Global Cocoa Market

Cocoa Market Size, Share, Growth Analysis, By Type(Fine Flavor Cocoa, Bulk/Ordinary Cocoa, and others), By Processing Methods(Natural/Unfermented Cocoa, Fermented Cocoa, and others), By Product Forms(Cocoa Beans, Cocoa Powder, Cocoa Butter, Cocoa Liquor), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30H2140 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 92 |Figures: 76

Cocoa Market Insights

Global Cocoa Market size was valued at USD 15.05 billion in 2022 and is poised to grow from USD 15.70 billion in 2023 to USD 21.98 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024- 2031). 

In recent years, the global Cocoa market has been changing consumer preferences and has the largest consumer of cocoa products. The health benefits associated with dark chocolate are expanding the scope of cocoa-based products. However, challenges include concerns about child labor in cocoa farming, volatile weather conditions affecting cocoa yields, and fluctuations in global cocoa prices.

Emerging economies, particularly in Asia, are witnessing a rising chocolate consumption trend, contributing to the market's growth. Sustainability and ethical sourcing practices are gaining prominence, with consumers and industry players showing increased interest in certifications such as Fair Trade and Rainforest Alliance.

Market Snapshot - 2024-2031

Global Market Size

USD 15.05 billion

Largest Segment

Bulk/Ordinary Cocoa

Fastest Growth

Fine Flavor Cocoa

Growth Rate

4.3% CAGR

Global Cocoa Market ($ Bn)
Country Share for West Africa Region (%)

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Cocoa Market Segmental Analysis

The global cocoa market is segmented into four major segments i.e. by cocoa types, processing methods, product forms, and region. Based on cocoa types, it is divided into fine flavor cocoa, bulk/ordinary cocoa, and others. Based on processing methods, it is bifurcated as natural/unfermented cocoa, fermented cocoa, and others. Based on product forms it is segregated into cocoa beans, cocoa powder, cocoa butter, cocoa liquor, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, Latin America.

Analysis by Type

Bulk/ordinary cocoa has typically held a substantial market share due to the aromatic and nuanced characteristics, and tends to be consistently strong. Moreover, sustainability initiatives, and developments in the chocolate and confectionery industry can influence the dominance and growth of bulk/ ordinary cocoa types.

Due to the increasing demand for premium and artisanal chocolates, fine flavor cocoa has gained popularity. Because of their growing consumer focus on quality and unique flavor experiences, the expansion of specialty chocolate markets and the emphasis on origin-specific and high-quality cocoa beans will aid the fine flavor cocoa is likely to be the fastest growing segment.

Analysis by Product Forms

Cocoa powder has long dominated the global cocoa market due to its versatile ingredients widely used in the food and beverage industry, including baking, confectionery, and beverage production. The popularity of cocoa powder in various applications, such as desserts, hot beverages, and chocolate-flavored products, contributes to its dominance.

The cocoa butter market’s fastest-growing segment is due to the growing trend towards natural and organic cosmetics and personal care products, where cocoa butter is a key ingredient. Additionally, cocoa butter's use in the production of premium chocolate and its recognition for its moisturizing properties in skincare products contribute to its rapid growth.

Global Cocoa Market By cocoa type, 2023 (%)

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Cocoa Market Regional Insights

Major producers of cocoa globally, West Africa, particularly Ivory Coast and Ghana contributing a significant share of the world's cocoa output, is likely to dominate the cocoa market. Favorable climate conditions and established agricultural practices in West Africa make it a primary region for cocoa cultivation.

As consumer preferences shift towards chocolate and cocoa-based products, the demand for cocoa in the Asia-Pacific region is on the rise. The growth is driven by increasing urbanization, rising disposable incomes, and a growing middle class in countries like China and India. Additionally, the region's evolving food and beverage industry and the influence of western culinary trends contribute to the expanding market for cocoa.

