Cocoa Market Size 2023 Industry Size, Trends, Growth, and Forecast 2027
According to a new report published by Allied Market Research, titled, “Cocoa Market by Product Type, Process, Nature, Quality, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the global cocoa market size is expected to reach $15.5 billion by 2027 at a CAGR of 4.3% from 2021 to 2027.
Cocoa is extracted from Theobroma tree or cacao tree. The cocoa or cocoa beans are dried and fermented to produce cocoa liquor and by processing the cocoa liquor, cocoa butter and cocoa powder is extracted. The growing demand for chocolate is the key factor propelling the global cocoa market. Cocoa liquor is the major ingredient used to manufacture chocolate. Cocoa is widely used as flavoring, coloring, filling, and as topping in food & beverages, confectionery, and bakery industries. The growing application of cocoa in these industries is fueling the growth of the global cocoa market.
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The sustainability in the production of cocoa is
one of the key factors consumers look for while buying cocoa products, especially
the European consumers. Storytelling is the new trend that the cocoa and
chocolate producers are using as a marketing tool. Consumers are very much
interested to know the story behind the products they purchase. Hence,
storytelling has become a new strategy that cocoa and chocolate marketers are
using lately in the global cocoa market.
There are few factors that may hinder the growth
of the global cocoa market. The most important restraint is the availability of
cocoa substitutes such as carob powder, illipe, shea, sal, palm oil, and mango
kernels. These substitutes are easy to manufacture and are available at lower
cost. Further, the cocoa market is subject to price fluctuations. According to
the International Cocoa Organization, the production cap by West African
countries and unfavorable weather conditions created a gap between the demand
and supply of cocoa. This will lead to rising prices of cocoa and as a result
the chocolate producers may opt for cocoa substitutes. This is the constraining
factor to the global cocoa market.
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According to the cocoa market analysis, the cocoa
market is segmented into product type, process, nature, quality, application,
and region. On the basis of product type, the global cocoa market is
categorized into cocoa butter, cocoa liquor, and cocoa powder. By process, it
is segregated into Dutch process and natural process. On the basis of nature,
it is segmented into organic and conventional. Based on the quality, it is
segmented into bulk, specialty, and fine flavor. Based on application, it is
segmented into confectionery, food & beverages, bakery, pharma, animal
feed, and others. Region wise, it is analyzed across North America (the U.S.,
Canada, and Mexico), Europe (the Netherlands, Germany, Belgium, France, the UK,
Italy, Spain, Switzerland, and rest of Europe), Asia-Pacific (China, Japan,
India, Malaysia, Indonesia, Singapore, and rest of Asia-Pacific), and LAMEA
(Brazil, Iran, United Arab Emirates, and rest of LAMEA).
According to the cocoa market forecast, on the
basis of product type, the cocoa liquor segment was the highest contributor to
the market, with $4,837.1 million in 2019, and is expected to sustain its
significance during the forecast period. The cocoa liquor, also known as
chocolate liquor is the essential item required to produce raw chocolate. Cocoa
butter and cocoa powder are also produced from cocoa liquor.
Therefore, rise in demand for chocolates, and
growth in use of cocoa liquor in confectionery, food & beverages, bakery,
cosmetics, and pharmaceutical sector will boost the demand for the cocoa
liquor.
On the basis of quality, the bulk is the
dominating segment because it is the most commonly produced and traded cocoa.
Availability of bulk cocoa at cheap prices is the main reason for its high
demand. Around 90% of the global cocoa produced is the bulk cocoa.
Based on application, the confectionery is the
leading segment in the global cocoa market because a major part of the global
cocoa is used by the confectionery industry for making chocolates and chocolate
products.
Region wise, Europe is the leading market for
cocoa. Europe is the highest cocoa and chocolate consuming region. In 2019, the
Netherlands accounted for the highest imports of cocoa in terms of volume and
value. Switzerland is the top chocolate consuming country in Europe. The
various nations such as Germany, France, and the UK, are among the top
chocolate and cocoa consuming nations.
The players operating in the global cocoa market
have adopted various developmental strategies to expand their market share,
exploit the cocoa market opportunity, and increase in profitability in the
market. The key players profiled in this report include Cargill, Inc., Olam
International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan
Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc.,
Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.
Key findings of the study
The cocoa market was valued at $12,874.0 million
in 2019, and is estimated to reach $15,501.1 million by 2027, growing at a CAGR
of 4.3% during the forecast period.
By product type, the cocoa liquor segment is
estimated to witness the fastest growth, registering a CAGR of 4.4% during the
forecast period.
In 2019, depending on the process, the Dutch
process segment was valued at $9,675.2 million, accounting for 75.1% of the
global cocoa market share.
In 2019, the Netherlands was the most prominent
market in Europe, and is projected to reach $1,636.5 million by 2027, growing
at a CAGR of 4.5% during the forecast period.
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