The Global Cocoa Market size is expected to reach $38.3 billion by 2030, rising at a market growth of 4.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,563.6 Kilo Tonnes, experiencing a growth of 4.8% (2019-2022).
Cocoa powder & cake is rich in antioxidants, including flavonoids, associated with various health benefits. Therefore, the powder & cake segment captured $6,635.2 million revenue in the market in 2022. As consumers become more health-conscious, the demand for such products with potential nutritional advantages continues to rise. This powder & cake serves as a natural colorant in food and beverage products.
Premium and artisanal chocolates prioritize high-quality cocoa content. Consumers are willing to pay a premium for products that use fine cocoa beans, contributing to a market segment that values the authenticity and richness of the product used in the chocolate-making process. Artisanal chocolates are often crafted using traditional, hands-on techniques. Therefore, the market is expanding significantly due to the expansion of premiumization and artisanal products.
Additionally, integrating agroforestry into its cultivation involves planting shade trees alongside these trees. This provides a natural habitat for biodiversity, improves soil health, reduces erosion, enhances water retention, and promotes sustainable land management. Thus, because of the growth of climate-smart agriculture, the market is anticipated to increase significantly.
However, Small farmers may face difficulties accessing the financial resources needed for initial investments in its cultivation. High entry barriers, including the cost of inputs, land, and equipment, can constrain the ability of small farmers to establish or expand their farms. Thus, high entry barriers for small farmers can slow down the growth of the market.
By Application Analysis
Based on application, the market is classified into confectionery, food & beverages, cosmetics, and pharmaceuticals. The food & beverages segment acquired 32.9% revenue share in the market in 2022. This powder and cocoa-based ingredients produce chocolate-flavored ice creams, frozen yogurts, and other desserts. The inclusion of this enhances the taste and texture of these treats.
By Product Type Analysis
By product type, the market is categorized into cocoa beans, cocoa butter, cocoa powder & cake, chocolate, and others. In 2022, the cocoa beans segment held 35.2% revenue share in the market. A common ingredient in baking and cooking, cocoa powder improves the flavor of many recipes, such as cakes, brownies, cookies, and savory dishes. Its rich, chocolaty flavor enhances sweet and savory culinary creations.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe region led the market by generating 35.4% revenue share. Europe has a rich tradition and culture of chocolate consumption. Chocolate has long been a part of European culinary heritage, and the appreciation for high-quality cocoa and chocolate products continues to drive the industry forward.
Recent Strategies Deployed in the Market
- Sep-2023: Cargill, Incorporated came into partnership with Nestle S.A., a Swiss multinational food and drink processing conglomerate corporation. Through this partnership, Cargill, Incorporated would transform cocoa shells into a fertilizer with low carbon content.
- Aug-2023: Meiji Holdings Co., Ltd. Introduced "inedible cacao brand". The Cacao brand has launched eight products, including accessory cases, paper cup holders, and flower vases, through collaborations with various manufacturers and entities.
- May-2023: The Barry Callebaut Group came into partnership with Maersk, a Danish shipping and logistics company. Through this partnership, The Barry Callebaut Group would construct and manage a newly designed cocoa bean storage and distribution facility in Malaysia.
- Jan-2023: Cargill, Incorporated came into partnership with Blendtek Ingredients, a leading supplier of ingredients, proprietary blends, functional formulas, and development solutions for food manufacturers. Through this partnership, Cargill, Incorporated would enhance its distribution network across Canada with Blendtek's locally stocked distribution capabilities.
- Aug-2021: Cargill, Incorporated took over Aalst Chocolate Pte Ltd., a food and beverage manufacturing company. Through this acquisition, Cargill, Incorporated would notably increase Cargill's presence in the Asia-Pacific region by incorporating chocolate into its existing range of cocoa products, which are already distributed across the area.
List of Key Companies Profiled
- The Barry Callebaut Group
- JB Foods Limited
- Archer Daniels Midland Company
- Cargill, Incorporated
- Ciranda, Inc.