Global Cocoa Market By Region, 2024-2031
  • Largest
  • Fastest

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Cocoa Market Dynamics

Drivers

Increasing Demand for Cocoa Products and Growing Emphasis on Sustainability

  • The relentless demand for cocoa products, particularly from the thriving chocolate industry, which remains the largest consumer of cocoa beans. As emerging economies, particularly in Asia, witness a surge in chocolate consumption, it adds impetus to the market. Moreover, there is a growing emphasis on sustainability and ethical sourcing practices, with certifications such as Fair Trade and Rainforest Alliance gaining prominence.

Restraints

High Ethical Concerns Associated with Cocoa Production

  • One of the main market restraints is the ethical concerns associated with cocoa production, particularly the prevalence of child labor in some cocoa farming regions. Efforts to address and eradicate these issues require coordinated actions across the supply chain. Additionally, the cocoa market contends with environmental challenges such as climate change, leading to unpredictable weather patterns that can affect cocoa yields and quality.

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Cocoa Market Competitive Landscape

The competitive environment of the cocoa market is dynamic and characterized by a diverse set of players engaged in cocoa cultivation, processing, and product manufacturing. Additionally, there is a robust presence of smaller-scale farmers, cooperatives, and regional players, especially in cocoa-producing regions in West Africa and South America. The industry dynamics involve continuous efforts towards sustainability, with various stakeholders adopting certification programs such as Fair Trade and Rainforest Alliance to address ethical and environmental concerns.

Top Player’s Company Profiles

  • Olam International Limited
  • Mondelez International
  • Nestlé
  • Meiji Holdings Co., Ltd.
  • Fuji Oil Group
  • United Cocoa Holdings
  • Ecom Cocoa
  • Touton S.A.
  • Guan Chong Cocoa Products Manufacturing Company Limited
  • Golden Agri-Resources Limited
  • Felcourt
  • Agrisud
  • SOCAPALM
  • Siat
  • Sucaf Cocoa
  • Cacao Barry
  • Blommer Chocolate Company

Recent Developments

  • In October 2023, at the ITC Sheraton in New Delhi, Fabelle collaborated with Chef Andy Allen, a renowned Australian food critic and television moderator, to uncover a thrilling combination of flavors and societies. 
  • In January 2024, coordinators of the World Cocoa Foundation (WCF) organization meeting accentuated their emphasis on "aligning for global action" to help networks in key cocoa-creating countries. The occasion, occurring in Amsterdam from February 6 to 7 at the Beurs van Berlage, is important for a more extensive seven-day stretch of cocoa-related exercises in the city, concurring with the Chocoa occasion at a similar area. Features of the 2024 Partnership Meeting remember conversations for driving supportability in the cocoa area, the meaning of cooperation among partners, and the variables impacting social, financial, and natural maintainability. 
  • In December 2023, an article featured that Saint Lucia's cocoa beans are perceived for their top-notch, named fine or flavor cocoa. The Food and Agribusiness Association of the Unified Countries (FAO) and the Holy Person Lucia Service of Horticulture, Fisheries, Food Security, and Provincial Improvement are teaming up to upgrade and foster the neighborhood cocoa area. 
  • In October 2023, Ivory Coast faces challenges in selling cocoa export contracts for the 2024/25 season as multinational companies are urging the country to reduce prices. The elevated prices are a result of a supply squeeze. The head of the country's cocoa regulator mentioned this struggle on Wednesday.

Cocoa Key Market Trends

Rising Consumer Awareness and increased use of clean-label products

  • The growing consumer preference for premium and specialty chocolates, driven by an increasing awareness of cocoa origins, quality, and flavor profiles. Sustainability has become a central theme, with a rising demand for ethically sourced cocoa, leading to the adoption of certification programs such as Fair Trade and Rainforest Alliance. Health and wellness trends are influencing product innovation, with a focus on dark chocolate, recognized for its antioxidant properties.

