Cocoa and Chocolate Market Outlook
According to the report by Expert Market Research (EMR), the global cocoa market is projected to grow at a CAGR of 4.6% between 2023 and 2028. The global chocolate market is assessed to grow at a CAGR of 5.2% during 2023-2028. Aided by the growing demand for confectionery and bakery products and availability of different types of cocoa ingredients and chocolates, the global cocoa and chocolate market price, is expected to grow significantly by 2028.
Cocoa, sourced from cacao beans, and its by-product chocolate are well-regarded for their rich taste, texture, and health benefits, often used in a wide array of products such as sweets, bakery items, ice-creams, and beverages. Roasted and crushed cocoa bean kernels are used to make chocolate, a processed food item. In addition to being consumed on their own, chocolate can also be found in drinks and sweets. Besides their prominent role in gastronomy, cocoa and chocolate are increasingly finding their way into various industrial applications, including cosmetics, pharmaceuticals, and nutraceuticals.
The escalating consumer preference for sweets and desserts is fuelling the global cocoa and chocolate market growth. There has been a considerable increase in demand for cocoa and chocolate-based goods due to the rising trend of indulgence in sweets and gourmet confections. Additionally, the growing café culture and creative dessert ideas have added to the rise in popularity of cocoa and chocolate.
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The diversifying applications of cocoa and chocolate in numerous industries also play a pivotal role in bolstering the cocoa and chocolate market demand. Cocoa is used in many supplements because the pharmaceutical and nutraceutical industries value its health benefits, which include elevating mood, enhancing heart health, and lowering inflammation. Due to its benefits for nourishing and moisturising the skin, cocoa is used in the cosmetics sector to create a variety of skincare products.
Additionally, the increasing demand for dark chocolate, owing to its high cocoa content and associated health benefits, has led to a heightened focus on cocoa as a vital ingredient. As health consciousness rises and the popularity of antioxidant-rich foods increases, dark chocolate has emerged as a preferred choice among consumers, subsequently propelling the cocoa and chocolate market expansion.
Furthermore, a heightened emphasis has been placed on the cultivation of disease-resistant cacao varieties and the promotion of sustainable and ethical farming practices. Various major chocolate manufacturers have committed to sourcing 100% certified sustainable cocoa to ensure the well-being of farming communities and the environment.
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Cocoa and Chocolate Market Segmentation
The market can be divided based on ingredient, application, and region.
Cocoa Market Breakup by Ingredient
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
Cocoa Market Breakup by Application
- Food and Beverages
- Cosmetics and Pharmaceuticals
Chocolate Market Breakup by Type
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global 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.
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