- Nestle S.A
- Mars, Inc. (Kind LLC)
- Meiji Holdings Co., Ltd.
- Olam International Limited
- The Hershey Company (Hershey Trust Company)
Global Cocoa Market Report Segmentation
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Confectionery
- Food & Beverages
- Cosmetics
- Pharmaceutical
By Product Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Cocoa Beans
- Cocoa Powder & Cake
- Cocoa Butter
- Chocolate
- Others
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Cocoa Market, by Application
- 1.4.2Global Cocoa Market, by Product Type
- 1.4.3Global Cocoa Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Opportunities
- 3.2.3Market Restraints
- 3.2.4Market Challenges
- 3.3Porter Five Forces Analysis
Chapter 4.Strategies Deployed in Cocoa Market.
Chapter 5.Global Cocoa Market, by Application
- 5.1Global Confectionery Market, by Region
- 5.2Global Food & Beverages Market, by Region
- 5.3Global Cosmetics Market, by Region
- 5.4Global Pharmaceutical Market, by Region
Chapter 6.Global Cocoa Market, by Product Type
- 6.1Global Cocoa Beans Market, by Region
- 6.2Global Cocoa Powder & Cake Market, by Region
- 6.3Global Cocoa Butter Market, by Region
- 6.4Global Chocolate Market, by Region
- 6.5Global Others Market, by Region
Chapter 7.Global Cocoa Market, by Region
- 7.1North America Cocoa Market
- 7.1.1North America Cocoa Market, by Application
- 7.1.1.1North America Confectionery Market, by Country
- 7.1.1.2North America Food & Beverages Market, by Country
- 7.1.1.3North America Cosmetics Market, by Country
- 7.1.1.4North America Pharmaceutical Market, by Country
- 7.1.2North America Cocoa Market, by Product Type
- 7.1.2.1North America Cocoa Beans Market, by Country
- 7.1.2.2North America Cocoa Powder & Cake Market, by Country
- 7.1.2.3North America Cocoa Butter Market, by Country
- 7.1.2.4North America Chocolate Market, by Country
- 7.1.2.5North America Others Market, by Country
- 7.1.3North America Cocoa Market, by Country
- 7.1.3.1US Cocoa Market
- 7.1.3.1.1US Cocoa Market, by Application
- 7.1.3.1.2US Cocoa Market, by Product Type
- 7.1.3.2Canada Cocoa Market
- 7.1.3.2.1Canada Cocoa Market, by Application
- 7.1.3.2.2Canada Cocoa Market, by Product Type
- 7.1.3.3Mexico Cocoa Market
- 7.1.3.3.1Mexico Cocoa Market, by Application
- 7.1.3.3.2Mexico Cocoa Market, by Product Type
- 7.1.3.4Rest of North America Cocoa Market
- 7.1.3.4.1Rest of North America Cocoa Market, by Application
- 7.1.3.4.2Rest of North America Cocoa Market, by Product Type
- 7.2Europe Cocoa Market
- 7.2.1Europe Cocoa Market, by Application
- 7.2.1.1Europe Confectionery Market, by Country
- 7.2.1.2Europe Food & Beverages Market, by Country
- 7.2.1.3Europe Cosmetics Market, by Country
- 7.2.1.4Europe Pharmaceutical Market, by Country
- 7.2.2Europe Cocoa Market, by Product Type
- 7.2.2.1Europe Cocoa Beans Market, by Country
- 7.2.2.2Europe Cocoa Powder & Cake Market, by Country
