Global Cocoa and Chocolate Market Size, Share, Growth Drivers, Industry Trends and Forecast
/EIN News/ -- Chicago, July 17, 2024 (GLOBE NEWSWIRE) -- According to a research report cocoa and chocolate market published by MarketsandMarkets™, the global cocoa market size is projected to reach $26.3 Billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market is projected to reach $160.9 Billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027.
Cocoa beans are dried seeds of cacao trees and are used for the extraction of cocoa butter and cocoa solids. Cocoa beans are processed to obtain by-products such as cocoa butter, cocoa liquor, and cocoa powder. The processes of extracting these by-products from cocoa beans includes cleaning, breaking & winnowing, sterilization & alkalization, roasting, nib grinding, and pressing. Cocoa beans are rich in flavonoids with anti-oxidative properties and have various applications such as cosmetics, pharmaceuticals, food & beverage, and mainly in confectionery. In confectionery, most cocoa beans and their by-products are used to manufacture chocolate. The demand for clean label products, quality, sustainable, and premium chocolates are some of the trends prevailing in the market.
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The market for chocolate, based on type, is segmented as dark chocolate, milk chocolate, filled chocolate, and white chocolate. The milk chocolate segment is estimated to dominate the chocolate market in 2022 and is anticipated to witness similar trends throughout the forecast period. Milk chocolate has low level of cocoa solids and is lighter and sweeter than dark chocolate. Dark chocolate segment has witnessed an upwards trend over the years owing to various health benefits associated with it due to the presence of high fiber, high iron, magnesium, potassium, and phosphorous content.
The cocoa market, based on the nature, is segmented into conventional and organic. In 2022, the conventional cocoa market segment is expected to dominate the market. The conventional cocoa products are easily available at low cost and is widely preferred. Due to the need for organic farming, high labour expenses, maintenance requirements, and other organic cocoa-related operating expenditures, organic cocoa ingredients and products are quite expensive. The organic cocoa segment, however, is estimated to witness a higher growth rate during the forecast period owing to its various health benefits and environment friendliness.
The market for cocoa and chocolate market, based on application, is segmented as food and beverage, cosmetics, and pharmaceuticals. The food & beverage application segment is expected to be the largest market in 2022. The segment will remain the largest shareholder throughout the forecast period owing to wide usage of cocoa in confectionery and bakery items. Moreover, other segments such as cosmetics and pharmaceuticals will witness a stable growth over the forecast period.
Europe is the largest consumer of cocoa and chocolate. The high per capita consumption of chocolate in European countries makes it the largest shareholding region due to the demand for “artisanal” and “handmade” chocolates is on the rise. The European and North American chocolate markets have reached their saturation level, where chocolate manufacturers are focusing on introducing more innovative products to attract customers. The manufacturers are coming up with different types of chocolate from inscrutable flavors in combination with wider health claims and customized bars.
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Asia-Pacific is the fastest growing market for cocoa, owing mainly to the presence of a large population base, increasing per capita income, urbanization, and standard of living. This is attributed to the strong demand for chocolate in the country due to increasing use of cocoa powder in baking and growing demand for bakery segment. North America is the second largest market by volume and is projected to grow at a high CAGR from 2022 to 2027.
Key Players in the Market
- Mars, Inc. (US)
- Mondelez International (US)
- Nestle S.A. (Switzerland)
- Meiji Holding Co. Ltd. (Japan)
- Ferrero International (Italy)
- Olam Group (Singapore)
- Barry Callebaut (Switzerland)
- Cargill Incorporated (US)
- Cocoa Processing Company (Ghana)
- Archer Daniel Midland (ADM) Company (US)
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