Sustainable Rise: The cacao beans industry in the United Kingdom is expected to witness moderate growth, with a CAGR of 3.8% by 2033, attributed to the rising popularity of artisanal chocolates and a growing emphasis on sustainable sourcing.
- China’s Steady Incline: China’s cacao bean market is forecasted to grow steadily by 2033, projecting a CAGR of 4.8%. Factors such as the adoption of Western confectionery trends, rising disposable incomes, and a taste for high-quality chocolate contribute to this growth.
- Australia’s Artisanal Surge: The expansion of the artisanal chocolate sector, increased awareness of the health benefits of dark chocolate, and the emergence of boutique chocolatiers are anticipated to drive Australia’s cacao beans industry, with a CAGR of 3.2% by 2033.
- Japan’s Moderate Growth: The market for cacao beans in Japan is expected to expand moderately, with a projected CAGR of 2.6% by 2033. Rising demand for high-end chocolate, health-related cocoa trends, and the incorporation of cacao into traditional Japanese desserts fuel this growth.
Competitive Landscape:
Global market leaders such as Barry Callebaut, Cargill, Nestle, and Olam International dominate the cacao bean industry. These multinational players source cacao beans globally, ensuring a widespread supply chain for their products.
Price, quality, sustainability, and certifications are a few examples of the variables that affect the competitive dynamics in the market for cacao beans. Many businesses have adopted responsible sourcing procedures and obtained certifications like Fairtrade and Rainforest Alliance due to rising customer awareness of fair trade, organic agriculture, and environmental sustainability.
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Global Cacao Beans Market by Category
By Bean Type:
- Forastero
- Trinitario
- Criollo
By Application:
- Food and Beverages
- Bakery and Confectionery
- Beverages
- Dairy Products
- Syrups, Toppings and Fillings
- Other Applications
- Pharmaceuticals
- Cosmetic and Personal Care
By Nature:
- Organic
- Conventional
By Sales Channel:
- B2B
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Independent Grocery Stores
- Specialty Stores
- Online Retail
By Product Type:
- Cacao Powder
- Cacao butter
- Paste/Liquor
By Voluntary Sustainability Standard (VSS):
- UTZ Certified
- Rainforest Alliance
- Fairtrade International
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Recent developments
- Hershey purchased Lily’s Sweets, a producer of low-sugar chocolate, in June 2021 as part of its efforts to increase the number of healthier snacking brands in its product lineup. Cynthia Tice started the business so she could use stevia to sweeten conventional chocolate delights.
- The demand for cocoa beans in Southeast Asia has increased dramatically. The region’s cocoa farmers, however, are unable to meet the product’s rising demand. As a result, more international trade is anticipated to occur in the global cocoa bean market in the upcoming years
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