Cocoa & Chocolate Market Size, Share, Growth, and Industry Analysis, By Type (cocoa & chocolate), By Application (Confectionery, Food & Beverage, Cosmetics, Pharmaceuticals and Other), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Cocoa & Chocolate Market Report Overview

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The global cocoa & chocolate market size was USD 58370 million in 2021 and is projected to touch USD 88382.32 million by 2031, exhibiting a CAGR of 4.2% during the forecast period.

Chocolate is derived from cocoa, a dark brown powder produced from the crushed beans of a trees, which is also used to flavor food and beverages. The majority of cocoa production is done by hand, and little of it has ever been mechanized. Despite this limitation, since 2010, the world has produced about 4 million tons of cocoa beans annually. To manufacture chocolate, cosmetics, and a variety of foods, the beans are first transformed into cocoa liquor, which is subsequently turned into cocoa butter or cocoa powder.

The very same manufacturing process that produces cocoa also produces chocolate, which is manufactured from cocoa beans. Some of the variables include rising coca use because of its antioxidant qualities and rising chocolate consumption in confectionery is projected to drive the cocoa & chocolate market growth in the forecast period.

COVID-19 Impact: The COVID-19 Underlying Condition Decreased the Manufacturing and Hampered the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the foil market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Low sales volumes brought on by the COVID-19 pandemic as well as supply-side problems with quality and certification had an effect on the cocoa market. The Fine Cacao & Chocolate Institute (FCCI) undertook a study on the COVID-19 pandemic's effects on exports, and the findings were alarming. In the Dominican Republic, sources state that the strict lockdown prevented farmers and producers from touring the plantations for a number of weeks before the government authorized exceptions. A growing number of specialized stores are staying closed for a longer amount of time as a result of the interruption in the raw material distribution chain, which was followed by lockdown, and the volume consumption of luxury chocolates is declining.

LATEST TRENDS

"Growing Popularity of Chocolate Flavoured Products and its Availability to Augment the Market Growth"

The cocoa & chocolate market is expanding as ready-to-eat foods and beverages with chocolate flavors become more and more popular. Chocolates are being consumed more frequently because of compounds like tryptophan, which releases serotonin and promotes happiness. The market is growing as a result of the accessibility of various cocoa products and ingredients, including cocoa butter, cocoa liquor, black chocolate, white chocolate, and others. Additionally, the development of e-commerce and the expansion of distribution channels make cocoa and items made from chocolate easily accessible.

Cocoa & Chocolate Market Segmentation

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• By Type

Based on type the market is classified into cocoa & chocolate.

Chocolate is the leading part of the type segment.

• By Application

Based on application the market is classified as confectionery, food & beverage, cosmetics, pharmaceuticals and other food.

Confectionery is the leading part of the application segment.

DRIVING FACTORS

"Increasing Seasonal and Festive Sales to Stimulate the Market Growth"

The rise of the cocoa & chocolate market is being driven by rising seasonal and holiday sales, rising use of chocolate as a functional food, and rising consumption of dark and ruby chocolate. The popularity of giving chocolates as gifts over the holiday season has raised the price of chocolate. Nowadays, individuals frequently choose chocolate gifts, which offer a variety of tastes and pricing points, as their preferred present goods.

"Growing Awareness About Health Benefits of the Product to Drive Up the Market Demand "

The cocoa & chocolate market share is expanding as consumers become more aware of the health benefits of ingesting goods with high cocoa content. Other health benefits of cocoa include protection against sunburn, a reduction in hypertension, and assistance with chronic fatigue syndrome. Additionally, cocoa includes polyphenols, which shield the body's tissues against oxidative stress and its associated conditions including cancer and inflammation. These factors are also propelling the cocoa & chocolate markets share.

RESTRAINING FACTORS

"Certain Constraints with the Production Restrain the Market Growth"

The market's expansion is constrained by fluctuating cocoa prices and constrained cocoa production. Mineral content is high in cacao products including unsweetened cocoa powder, nibs, and dark chocolate. The cocoa & chocolate market growth being hampered by the fact that raw cacao items with minimal processing offer more antioxidants and less added sugar than those with heavy processing.

Cocoa & Chocolate Market Regional Insights

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"North America to Dominate the Market With Presence of Major Manufacturers and Suppliers"

Due to the enormous need for cocoa & chocolate in the confectionery and food beverage industries, North America had the biggest revenue share and is predicted to keep the top spot during the projected period. The components in cocoa are promoted for usage in cosmetic and medicinal goods because of their potential health advantages. Due to the use of cocoa beans and butter in the food and beverage industry as well as American customers' taste for coffee flavour, the U.S. has occupied the greatest market share.

Due to the enormous need for cocoa & chocolate in the confectionery and food beverage industries, North America had the biggest revenue share and is predicted to keep the top spot during the projected period. The components in cocoa are promoted for usage in cosmetic and medicinal goods because of their potential health advantages. Due to the use of cocoa beans and butter in the food and beverage industry as well as American customers' taste for coffee flavour, the United States has occupied the greatest market share.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

Aluminum is one of the raw materials on which the major industry competitors are presently focused. These market participants are shifting their attention to cutting-edge technology that can streamline the manufacturing process. To increase their market share, businesses have expanded or made some acquisitions. The major players promote new items as well in an effort to draw in consumers.

List of Market Players Profiled

• Cargill (U.S.)
• Barry Callebaut (Switzerland)
• Archer Daniels Midland (U.S.)
• Nestle S.A (Switzerland)
• Cemoi Chocolatier (France)
• Republica del Cacao (Ecuador)
• Mars Incorporated (U.S.)
• Fuji Oil Holdings Inc. (Japan)
• Guittard Chocolate Co. (U.S.)
• Ghirardelli Chocolate Co. (U.S.)
• Varihona Inc. (France)
• Barry Callebaut AG (Switzerland)
• Alpezzi Chocolate SA De CV (Mexico)
• Kerry Group Plc (Ireland)
• Olam International Ltd. (Singapore)

INDUSTRY DEVELOPMENT

• Jan 2022: Agro Tech Foods made its entry into the chocolate confectionery market with the launch of the newest product, which is centred on cocoanuts and is sold under the brand name Sundrop Duo.
• May 2022: Nestle KitKat has introduced packaging that contains 30% recycled material, making a slight alteration to its iconic chocolate bar.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.