Global Cocoa and Chocolate Market - 2023-2030

Global Cocoa and Chocolate Market - 2023-2030

The Global Cocoa and Chocolate Market reached US$ 48.3 million in 2022 and is expected to reach US$ 67.1 million by 2030 growing with a CAGR of 4.2% during the forecast period 2023-2030.

The growing consumer demand for chocolate products, both as a treat and as an ingredient in various food and beverage applications, is a major driver of the cocoa and chocolate market. Chocolate is widely enjoyed across the world and has become an integral part of many cultures and celebrations. Increase in the demand for organic cocoa/chocolate because it is often considered to be of higher quality and has a cleaner, more natural flavor profile. Bean-to-bar refers to the process of making chocolate directly from the cocoa beans.

Consumers are increasingly seeking unique and high-quality chocolate experiences. Artisanal and craft chocolate brands are gaining popularity, offering handcrafted chocolates with distinctive flavors and textures. Consumers are willing to pay a premium for these specialty chocolates that provide a more personalized and indulgent experience.

Market Dynamics

Increasing Global Chocolate Confectionery Consumption to Fuel the Market Growth

The demand for chocolate confectionery products is rising globally, driven by factors such as changing consumer preferences, increasing disposable income, and evolving eating habits. Chocolate is widely enjoyed as a delicious treat and is often associated with indulgence and celebration. There is an increasing demand for premium and gourmet chocolate confectionery products. Consumers are seeking high-quality chocolates made from fine cocoa beans, unique flavors, and artisanal craftsmanship.

According to the Dame Cacao company published data, in 2023, annual global chocolate consumptionis projected at 7.5 million tons in 2023. 7.7 billion people allover the world consume chocolate under 2 pounds per person. In year 2021, sales of premium chocolate grew 23% compared to year 2018.

Several Health Benefits of Chocolate and Cocoa Products Boost Market Growth

Chocolate and cocoa products are rich in antioxidants, particularly flavonoids, which help protect the body against free radicals and oxidative stress. These antioxidants have been linked to various health benefits, including reducing the risk of heart disease and certain types of cancer. Dark chocolate, in particular, has been shown to have positive effects on cardiovascular health. It can help improve blood flow, lower blood pressure, reduce the risk of blood clot formation, and improve overall heart health.

The presence of flavonoids and other bioactive compounds in cocoa is believed to contribute to these cardiovascular benefits. Chocolate is often associated with mood enhancement and is known to stimulate the release of endorphins, which are natural feel-good hormones. It also contains compounds that can boost serotonin levels in the brain, improving mood and promoting relaxation.

Increasing Demand for Chocolate Substitute Hampers Market Growth

Many consumers are increasingly conscious of their health and dietary choices, leading to a rise in demand for chocolate substitutes that offer healthier alternatives. Chocolate substitutes often have lower sugar content, reduced fat content, and are sometimes free from allergens such as dairy or gluten. This appeals to consumers who have dietary restrictions or are seeking healthier options.

The growing popularity of vegan and plant-based diets has also contributed to the demand for chocolate substitutes. Traditional chocolate products often contain dairy or animal-derived ingredients, which are not suitable for vegans or individuals following a plant-based lifestyle. Chocolate substitutes made from plant-based ingredients, such as coconut milk, almond milk, or soy milk, provide a viable alternative for these consumers.

COVID-19 Impact Analysis

Due to COVID-19 lockdown implementations and extensions, Cocoa and Chocolate goods have gained prominence in homes worldwide. Due to more consumers working from home, there has been an upsurge in the appetite for sweet pleasure. Because of COVID-19, early Cocoa and Chocolate sales statistics worldwide showed a sharp fall in the gums and mints category, whereas white chocolate Cocoa and Chocolate and non-chocolate Cocoa and Chocolate both continued to increase well.

