Cocoa Market to Witness Steady Growth with 7.2% CAGR; Favored by Europe’s Dominance – Marketresearch.biz

New York, Jan. 16, 2024 (GLOBE NEWSWIRE) — The cocoa market was valued at USD 18.1 billion in 2023 with considerable growth and is estimated to reach USD 35.7 billion by 2033 with an outstanding CAGR of 7.2%.

The cocoa market is undergoing significant growth driven by a surge in demand across different industries, comprising food and beverages, confectionery, and medicines. Cocoa, obtainable in numerous forms like cocoa butter, cocoa liquor, and cocoa powder, not only improves nutritional value but also contributes to the delectability of food products.

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Chocolate, a favored flavor in the food industry, particularly in desserts and beverages, remains to fuel market growth. The increasing demand for chocolate confections, mainly in developing countries, is reforming customer experiences, with developing markets contributing positively to the cocoa market.

The trend toward first-class chocolates has seen a distinguished upswing, with rising demand in emerging markets like the US, Belgium, and France. Consumers are now more fascinated by understanding the ingredients used in chocolate foodstuffs, compelling growth in this segment of the cocoa market. Single-origin chocolates, extracted from particular plantations, are gaining much popularity in the market, and these are delivering unique flavors. Health-conscious consumers are driving the demand for specialty chocolates containing flavonoids, an antioxidant found in cocoa known for its health benefits.

There is a rise in the requirement for gluten- and sugar-free chocolates as consumers become more conscious of their health. Manufacturers are responding by producing specialty chocolates with flavonoids, which are gaining popularity among children, teenagers, and fitness-conscious young adults. As the need for homemade chocolates surges, consumers search for premium varieties, nurturing expansion in the diverse and dynamic cocoa market.

Key Takeaways

  • Cocoa beans hold a strong presence in the product type market segment due to consumers’ preferences for premium and artisanal chocolate products.
  • Confectionary and chocolate-based products dominate the application market segment due to new confectionery product designs and health benefits.
  • Organic segments lead the nature-type market segment due to increasing consumer awareness of health and environmental concerns.
  • By end-user type, the industrial segment rules the market segment due to the diverse applications of cocoa in various product formulations.
    Europe holds a strong presence of 62% in the global cocoa market due to its longstanding custom of chocolate production and consumption.

Driving Factors

Rise in Health Benefits Awareness

Consumers have become more knowledgeable of its potential health benefits for improving heart health, cholesterol control, and mental well-being, which has led to an increase in the consumption of dark chocolate-based products. They are seeking healthier lifestyles that have contributed to this change, opting for food options with both nutritional value and sensory pleasure. Manufacturers have recognized this by creating products highlighting cocoa’s healthful attributes. This could also result in a greater emphasis on transparent labeling and marketing focused on the health aspects of cocoa and dark chocolate.

Demand for Organic and Natural Products

More consumers prefer foods made with no artificial additives or preservatives; this preference extends to chocolate products as well. This demand for organic cocoa is encouraging manufacturers to invest in organic cocoa farming practices and to seek certifications that appeal to eco-conscious consumers. It also includes an increase in demand for organic cocoa, prompting more farmers to adopt sustainable farming practices and decreasing the environmental impact of cocoa farming.

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Restraining Factors

Privatization of Access to Funding for Small-Scale Cocoa Farmers

These farmers typically require credit for investments in farm improvements, pest control, and sustainable practices that could increase yield and quality. Without access to financing, their ability to contribute effectively to the cocoa supply chain is limited. This restriction not only affects the livelihoods of the farmers but also impacts the overall supply and sustainability of the cocoa market.

Growth Opportunities

Increasing Demand for Cocoa Products in the Pharmaceutical Industry

Cocoa contains bioactive compounds that have shown promise in various health applications, such as cardiovascular health and cognitive function. Pharmaceutical companies are exploring cocoa-based ingredients for their therapeutic properties. As research progresses and cocoa’s health benefits gain further recognition, it opens new avenues for market growth through collaborations and ingredient supply to the pharmaceutical sector.

