Global Cocoa and Chocolate Market Report and Forecast 2023-2028

Global Cocoa and Chocolate Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global cocoa and chocolate market attained a value of USD 136.03 billion in 2022. Aided by the increasing demand for chocolate confectionery, bakery products, and functional food items, the market is projected to further grow at a CAGR of 5.1% between 2023 and 2028 to reach a value of USD 184.07 billion by 2028.

Cocoa, derived from the seeds of the cacao tree, is a primary ingredient in the production of chocolate. Cocoa beans are processed to produce cocoa powder, cocoa butter, and cocoa liquor, which are then combined in varying proportions to make chocolate. Chocolate is consumed worldwide as a confectionery product, and its demand has risen due to its unique taste, texture, and potential health benefits. The cocoa and chocolate market growth is primarily driven by the increasing consumer preference for chocolate confectionery and bakery products. The expanding chocolate industry, rising disposable incomes, and growing awareness of the potential health benefits of dark chocolate have contributed to the market's expansion.

Dark chocolate, rich in antioxidants and flavonoids, is known for its potential health benefits, including reducing the risk of cardiovascular diseases, improving cognitive function, and lowering blood pressure. The increasing health consciousness among consumers has led to a surge in demand for dark chocolate and cocoa-rich products, driving the growth of the cocoa and chocolate market. The rising popularity of artisanal and premium chocolates, characterised by high-quality ingredients, unique flavour combinations, and appealing packaging, has also contributed to the market growth. Consumers are increasingly willing to pay a premium for such products, leading to the expansion of the premium chocolate segment within the market.

Another significant driver for the cocoa and chocolate market is the growing demand for functional food items containing cocoa and chocolate. Cocoa and chocolate are being incorporated into various food and beverage products, such as breakfast cereals, snack bars, and beverages, due to their flavour-enhancing properties and potential health benefits. As disposable incomes increase globally, consumers are more willing to spend on indulgences such as chocolate and cocoa-based products. The growing middle class in emerging economies is particularly contributing to the increased demand for chocolate confectionery and bakery items.

The rapid urbanisation and growing popularity of Western confectionery and bakery products in emerging economies, such as China, India, and Brazil, have contributed to the expansion of the cocoa and chocolate market. As more consumers adopt Western food habits, the demand for chocolate-based products continues to rise. The well-established chocolate industry in regions like Europe, with a strong presence of key market players and a long history of chocolate consumption, has also played a significant role in driving the cocoa and chocolate market.

Market Segmentation

The market can be divided on the basis of ingredient, application, type, and region.

Market Division by Ingredient:

• Cocoa Butter
• Cocoa Liquor
• Cocoa Powder

Market Segregation by Application:

• Food and Beverages
• Breakup by Products

Confectionery

Dairy

Bakery

Others

• Cosmetics and Pharmaceuticals
• Others

Market Breakup by Type:

• Dark
• Milk
• White
• Others

Market Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the cocoa and chocolate companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Barry Callebaut AG
• Cargill, Incorporated
• Nestlé S.A.
• Olam Food Ingredients (ofi)
• Cocoa Processing Company Limited (CPC)
• Mondelez International, Inc.
• Meiji Holdings Co., Ltd.
• Others

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.