Global Cocoa Market Report and Forecast 2023-2028

Global Cocoa Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global cocoa market reached a value of USD 14.5 billion in 2022. Aided by the increasing demand for chocolate and other cocoa-based products, as well as the growing interest in the health benefits of cocoa, the market is projected to further grow at a CAGR of 4.7% between 2023 and 2028 to reach a value of USD 19.1 billion by 2028.

Cocoa is a key ingredient derived from the beans of the cacao tree. It is primarily used to produce chocolate and other food products, including cocoa powder and cocoa butter. Beyond its renowned use as the foundational ingredient in chocolate, cocoa has been acknowledged for its health benefits, including its antioxidant properties and its potential role in heart health.

The increasing consumer preference for chocolate and cocoa-derived products is driving the global cocoa market growth. The rising middle-class population, growing disposable income, and changing eating habits have all played pivotal roles in boosting demand for cocoa, as more consumers worldwide are indulging in chocolate and other cocoa products.

Emerging research highlighting the health benefits of cocoa, including its high antioxidant content, potential to improve heart health, and ability to boost brain function, has led to a surge in demand for cocoa as a health food. As a result, cocoa is finding its way into a variety of products, from health supplements to functional foods. Over the forecast period, the anticipated increase in health awareness is likely to boost the cocoa market demand.

Beyond its iconic role in the production of chocolate, cocoa is a valuable ingredient in a diverse range of food and beverage products. These include cocoa powder, used in baking and beverages, and cocoa butter, a critical component in skincare products due to its moisturising properties. The cosmetics industry is increasingly recognising cocoa butter for its skincare benefits, including its ability to hydrate and nourish the skin and improve elasticity.

Cocoa farming is associated with significant sustainability challenges, including concerns related to environmental impact, labour practices, and farmer incomes. The industry is increasingly focused on sustainable sourcing practices, and major players are actively engaged in efforts to improve the sustainability of their supply chains through certification schemes and direct sourcing models.

The market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe holds a significant portion of the cocoa market share due to its longstanding tradition of chocolate consumption. The Asia-Pacific region is anticipated to witness notable growth owing to increasing disposable income and evolving consumer preferences towards Western-style diets, including higher chocolate consumption.

Market Segmentation

The market can be divided based on type, application, and region.

Market Breakup by Type

• Cocoa Butter
• Cocoa Powder
• Cocoa Liquor

Market Breakup by Application

• Food and Beverages
• Confectionery
• Dairy
• Bakery
• Others
• Cosmetics and Pharmaceuticals
• Others

Market Breakup 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 mergers and acquisitions, among other major developments, of the leading companies operating in the global cocoa market. Some of the major players explored in the report by Expert Market Research are as follows:

• Barry Callebaut
• BASF SE
• Bühler Group
• Mondelēz International
• Nestle S.A.
• Olam International
• Cocoa Processing Company Limited
• Cemoi Group
• The Hershey Company
• Touton S.A.
• Others

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