- 7.2.2.3Europe Cocoa Butter Market, by Country
- 7.2.2.4Europe Chocolate Market, by Country
- 7.2.2.5Europe Others Market, by Country
- 7.2.3Europe Cocoa Market, by Country
- 7.2.3.1Germany Cocoa Market
- 7.2.3.1.1Germany Cocoa Market, by Application
- 7.2.3.1.2Germany Cocoa Market, by Product Type
- 7.2.3.2UK Cocoa Market
- 7.2.3.2.1UK Cocoa Market, by Application
- 7.2.3.2.2UK Cocoa Market, by Product Type
- 7.2.3.3France Cocoa Market
- 7.2.3.3.1France Cocoa Market, by Application
- 7.2.3.3.2France Cocoa Market, by Product Type
- 7.2.3.4Russia Cocoa Market
- 7.2.3.4.1Russia Cocoa Market, by Application
- 7.2.3.4.2Russia Cocoa Market, by Product Type
- 7.2.3.5Spain Cocoa Market
- 7.2.3.5.1Spain Cocoa Market, by Application
- 7.2.3.5.2Spain Cocoa Market, by Product Type
- 7.2.3.6Italy Cocoa Market
- 7.2.3.6.1Italy Cocoa Market, by Application
- 7.2.3.6.2Italy Cocoa Market, by Product Type
- 7.2.3.7Rest of Europe Cocoa Market
- 7.2.3.7.1Rest of Europe Cocoa Market, by Application
- 7.2.3.7.2Rest of Europe Cocoa Market, by Product Type
- 7.3Asia Pacific Cocoa Market
- 7.3.1Asia Pacific Cocoa Market, by Application
- 7.3.1.1Asia Pacific Confectionery Market, by Country
- 7.3.1.2Asia Pacific Food & Beverages Market, by Country
- 7.3.1.3Asia Pacific Cosmetics Market, by Country
- 7.3.1.4Asia Pacific Pharmaceutical Market, by Country
- 7.3.2Asia Pacific Cocoa Market, by Product Type
- 7.3.2.1Asia Pacific Cocoa Beans Market, by Country
- 7.3.2.2Asia Pacific Cocoa Powder & Cake Market, by Country
- 7.3.2.3Asia Pacific Cocoa Butter Market, by Country
- 7.3.2.4Asia Pacific Chocolate Market, by Country
- 7.3.2.5Asia Pacific Others Market, by Country
- 7.3.3Asia Pacific Cocoa Market, by Country
- 7.3.3.1China Cocoa Market
- 7.3.3.1.1China Cocoa Market, by Application
- 7.3.3.1.2China Cocoa Market, by Product Type
- 7.3.3.2Japan Cocoa Market
- 7.3.3.2.1Japan Cocoa Market, by Application
- 7.3.3.2.2Japan Cocoa Market, by Product Type
- 7.3.3.3India Cocoa Market
- 7.3.3.3.1India Cocoa Market, by Application
- 7.3.3.3.2India Cocoa Market, by Product Type
- 7.3.3.4South Korea Cocoa Market
- 7.3.3.4.1South Korea Cocoa Market, by Application
- 7.3.3.4.2South Korea Cocoa Market, by Product Type
- 7.3.3.5Australia Cocoa Market
- 7.3.3.5.1Australia Cocoa Market, by Application
- 7.3.3.5.2Australia Cocoa Market, by Product Type
- 7.3.3.6Malaysia Cocoa Market
- 7.3.3.6.1Malaysia Cocoa Market, by Application
- 7.3.3.6.2Malaysia Cocoa Market, by Product Type
- 7.3.3.7Rest of Asia Pacific Cocoa Market
- 7.3.3.7.1Rest of Asia Pacific Cocoa Market, by Application
- 7.3.3.7.2Rest of Asia Pacific Cocoa Market, by Product Type
- 7.4LAMEA Cocoa Market
- 7.4.1LAMEA Cocoa Market, by Application
- 7.4.1.1LAMEA Confectionery Market, by Country
- 7.4.1.2LAMEA Food & Beverages Market, by Country
- 7.4.1.3LAMEA Cosmetics Market, by Country
- 7.4.1.4LAMEA Pharmaceutical Market, by Country
- 7.4.2LAMEA Cocoa Market, by Product Type
