What is the Global market size of Cocoa Market?

Global Cocoa Market size was valued at USD 14.43 billion in 2021 and is poised to grow from USD 15.05 billion in 2022 to USD 21.08 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

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

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

Global Cocoa Market News

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.

Global Cocoa Market Report Snapshots

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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).

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

Global Cocoa Market News

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