Additionally, COVID-19 significantly altered the retail market of the cocoa and chocolate industry. With the manufacturing facilities re-opening in various economies and the market players working towards reinstating the supply chain disruptions, it is anticipated to improve the market situation. As sugar and chocolate items are considered comfort food and consumers find unique ways to celebrate with more at-home activities such as baking, it is expected to impact the market positively. More consumers started using online ordering for groceries, ranging from click-and-collect to home delivery. The Hershey Company stated that its e-commerce sales were up significantly, with growth over 120% in March 2020, versus 60% in January 2020 and February 2020.

Russia-Ukraine Impact Analysis

The cocoa and chocolate market in Russia-Ukraine is competitive, with both domestic and international brands vying for market share. Consumer preferences, brand loyalty, product quality, and pricing strategies play crucial roles in shaping the market dynamics. Changes in consumer tastes, preferences, and buying behaviors can influence market growth and the competitive landscape. The cocoa and chocolate market in Russia-Ukraine continues to evolve, driven by changing consumer demands and preferences. Market players are introducing new product variants, flavors, and packaging formats to cater to diverse consumer needs.

Innovation in the chocolate sector, such as healthier and functional chocolate options, premium and artisanal offerings, and sustainability-focused initiatives, can influence market growth and consumer engagement. The retail landscape, including the presence of supermarkets, convenience stores, specialty chocolate shops, and online platforms, significantly impacts the accessibility and availability of cocoa and chocolate products. Changes in retail channels, consumer shopping patterns, and distribution strategies can shape the market dynamics in the region.

Segment Analysis

The global cocoa and chocolate market is segmented based on chocolate type, cocoa type, application, and region.

Multiple Options Availability in Dark Chocolate Segment Drives Market Growth

The global cocoa and chocolate market by chocolate type has been segmented by dark chocolate, milk chocolate, white chocolate, filled chocolate and others.

Dark chocolate contains no milk solids and has a stronger chocolate flavor than milk chocolate; as a result, dark chocolate is more prone to a dry, chalky texture and a bitter aftertaste. This segment is expected to be driven by key factors such as growing health benefits associated with cocoa-rich dark chocolates, rising demand for premium dark chocolates as gifts, growing online sales, players introducing more limited-edition seasonal chocolates, and expanding marketing initiatives.

Major key players launched new products in the market. For instance, On March 19 2021, Nestlé launched sugarless chocolate bar named Nestlé Incoa in the market. It is made from 70% dark chocolate bar marketed under Les Recettes de l’Atelier brand. It is made from the cocoa fruit.

Geographical Analysis

Increase in Consumers Demand for Cocoa and Chocolate in North America

North American consumers have a diverse range of preferences when it comes to cocoa and chocolate products. There is a growing interest in high-quality and ethically sourced chocolates, as well as a demand for organic, natural, and healthier options. Dark chocolate, in particular, has gained popularity due to its perceived health benefits. United States and Canada are major share holding countries in the region due to the increase in the consumers demand for the chocolates due to availability of its different types.

Increase in the product launches by major key players in the region helps to boost regional growth over the forecast period. For instance, On May 24, 2022, Ferrero Rocher, a leading chocolate multinational company launched premium chocolate 90g bars in Canada. It is available in the four flavours such as Milk Hazelnut, Dark Hazelnut, White Hazelnut and Dark Hazelnut & Salted Caramel.

Competitive Landscape

The major global players in the market include Nestle S.A, Cargill Inc., Olam International, Cocoa Processing Co. Ltd., Niche Cocoa Industry Ltd., Barry Callebaut, AG, ECOM Agroindustrial Corporation Ltd., Fuji Oil Company Ltd., Touton S.A., and BD Associates Ghana Ltd.

Why Purchase the Report?
• To visualize the global cocoa and chocolate market segmentation based on chocolate type, cocoa type, application, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous cocoa and chocolate market-level data points all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global cocoa and chocolate market report would provide approximately 58 Tables, 55 Figures and 102 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies