Global Cocoa Market Size, Share & Trends Analysis Report By Application, By Product Type (Cocoa Beans, Cocoa Powder & Cake, Cocoa Butter, Chocolate, and Others), By Regional Outlook and Forecast, 2023 - 2030

Global Cocoa Market Size, Share & Trends Analysis Report By Application, By Product Type (Cocoa Beans, Cocoa Powder & Cake, Cocoa Butter, Chocolate, and Others), By Regional Outlook and Forecast, 2023 - 2030

The Global Cocoa Market size is expected to reach $38.3 billion by 2030, rising at a market growth of 4.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,563.6 Kilo Tonnes, experiencing a growth of 4.8% (2019-2022).

Cocoa powder & cake is rich in antioxidants, including flavonoids, associated with various health benefits. Therefore, the powder & cake segment captured $6,635.2 million revenue in the market in 2022. As consumers become more health-conscious, the demand for such products with potential nutritional advantages continues to rise. This powder & cake serves as a natural colorant in food and beverage products.

Premium and artisanal chocolates prioritize high-quality cocoa content. Consumers are willing to pay a premium for products that use fine cocoa beans, contributing to a market segment that values the authenticity and richness of the product used in the chocolate-making process. Artisanal chocolates are often crafted using traditional, hands-on techniques. Therefore, the market is expanding significantly due to the expansion of premiumization and artisanal products.

Additionally, integrating agroforestry into its cultivation involves planting shade trees alongside these trees. This provides a natural habitat for biodiversity, improves soil health, reduces erosion, enhances water retention, and promotes sustainable land management. Thus, because of the growth of climate-smart agriculture, the market is anticipated to increase significantly.

However, Small farmers may face difficulties accessing the financial resources needed for initial investments in its cultivation. High entry barriers, including the cost of inputs, land, and equipment, can constrain the ability of small farmers to establish or expand their farms. Thus, high entry barriers for small farmers can slow down the growth of the market.

By Application Analysis

Based on application, the market is classified into confectionery, food & beverages, cosmetics, and pharmaceuticals. The food & beverages segment acquired 32.9% revenue share in the market in 2022. This powder and cocoa-based ingredients produce chocolate-flavored ice creams, frozen yogurts, and other desserts. The inclusion of this enhances the taste and texture of these treats.

By Product Type Analysis

By product type, the market is categorized into cocoa beans, cocoa butter, cocoa powder & cake, chocolate, and others. In 2022, the cocoa beans segment held 35.2% revenue share in the market. A common ingredient in baking and cooking, cocoa powder improves the flavor of many recipes, such as cakes, brownies, cookies, and savory dishes. Its rich, chocolaty flavor enhances sweet and savory culinary creations.

By Regional Analysis

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe region led the market by generating 35.4% revenue share. Europe has a rich tradition and culture of chocolate consumption. Chocolate has long been a part of European culinary heritage, and the appreciation for high-quality cocoa and chocolate products continues to drive the industry forward.

Recent Strategies Deployed in the Market

• Sep-2023: Cargill, Incorporated came into partnership with Nestlé S.A., a Swiss multinational food and drink processing conglomerate corporation. Through this partnership, Cargill, Incorporated would transform cocoa shells into a fertilizer with low carbon content.
• Aug-2023: Meiji Holdings Co., Ltd. Introduced "inedible cacao brand". The Cacao brand has launched eight products, including accessory cases, paper cup holders, and flower vases, through collaborations with various manufacturers and entities.
• May-2023: The Barry Callebaut Group came into partnership with Maersk, a Danish shipping and logistics company. Through this partnership, The Barry Callebaut Group would construct and manage a newly designed cocoa bean storage and distribution facility in Malaysia.
• Jan-2023: Cargill, Incorporated came into partnership with Blendtek Ingredients, a leading supplier of ingredients, proprietary blends, functional formulas, and development solutions for food manufacturers. Through this partnership, Cargill, Incorporated would enhance its distribution network across Canada with Blendtek’s locally stocked distribution capabilities.
• Aug-2021: Cargill, Incorporated took over Aalst Chocolate Pte Ltd., a food and beverage manufacturing company. Through this acquisition, Cargill, Incorporated would notably increase Cargill's presence in the Asia-Pacific region by incorporating chocolate into its existing range of cocoa products, which are already distributed across the area.

List of Key Companies Profiled

• The Barry Callebaut Group
• JB Foods Limited
• Archer Daniels Midland Company
• Cargill, Incorporated
• Ciranda, Inc.
• Nestle S.A
• Mars, Inc. (Kind LLC)
• Meiji Holdings Co., Ltd.
• Olam International Limited
• The Hershey Company (Hershey Trust Company)

Global Cocoa Market Report Segmentation

By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• Confectionery
• Food & Beverages
• Cosmetics
• Pharmaceutical

By Product Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• Cocoa Beans
• Cocoa Powder & Cake
• Cocoa Butter
• Chocolate
• Others

By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA