The global Cocoa Market is estimated to be valued at US$ 13145.13 Mn or Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cocoa is derived from cocoa beans which grow in tropical rainforests and produces chocolate. It is widely used in various food and confectionery products due to its taste and health benefits. Cocoa has antioxidants that help reduce blood pressure and lower heart disease risk.
Market key trends:
One of the key trends driving the growth of the cocoa market is rising demand for fair trade and organic cocoa. There is an increasing consumer preference for eco-friendly and sustainably sourced cocoa. Companies in the market are expanding their product offerings to cater to this demand. For instance, companies are focusing on implementing sustainable farming practices that empower cocoa farmers and their communities. This ensures better prices and social development projects for farmers. Additionally, major players have outlined goals to source 100% certified sustainable cocoa by 2025 to address issues of child labor and deforestation in the supply chain.
Segment Analysis
The Global Cocoa Market is segmented on the basis of type into cocoa beans, cocoa butter, cocoa powder and cocoa liquor. Among these, cocoa powder segment dominates the global cocoa market and accounted for the largest share of around 37% in 2022. Cocoa powder dominates as it finds wide applications in production of chocolate and confectionaries. It provides characteristic flavor, texture and color to the finished products. Moreover, rising demand for chocolate and confectionery products is further increasing demand for cocoa powder globally.
Key Takeaways
The global cocoa market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing consumption of chocolate and cocoa based confectionery products. The global cocoa market size is expected to reach US$ 13145.13 Mn by 2023.
Regional analysis:
Europe accounted for the largest share in the global cocoa market in 2022. Factors such as presence of major chocolate and confectionery manufacturers and high per capita chocolate consumption have been driving the cocoa market in the region. Asia Pacific is expected to witness fastest growth over the forecast period owing to rising disposable income, growing population and increasing demand for chocolates and cocoa based confectionery products in the region.
Key players:
Key players operating in the cocoa market are The Barry Callebaut Group, The Hershey Company, Nestle S.A., Cargill Incorporated, Puratos Group, CÃmoi, Mars, Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd., Carlyle Cocoa, Jindal Cocoa, and United Cocoa Processor. The Barry Callebaut Group accounted for the largest share in 2022 owing to its huge product portfolio and extensive distribution network across major markets worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it