Cocoa Products Market Analysis (2023 - 2030)
The Global Cocoa Products Market is estimated to be worth USD 24.78 Billion in 2022 and is projected to reach a value of USD 29.72 Billion by 2030, growing at a CAGR of 2.3% during the forecast period 2023-2030.
The outbreak of the COVID-19 pandemic substantially impacted the global cocoa products market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of cocoa products. Moreover, the demand for cocoa products declined due to the financial uncertainty for many consumers created by the pandemic, which lead to a decrease in discretionary spending. These factors negatively impacted the growth of the global cocoa products market. Despite these challenges, the global cocoa products market is projected to recover and grow in the coming years.
Cocoa-rich products offer an array of health advantages, encompassing the reduction of blood pressure, alleviation of chronic fatigue syndrome, and provision of unparalleled protection against sunburn, among others. Cocoa's high polyphenol content offers unparalleled advantages in safeguarding the body against oxidative stress, cancer, inflammation, and related conditions. Furthermore, the global cocoa products market is thriving owing to the increasing popularity of chocolate confectionery. Consumers in emerging economies are increasingly indulging in chocolate confectionery, leading to a positive growth trend in the demand for these treats. Developed markets are also witnessing a rise in the demand for molded and countline chocolates, which is projected to have a positive impact on the global cocoa products market. Key manufacturers are introducing new chocolate types like dark chocolate and ruby chocolate to their product portfolios, propelling industry growth. Additionally, the tradition of gifting chocolates during festive seasons is anticipated to significantly contribute to the market's expansion in the future.
The global cocoa products market is encountering challenges, primarily in terms of the availability and affordability of alternatives. The cocoa butter market may be affected negatively by the rising demand for substitutes and equivalents like palm oil, soybean oil, shea, and rapeseed oil due to their easy availability and cost-effectiveness. These alternatives experience growth owing to their ability to improve the fat stability and composition of chocolate products. Thus, these challenges inhibit the growth of the global cocoa products market.
Key Market Insights:
- In 2022, the cocoa beans segment held the highest market share. The growth can be attributed to cocoa beans being commonly consumed as candy, used to make beverages, and employed to add flavor or coating to diverse confections and bakery items. Furthermore, cocoa beans are a valuable source of quick energy owing to their high carbohydrate content. They also contain stimulating alkaloids such as theobromine and caffeine in small quantities.
- In 2022, the food and beverages segment held the highest market share. The growth can be ascribed to the thriving food and beverage industry, which provides ample opportunities for cocoa-related products. Chocolate continues to be a popular flavor in new launches across beverages, bakery, and confectionery products. It remains an extensively utilized ingredient in the sweets and beverages sector. This ongoing trend is anticipated to propel the future demand for cocoa butter and cocoa powder. The worldwide food service industry plays a pivotal role in the rising acclaim of high-quality and specialized cocoa-based offerings. Foodservice conglomerates want more personalization, value-added products, and multifunctional solutions, which will assist the cocoa products market to grow even more.
- Based on the region, the global cocoa products market is majorly segmented into 5 regions - North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2022, Europe held the largest market share of the global cocoa-based products market. The growth can be majorly attributed to the extensive utilization of cocoa products across diverse applications, Europe's status as a major center for industrial chocolate production, home to renowned chocolate producers in nations like Belgium, Netherlands, Germany, and Switzerland, and the increasing consumer awareness regarding sustainable cocoa production and ethical sourcing of cocoa beans.
- The Hershey Company, Barry Callebaut AG, Touton S.A., Cargill, Incorporated, Nestlé S.A., Olam International Limited, Niche Cocoa Industry Ltd., Blommer Chocolate Company, United Cocoa Processors Inc., and Dutch Cocoa B.V. are among the major players in the global cocoa products market. The cocoa products market is estimated to become more competitive as new players enter the industry. Due to their innovation and new product development in the cocoa products market, The Hershey Company, Barry Callebaut AG, and Niche Cocoa Industry Ltd. currently dominate the market.
MARKET SEGMENTATION:
Cocoa Products Market Segmentation: By Product Type
- Cocoa Beans
- Cocoa Butter
- Cocoa Paste & Liquor
- Cocoa Powder & Cake
- Chocolate
Cocoa Products Market Segmentation: By Application
- Food & Beverages
- Cosmetics
- Pharmaceuticals
- Others
Cocoa Products Market Segmentation : By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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