Cocoa Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global cocoa market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The relentless demand for chocolate products, particularly in emerging economies. Ethical and sustainable sourcing practices, health-conscious consumer trends, and the rise of premium chocolates contribute to market growth. However, the industry faces challenges such as ethical concerns related to child labor, environmental issues impacting cocoa yields, and price fluctuations.

Cocoa powder dominates the product types, while West Africa remains a key cocoa-producing region. Key trends include a shift towards premium and specialty chocolates, sustainability initiatives, and the expansion of cocoa applications beyond confectionery. Continuous innovation and ethical considerations are pivotal in shaping the cocoa market's dynamics.

Report Metric Details
Market size value in 2023 USD 15.05 billion
Market size value in 2031 USD 21.98 billion
Growth Rate 4.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Fine Flavor Cocoa, Bulk/Ordinary Cocoa, and others
  • Processing Methods
    • Natural/Unfermented Cocoa, Fermented Cocoa, and others
  • Product Forms
    • Cocoa Beans, Cocoa Powder, Cocoa Butter, Cocoa Liquor, and Others
Regions covered 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)
Companies covered
  • Olam International Limited
  • Mondelez International
  • Nestlé
  • Meiji Holdings Co., Ltd.
  • Fuji Oil Group
  • United Cocoa Holdings
  • Ecom Cocoa
  • Touton S.A.
  • Guan Chong Cocoa Products Manufacturing Company Limited
  • Golden Agri-Resources Limited
  • Felcourt
  • Agrisud
  • SOCAPALM
  • Siat
  • Sucaf Cocoa
  • Cacao Barry
  • Blommer Chocolate Company
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cocoa Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cocoa Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Cocoa 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 Cocoa 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cocoa Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cocoa Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Cocoa Market size was valued at USD 15.05 billion in 2022 and is poised to grow from USD 15.70 billion in 2023 to USD 21.98 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024- 2031). 

The competitive environment of the cocoa market is dynamic and characterized by a diverse set of players engaged in cocoa cultivation, processing, and product manufacturing. Additionally, there is a robust presence of smaller-scale farmers, cooperatives, and regional players, especially in cocoa-producing regions in West Africa and South America. The industry dynamics involve continuous efforts towards sustainability, with various stakeholders adopting certification programs such as Fair Trade and Rainforest Alliance to address ethical and environmental concerns. 'Barry Callebaut Group', 'Cargill Incorporated', 'Olam International Limited', 'Hershey Company', 'Mondelez International', 'Nestlé', 'Meiji Holdings Co., Ltd.', 'Fuji Oil Group', 'United Cocoa Holdings', 'Ecom Cocoa', 'Touton S.A.', 'Guan Chong Cocoa Products Manufacturing Company Limited', 'Golden Agri-Resources Limited', 'Felcourt', 'Agrisud', 'SOCAPALM', 'Siat', 'Sucaf Cocoa', 'Cacao Barry', 'Blommer Chocolate Company'

The relentless demand for cocoa products, particularly from the thriving chocolate industry, which remains the largest consumer of cocoa beans. As emerging economies, particularly in Asia, witness a surge in chocolate consumption, it adds impetus to the market. Moreover, there is a growing emphasis on sustainability and ethical sourcing practices, with certifications such as Fair Trade and Rainforest Alliance gaining prominence.

The growing consumer preference for premium and specialty chocolates, driven by an increasing awareness of cocoa origins, quality, and flavor profiles. Sustainability has become a central theme, with a rising demand for ethically sourced cocoa, leading to the adoption of certification programs such as Fair Trade and Rainforest Alliance. Health and wellness trends are influencing product innovation, with a focus on dark chocolate, recognized for its antioxidant properties.

Major producers of cocoa globally, West Africa, particularly Ivory Coast and Ghana contributing a significant share of the world's cocoa output, is likely to dominate the cocoa market. Favorable climate conditions and established agricultural practices in West Africa make it a primary region for cocoa cultivation.

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Global Cocoa Market

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