Cocoa and Chocolate Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cocoa and Chocolate Market
The cocoa and chocolate market size was valued at USD 46.61 billion in 2021, and the market is now projected to grow from USD 48.29 billion in 2022 to USD 67.88 billion by 2029, exhibiting a CAGR of 4.98% during the forecast period of 2021-2029.
COVID-19 pandemic has extensively impacted the food and beverage processing industry, negatively impacting intake patterns and affecting cocoa manufacturing. Restrictions caused losses for cocoa farmers, main to a decline in cocoa rates. Lockdowns closed distribution destinations, affecting chocolate sales. Darker chocolates received recognition because of fitness benefits and decrease calorie content material. The trend inside the route of low-sugar and sugar-loose products is expected to create possibilities for manufacturers, as customers opt for more healthy alternatives.
The global chocolate confectionery market is specifically driven via the increasing popularity of chocolate confectionery. Emerging economies are experiencing a fine trend due to growing patron spending on indulgent confectionery merchandise. In evolved markets, the demand for molded and count line chocolates is expected to positively impact the market. Key producers are including new chocolate types like dark and ruby chocolate, and the fashion of gifting goodies at some stage in festive seasons is anticipated to make contributions to the increase of the cocoa and chocolate market growth.
Consumers' perception in the prevalence of single-origin and bean-to-bar sweets is riding market players to invest in this trend. The demand for strong point chocolate products and premiumized services has grown, leading to improvements in cocoa powder, liquor, and butter. The call for certified and traceable cocoa and chocolate products is likewise riding producers to adopt sustainability packages. In April 2021, Olam Food Ingredients partnered with Mondelez International to construct the sector's largest sustainable business cocoa processing farm in Indonesia.
Comprehensive Analysis of Cocoa and Chocolate Market
The chocolate confectionery segment is experiencing higher sales due to the growing popularity of flavored chocolates. Filled chocolates are gaining market share due to premiumized chocolate trends and are becoming popular as indulgent gifts. The cocoa substances segment is expected to develop faster due to their applications in various merchandise, which includes ice cream, confectionery, non-alcoholic liquids, indulgent baked goods, and dietary drinks. The International Cocoa Organization predicts a 10% boom in world cocoa manufacturing inside the next decade. New product developments inside the food enterprise also make a contribution to the boom of the cocoa section. The food & beverage sector is flourishing globally, providing opportunities for the industry. Chocolate remains a leading flavour in new launches in beverages, bakery, and confectionery items. The global foodservice industry is also boosting gourmet and specialty cocoa-based offerings, with foodservice giants demanding greater customization and value-added solutions. Cocoa butter has full-size applications in the cosmetics and pharmaceutical industries, with its excessive antioxidant content and capability advantages for the immune system, coronary heart health, and constipation.
The Europe region lead the cocoa and chocolate market share by benefitting a market size of USD 19.95 billion in 2021 due to location is the most vital manufacturer and purchaser of chocolate and chocolate products, with diverse cocoa markets. Europe is the biggest importer of cocoa beans, accounting for 61% of world imports. In 2020, European imports from cocoa-generating countries multiplied through 1.4%. The call for sustainably produced chocolate has prolonged due to increased consumer cognizance approximately sustainable cocoa production, and the place's sustainability structures are participating to enhance transparency.
Global cocoa and chocolate market players are specializing in new product launches and growth to bolster their market presence. Barry Callebaut AG, a main player, is investing in increasing its product portfolio by using introducing contemporary consumer-friendly products In February 2020, the company introduced a dairy-free chocolate in its plant crafts range. The market is highly consolidated, with key players like Olam International, Cargill, Nestle, and Barry Callebaut AG focusing on strategic mergers, acquisitions, and partnerships to further consolidate their position.
Barry Callebaut has extended its manufacturing unit in Campbellfield, Melbourne, Australia, aiming to enlarge its Asia Pacific presence and provide secure, extraordinary merchandise to the whole Australian food sector, along with worldwide and nearby manufacturers, artisanal chocolate customers, and professional chocolate users.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Estimated Year 2022
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Value (USD billion)
By Type Cocoa Ingredients
Cocoa Butter
Cocoa Liquor
Cocoa Powder
Chocolate
Dark
Milk
White
Filled
By Application Food & Beverage
Confectionery
Dairy
Bakery
Others
Cosmetics
Pharmaceuticals
Others
By Geography North America (By Type, Application, and Country)
U.S. (By Application)
Canada (By Application)
Mexico (By Application)
Europe (By Type, Application, and Country)
U.K. (By Application)
Germany (By Application)
France (By Application)
Italy (By Application)
Spain (By Application)
Belgium (By Application)
Russia (By Application)
Rest of Europe (By Application)
Asia Pacific (By Type, Application, and Country)
Japan (By Application)
China (By Application)
India (By Application)
South Korea (By Application)
Australia (By Application)
Rest of Asia Pacific (By Application)
South America (By Type, Application, and Country)
Brazil (By Application)
Argentina (By Application)
Rest of South America (By Application)
Middle East & Africa (By Type, Application, and Country)
South Africa (By Application)
UAE (By Application)
Rest of ME&A (By Application)
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