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Report Attribute Details
Market Value (2023) US$ 18.1 Billion
Market Size (2033) US$ 35.7 Billion
CAGR (from 2024 to 2033) 7.2% from 2024 to 2033
Europe Region Revenue Share 62%
Historic Period 2016 to 2023
Base Year 2023
Forecast Year 2024 to 2033

Regional Analysis

Europe holds a strong market presence due to its longstanding tradition of chocolate production and consumption. It is influenced by Europe’s sophisticated supply chain and processing capabilities, which enable the efficient handling and manufacturing of cocoa products. Furthermore, the European market is characterized by a strong preference for premium and artisanal chocolate products, driving the demand for high-quality cocoa. The market presence is expected to remain significant, bolstered by steady consumer demand and continuous innovation in chocolate products.

Segment Analysis

The global cocoa market has been driven by the essential importance of cocoa beans being the foundation for a wide range of cocoa-based products. Demand from the chocolate industry and the growing consumption of cacao in the production of food items and beverages drive growth in the market. Premium and artisanal chocolate preferences contribute to the market’s success, emphasizing the significance of high-quality beans.

Cocoa derivatives like butter, powder, cake, and liquor play vital roles in the chocolate, confectionery, and baking industries. Confectionery and chocolate-based products are prominent, boosted by consumer acceptance and innovation in product designs. Cocoa’s applications extend to flavoring and coloring in the food and beverage sector, while the cosmetics and pharmaceutical industries benefit from its moisturizing and therapeutic properties.

The market exhibits a shift towards organic cocoa, driven by consumer awareness of health and environmental concerns. Organic cocoa is perceived as a healthier and more sustainable option, appealing to those willing to pay a premium. The affordability and widespread availability of conventional cocoa still maintain a significant market share, especially in price-sensitive regions.

While the industrial segment remains the primary end-user, the retail segment encompasses supermarkets, specialty stores, and online platforms. It plays a crucial role in the direct-to-consumer market. In summary, the dynamic and diversified cocoa market thrives on the foundational role of cocoa beans, with confectionery leading the way and a noticeable trend towards organic products aligning with global health and sustainability preferences.

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Segments Covered in this Report

By Product Type

  • Beans
  • Butter
  • Powder & cake
  • Liquor
  • and others

By Application

  • Confectionery
  • Food & beverages
  • Cosmetics
  • Functional food
  • Pharmaceuticals

By Nature Type

  • Organic
  • Conventional

By End-User

  • Industrial
  • Retail

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Competitive Landscape Analysis

In the cocoa market, industry dynamics are shaped by influential companies like Barry Callebaut AG and Cargill, leading in cocoa processing and supply chain management. Nestle, Mars, and Hershey drive consumer trends with global brand recognition and innovative product ranges. Olam International and ECOM focus on ethical sourcing and traceability, emphasizing sustainability and farmer welfare. FUJI OIL, Puratos, and Cémoi specialize in cocoa derivatives, targeting premium chocolate and bakery segments. Through strategies like vertical integration and sustainability commitments, these companies collectively impact the global cocoa supply chain, influencing pricing and consumption trends.

Key Market Players

  • Barry Callebaut Group
  • Mars Incorporated
  • Cargill Inc.
  • Carlyle Cocoa Co, Ltd.
  • Archer Daniels Midland (ADM)
  • Blommer Chocolate Company
  • Cocoa Processing Company
  • Newtown Foods USA
  • Puratos Group SA
  • The Hershey Company

Recent Developments

  • In January 2023, Nestlé announced it was developing a new 100% plant-based chocolate bar under its KitKat brand, set to launch in 2023. This aligns with Nestlé’s sustainability commitments.
  • In April 2023, Mars announced it would buy the remaining 37% stake in dairy-free chocolate brand Hu for an undisclosed sum after acquiring a minority stake in 2019. This expands Mars’ presence in the plant-based confectionery market.
  • In December 2021, Hershey acquired Dot’s Pretzels LLC, a pretzel and salty snack company, for $1.2 billion. This acquisition expands Hershey’s snacking portfolio.

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