The highest chocolate consuming nations are situated in the Western Europe such as Belgium, Switzerland, France, Germany, and the Netherlands. Europe is followed by North America in terms of chocolate consumption. The chocolate is everyone’s favorite owing to its soothing and sweet taste. The major raw material necessary for the production is cocoa liquor that is derived from the cocoa processing. Chocolate is widely used in desserts such as cake, puddings, candies, shakes, and in various kinds of beverages, savory dishes and cosmetic products.Further the health benefits associated with the consumption of chocolates boosts the demand for the chocolate globally that ultimately fuels the growth of the global cocoa market. Various health benefits of chocolate consumption include decrease in cholesterol level, prevention of memory decline, and high antioxidants. The consumer awareness regarding the health benefits of consuming chocolates and growing demand from various end-use industries for chocolates are the vital factors to be driving the growth of the global cocoa market during the forecast period. The demand for high quality, single-estate, and single-origin cocoa is rising in Europe. The quality of the cocoa used is directly related to the quality and taste of the chocolate produced. Therefore, the market players have great revenue-boosting opportunities in the name of specialty cocoa, especially in Europe.
The global cocoa market size was valued at $12,874.0 million in 2019, and is estimated to reach $15,501.1 million by 2027, registering a CAGR of 4.3% from 2021 to 2027.
The cocoa or cocoa bean is the seed of the Theobroma cacao (cacao tree), a tropical plant originally belonging to the equatorial regions of Americas. Cocoa is the dried and fermented seed of cacao tree from which cocoa liquor is produced. From this cocoa liquor, cocoa butter and cocoa powder is produced. Cocoa liquor is the main raw material for manufacturing chocolates. The cocoa products such as cocoa liquor, cocoa butter, and cocoa powder are widely used for making confections, used as flavoring in beverages, used as toppings in different foods, and used as fillings in bakery. The cocoa is also used in cosmetics, healthcare, pharmaceuticals and nutraceuticals industry as flavoring and coloring agents. Cocoa is also used to manufacture toiletries because of its aroma and flavor. The wide and growing application of cocoa in different industries is one of the significant factors responsible for propelling the global cocoa market during the forecast period.
The cocoa is the key ingredient for making chocolates. It is estimated that more than 40% of the global cocoa produced is used for making chocolates. Therefore, the growing demand for chocolates is a key factor boosting the demand for the cocoa in the global cocoa market. Chocolate made from cocoa is a rich source of antioxidants and minerals. Chocolate is also rich in calories and hence, its consumption in moderate level helps in maintaining weight. Consumption of chocolates reduces cholesterol levels, and lowers the risk of cardiovascular problems. Moreover, chocolate is perceived as a luxury or premium product from ancient times, due to its aroma and flavor. All these aforementioned health benefits and perception of the consumers regarding chocolate are expected to boost the demand for cocoa and thereby, fuel the growth of the global cocoa market.
According to the cocoa market analysis, the cocoa market is segmented into product type, process, nature, quality, application, and region. On the basis of product type, the global cocoa market is categorized into cocoa butter, cocoa liquor, and cocoa powder. By process, it is segregated into Dutch process and natural process. On the basis of nature, it is segmented into organic and conventional. Based on the quality, it is segmented into bulk, specialty, and fine flavor. Based on application, it is segmented into confectionery, food & beverages, bakery, pharma, animal feed, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the Netherlands, Germany, Belgium, France, the UK, Italy, Spain, Switzerland, and rest of Europe), Asia-Pacific (China, Japan, India, Malaysia, Indonesia, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Iran, United Arab Emirates, and rest of LAMEA).
According to the cocoa market forecast, on the basis of product type, the cocoa liquor segment was the highest contributor to the market, with $4,837.1 million in 2019, and is expected to sustain its significance during the forecast period. The cocoa liquor, also known as chocolate liquor, is the essential item required to produce raw chocolate. Cocoa butter and cocoa powder are also produced from the cocoa liquor.
Therefore, rise in demand for chocolates, and increase in use of cocoa liquor in confectionery, food & beverages, bakery, cosmetics, and pharmaceutical sector are expected to boost the demand for cocoa liquor.
By Product Type
Cocoa liquor segment is expected to grow at highest CAGR of 4.4% during the forecast period
On the basis of process, the Dutch process dominates the global cocoa market. In this process, the natural acid of cocoa is neutralized and the pH level is increased to as high as 8. The Dutch process reduces the bitter taste from cocoa liquor. The Dutch processed cocoa and the natural processed cocoa have different tastes and hence, they are interchangeably used in the confectionery and bakery industries to add the desired taste to the food products. Hence, the growing use of the Dutch process in cocoa processing for chocolate manufacturing is expected to retain its dominance during the forecast period.
By Process
Dutch process segment is expected to grow at highest CAGR of 4.3% during the forecast period.
Based on nature, the organic segment is expected to grow at a rapid pace owing to the growing health conscious population and rising disposable income. The organic cocoa is free from chemical fertilizers and pesticides. It is also healthy for consumption and hence, the consumers are ready to pay a higher price for organic cocoa. Therefore, the organic segment is expected to witness highest growth in the global cocoa market.
