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Cocoa Market to Develop New Growth Story
According to Future Market Insights (FMI), the global cocoa market is estimated to reach US$ 15,156.7 million in 2023 and further accelerate at 4.7% CAGR throughout the assessment period. By 2033, the market size is set to attain a valuation of US$ 23,981.1 million.
Growing applications of cocoa across thriving confectionery industry is a key factor driving the global cocoa market forward. Subsequently, growing demand for chocolate and chocolate-based products will boost cocoa sales during the forecast period.
Most of the cocoa produced globally is utilized in confectionery industries for making various chocolate and chocolate-based items. Rising demand for cocoa products such as cocoa powder, cocoa liquor, and cocoa butter from chocolate manufacturing companies is expected to the boost market.
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The availability of a wide variety of chocolate flavors and chocolate types is resulting in an increasing consumer base. Different types of chocolates such as dark chocolate and milk chocolate are in high demand due to their various health benefits.
Rising awareness about the potential health benefits of cocoa coupled with increasing usage across functional food and pharmaceutical industries is expected to propel cocoa demand.
Cocoa contains high concentrations of flavanols which have potent anti-inflammatory and antioxidant effects. Consumption of cocoa and cocoa-based products, therefore, improves immunity and reduces the risk of disease development.
Similarly, increasing usage of cocoa products in cosmetics and toiletries is expected to create lucrative growth opportunities for cocoa manufacturers during the projection period.
Key Takeaways from the Report:
• The cocoa market is forecast to reach US$ 23,981.1 million by 2033
• In terms of product type, the cocoa liquor segment accounts for 45.2% of the total market share in 2023.
• By application, confectionary segment currently holds a significant share of 42.7% of the total cocoa market.
• The USA cocoa market is forecast to reach a valuation of US$ 1,010.0 million by 2033.
• The United Kingdom cocoa market is poised to accelerate at a CAGR of 2.7% during the assessment period during the assessment period
Who is Winning?
Leading players in cocoa market include The Barry Callebaut, Cocoa Processing Company, ADM, Dutch Cocoa BV, JB Foods, Cemoi, Blommer Chocolate, Cargill, Inc., Mars, Inc., Meiji Holdings, Carlyle Cocoa, United Cocoa Processor, Inc., Jindal Cocoa, Olam International Ltd., Nestle, Puratos Group, and Others.
Get Valuable Insights into Cocoa Market
FMI, in its new offering, provides an unbiased analysis of the cocoa market presenting historical demand data (2018 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for cocoa market based on Product Type (Cocoa Powder, Cocoa Butter, Cocoa Liquor), Process (Natural, Dutch), Nature (Organic, Conventional), and Application (Confectionery, Cosmetics, Functional Food, Beverages, Pharmaceuticals) across several regions.
Cocoa Industry by Category
By Type:
• Cocoa Powder
• Cocoa Butter
• Cocoa Liquor
By Process:
• Natural
• Dutch
By Nature:
• Organic
• Conventional
By Application:
• Confectionery
• Cosmetics
• Beverages
• Functional Food
• Pharmaceuticals
By Region:
• North America
• Latin America
• Europe
• Middle East and Africa
• East Asia
• South Asia
• Oceania