- 7.4.2.1LAMEA Cocoa Beans Market, by Country
- 7.4.2.2LAMEA Cocoa Powder & Cake Market, by Country
- 7.4.2.3LAMEA Cocoa Butter Market, by Country
- 7.4.2.4LAMEA Chocolate Market, by Country
- 7.4.2.5LAMEA Others Market, by Country
- 7.4.3LAMEA Cocoa Market, by Country
- 7.4.3.1Brazil Cocoa Market
- 7.4.3.1.1Brazil Cocoa Market, by Application
- 7.4.3.1.2Brazil Cocoa Market, by Product Type
- 7.4.3.2Argentina Cocoa Market
- 7.4.3.2.1Argentina Cocoa Market, by Application
- 7.4.3.2.2Argentina Cocoa Market, by Product Type
- 7.4.3.3UAE Cocoa Market
- 7.4.3.3.1UAE Cocoa Market, by Application
- 7.4.3.3.2UAE Cocoa Market, by Product Type
- 7.4.3.4Saudi Arabia Cocoa Market
- 7.4.3.4.1Saudi Arabia Cocoa Market, by Application
- 7.4.3.4.2Saudi Arabia Cocoa Market, by Product Type
- 7.4.3.5South Africa Cocoa Market
- 7.4.3.5.1South Africa Cocoa Market, by Application
- 7.4.3.5.2South Africa Cocoa Market, by Product Type
- 7.4.3.6Nigeria Cocoa Market
- 7.4.3.6.1Nigeria Cocoa Market, by Application
- 7.4.3.6.2Nigeria Cocoa Market, by Product Type
- 7.4.3.7Rest of LAMEA Cocoa Market
- 7.4.3.7.1Rest of LAMEA Cocoa Market, by Application
- 7.4.3.7.2Rest of LAMEA Cocoa Market, by Product Type
Chapter 8.Company Profiles
- 8.1The Barry Callebaut Group
- 8.1.1Company Overview
- 8.1.2Financial Analysis
- 8.1.3Segmental and Regional Analysis
- 8.1.4Research & Development Expense
- 8.1.5Recent strategies and developments:
- 8.1.5.1Partnerships, Collaborations, and Agreements:
- 8.1.6SWOT Analysis
- 8.2JB Foods Limited
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Regional Analysis
- 8.2.4SWOT Analysis
- 8.3Archer Daniels Midland Company
- 8.3.1Company Overview
- 8.3.2Financial Analysis
- 8.3.3Segmental and Regional Analysis
- 8.3.4Research & Development Expense
- 8.4Cargill, Incorporated
- 8.4.1Company Overview
- 8.4.2Recent strategies and developments:
- 8.4.2.1Partnerships, Collaborations, and Agreements:
- 8.4.2.2Acquisition and Mergers:
- 8.4.3SWOT Analysis
- 8.5Ciranda, Inc.
- 8.5.1Company Overview
- 8.5.2SWOT Analysis
- 8.6Nestle S.A
- 8.6.1Company Overview
- 8.6.2Financial Analysis
- 8.6.3Segmental and Regional Analysis
- 8.6.4Research & Development Expenses
- 8.6.5SWOT Analysis
- 8.7Mars, Inc. (Kind LLC)
- 8.7.1Company Overview
- 8.7.2SWOT Analysis
- 8.8Meiji Holdings Co., Ltd.
- 8.8.1Company Overview
- 8.8.2Financial Analysis
- 8.8.3Segmental Analysis
- 8.8.4Research & Development Expense
- 8.8.5Recent strategies and developments:
- 8.8.5.1Product Launches and Product Expansions:
- 8.8.6SWOT Analysis
- 8.9Olam International Limited
- 8.9.1Company Overview
- 8.9.2Financial Analysis
- 8.9.3Segmental and Regional Analysis
- 8.9.4SWOT Analysis
- 8.10.The Hershey Company (Hershey Trust Company)
- 8.10.1Company overview
- 8.10.2Financial Analysis
- 8.10.3Segmental and Regional Analysis
- 8.10.4SWOT Analysis
Chapter 9.Winning Imperatives for Cocoa Market