By Nature
Organic segment is expected to grow at highest CAGR of 5.0% during the forecast period.
On the basis of quality, the bulk is the dominating segment, as it is the most commonly produced and traded cocoa. Availability of bulk cocoa at cheap prices is the main reason for its high demand. Around 90% of the global cocoa produced is the bulk cocoa.
By Quality
Specialty segment is expected to grow at highest CAGR of 4.6% during the forecast period.
Based on application, the confectionery is the leading segment in the global cocoa market because a major part of the global cocoa is used by the confectionery industry for making chocolates and chocolate products.
By Application
Animal Feed segment is expected to grow at highest CAGR of 6.1% during the forecast period.
Region wise, Europe is the leading market for cocoa. Europe is the highest cocoa and chocolate consuming region. In 2019, the Netherlands accounted for the highest imports of cocoa in terms of volume and value. Switzerland is the top chocolate consuming country in Europe. The various nations such as Germany, France, and the UK, are among the top chocolate and cocoa consuming nations.
By Regions
Asia-Pacific dominates the market and is expected to grow at highest CAGR of 4.6% during the forecast period.
The players operating in the global cocoa market have adopted various developmental strategies to expand their market share, explore the cocoa market opportunity, and increase profitability in the market. The key players profiled in this report include Cargill, Inc., Olam International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing cocoa market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the cocoa industry.
Cocoa Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Process |
|
 By Nature |
|
 By Quality |
|
 By Application |
|
 By Region |
|
 Key Market Players | VJ Jindal Cocoa Private Limited, THE HERSHEY COMPANY, BARRY CALLEBAUT AG, United Cocoa Processor, Inc., OLAM INTERNATIONAL LIMITED, CARGILL, INC., Blommer Chocolate company, Ciranda, Inc., TOUTON S.A., GUAN CHONG COCOA MANUFACTURER SDN. BHD. |
Analyst Review
Based on the insights of various CXOs of leading companies, the cocoa market players are emphasizing on storytelling as a tool for marketing. The customers and the consumers are highly captivated by the stories behind the products they buy and consume. The story behind the product may greatly influence the buying decision of the customer. The manufacturers and the processors of the chocolate and cocoa products are paying utmost attention to storytelling in their branding strategies. The consumers are interested to know the stories behind a product and this gives an opportunity to the cocoa manufacturers and traders to highlight the story behind the origin of the cocoa, especially in case of the specialty cocoa. Mostly, the storytelling strategy is used by the chocolate manufacturing companies showing cocoa beans and cacao tress in their advertising. Nestle Kit-Kat and Cadbury Bournville are the examples of chocolate brands that use storytelling strategies.
Moreover, the CXOs further added that the demand for high quality chocolates in Europe is driving the demand for specialty cocoa and fine flavor cocoa. These two cocoas are available in less quantity and are very much popular for their taste and quality. Hence, the demand for the specialty cocoa and fine flavor cocoa is expected to grow at a significant pace in the forthcoming years. Furthermore, the growing application of cocoa in industries such as pharmaceuticals, food & beverages, cosmetics, and confectionery, is boosting the growth of the global cocoa market.
The global cocoa market size was valued at $12,874.0 million in 2019, and is estimated to reach $15,501.1 million by 2027, registering a CAGR of 4.3% from 2021 to 2027. Cocoa is the key ingredient for making chocolates and increasing demand for chocolates is boosting the demand for the cocoa globally.
The global cocoa market is expected to grow at a CAGR of 4.3% from 2021 to 2027. The rising demand for the chocolates across Europe and North America is anticipated to drive the demand for the cocoa significantly, during the forecast period.
https://www.alliedmarketresearch.com/request-sample/11372
The forecast period considered in the report is from 2021 to 2027. The report provides a detailed analysis regarding the upcoming trends and market opportunities. The report also highlights the forecasted revenue generated by the cocoa market during the forecast period.
The key players operating in the global cocoa market include Cargill, Inc., Olam International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.
According to the cocoa market analysis, the cocoa market is segmented into product type, process, nature, quality, application, and region. On the basis of product type, the global cocoa market is categorized into cocoa butter, cocoa liquor, and cocoa powder. By process, it is segregated into Dutch process and natural process. On the basis of nature, it is segmented into organic and conventional. Based on the quality, it is segmented into bulk, specialty, and fine flavor. Based on application, it is segmented into confectionery, food & beverages, bakery, pharma, animal feed, and others.
The upcoming trends includes the adoption of VSS complaint production methods of the cocoa. Sustainability is the major factor that is expected to drive the demand for the cocoa in the developed markets like North America and Europe. Further, the demand for the organic cocoa is expected to register a significant growth rate during the forecast period.
Based on the region, Europe was the dominating cocoa market. The high demand for the chocolates is the primary factor behind the huge demand for the cocoa in Europe. Moreover, organic cocoa is gaining traction in the region owing to increased health consciousness of the consumers.
COVID-19 adversely affected the cocoa market globally due to frequent lockdowns, lack of raw materials, restrictions on export-import, and unavailability of workforce. On-the-go consumption of chocolates declined drastically. Further, the restrictions on restaurants negatively affected the demand for the cocoa products.
Loading Table Of Content...
