USD 46.61 billion
Report ID: SQMIG30B2030 | Region: Global | Published Date: February, 2024 | Pages: 260 | Tables: 119 | Figures: 77
Cocoa And Chocolate Market size was valued at USD 46.61 billion in 2021 and is poised to grow from USD 48.29 billion in 2022 to USD 67.88 billion by 2030, growing at a CAGR of 4.98% in the forecast period (2023-2030).
Cocoa is a dark brown powder made from the crushed beans of a tree, used to prepare chocolate and give the taste of chocolate to food and drink. Cocoa is mostly produced by hand and minimally requires mechanized processes. Despite this constraint, roughly 4 million tonnes of cocoa beans have been produced globally each year since a decade. The beans are first converted into cocoa liquor, then into cocoa butter or cocoa powder, which is then used to make chocolate, cosmetics, and a range of dishes.
The cocoa industry is projected to expand, owing to its widespread appeal, popularity, and application in the food and beverage industries. This includes chocolate prepared with single-origin cocoa, low-sugar products, premium and dark chocolate, and innovative flavours. Emerging economies are also seeing an increase in demand for cocoa goods. Chocolate sales are expected to expand in countries with rising GDP per capita, such as China, Mexico, Indonesia, Turkey, and India, as end customers in these countries have more discretionary cash to spend on such items.
US Cocoa And Chocolate Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 46.61 billion
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Global cocoa and chocolate market is segmented based on the nature, distribution channel, type, application, and region. Based on nature, the market is segmented as traditional and organic. Based on the distribution channel, the market is segmented as offline and online retail.
By type, the market is segmented into cocoa Ingredients (Butter, Liquor, Powder) and Chocolate (Dark, Milk, White, and Filled), By application, the market is segmented into food & beverage, cosmetics, pharmaceuticals, and others. Based on Region, Cocoa And Chocolate Market segmentation spans North America, Europe, Asia-Pacific, Latin America, and MEA.
Cocoa And Chocolate Market Analysis by Nature
In 2021, the traditional sector represented the majority of the market. Because of its many benefits, conventional farming is most common in the globe. Because traditional farming requires less labour and produces in huge quantities on a less amount of land, it always remains the top option for farmers who want to minimise costs and maximise income. Furthermore, unlike organic items, traditional products are widely accessible everywhere, regardless of location. Consequently, there is always a demand for them. With a CAGR of more than 5.1 % over the projected period of 2022–2028, the organic segment is anticipated to develop the fastest. The main cause of this is traditional farming's drawbacks, which include negative environmental effects, health issues, a high risk of plant diseases, and numerous other issues. As a result, the overall demand for organic products is increasing dramatically due to customers' rising attention to their health and the environment.
Cocoa And Chocolate Market Analysis by Distribution Channel
The cocoa and chocolate market can be further divided into offline and online retail based on the distribution channels used. In 2021, the offline market had the highest share. The rise is attributable to round-the-corner presence, simple returns, bulk purchasing, haggling, examining products for quality before making a decision, quick purchases, and, last but not least, a reason to go outside that can lift one's spirits. Additionally, the expansion of contemporary stores like supermarkets, which provide the convenience of shopping for everything in one location and attractive discount offers, draws people in. However, the fastest growth is projected for online retail, with a CAGR of more than 5.4 % from 2022 to 2028. The popularity of working from home, cutting-edge technological advancements like e-banking and Google maps, greater smartphone use, internet penetration, people's busy lifestyles, and a tech-friendly population are all contributors in the growth.
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Europe is the largest regional market since it has been a major importer of cocoa paste for the past several years. Grinding capacity has grown faster in Africa, Asia pacific, than in the Americas. Africa's grindings climbed from 463 thousand metric tonnes in 2003 to around 1001 thousand metric tonnes in 2021. Grinding in Asia pacific increased from 575 thousand metric tonnes in 2003 to 1170 thousand metric tonnes in 2022. Cocoa output has increased higher in Africa and the Americas, while it has dropped in Asia pacific. Africa's production climbed from 2445 thousand metric tonnes in 2003 to 3995 thousand metric tonnes in 2022. In addition, cocoa production in the Americas climbed from 462 thousand metric tonnes in 2003 to 910 thousand metric tonnes in 2022.
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Cocoa And Chocolate Market Driver
Increase in health benefits to add more to market expansion
Cocoa And Chocolate Market Restraint
Price fluctuation and geographical conditions to impede the market growth
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The Global Cocoa and Chocolate market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Cocoa And Chocolate Market Top Player's Company Profiles
Cocoa And Chocolate Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global cocoa and chocolate market report analysis, the traditional segment accounted for the largest share. For its several benefits, conventional farming is most common type across the globe. As traditional farming requires less labour and produces with huge quantities at a lesser size of land, it always remains the best option for farmers who want to minimize costs and maximize income. In terms of distribution channel, the offline segment accounted for maximum market share as the expansion of contemporary stores like supermarkets, which provide the convenience of shopping for everything in one location and attractive discount offers.
|Market size value in 2021
|USD 46.61 billion
|Market size value in 2030
|USD 67.88 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cocoa And Chocolate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cocoa And Chocolate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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