The Cocoa & Chocolate Market Size Was Valued at USD 50.9 Billion in 2023, and is Projected to Reach USD 77.0 Billion by 2032, Growing at a CAGR of 4.7% From 2024-2032.
Pure chocolate is called cocoa. The same manufacturing process used to generate cocoa is also used to manufacture chocolate, involving the transformation of cocoa pods. However, cocoa butter is not made from chocolate. Cocoa butter is responsible for the luxurious texture and smoothness of chocolate. Part of the roasted bean pieces are processed into cocoa powder after the cocoa butter has been removed. Cocoa powder is used in most processes involved in the creation of products made with cocoa, such as ice cream, drinks, and confection fillings. Cocoa powder is typically available to customers through retail stores. Cocoa butter, cocoa fluid, and sugar are combined to create chocolate in its solid state.
Cocoa butter is responsible for chocolate's high calorie, fat, and sugar content. Chocolate comes in a wide range of flavors, including unsweetened, semisweet, sweet, milk, white, and compound. Chocolate comes in a lot of different forms, including bars, little beads, liquid, and powder. growing use of dark and ruby chocolate, growing use of chocolate as a functional food, and higher holiday sales are driving growth in the cocoa and chocolate industries. Demand for chocolate has increased in part due to its growing appeal as a holiday gift. Chocolate celebrations are popular as gifts in today's society because of their wide range of flavors and pricing points.
Prominent Players in the global Cocoa & Chocolate Market are –
- Barry Callebaut, AG (Switzerland)
- Cargill, Inc. (U.S.)
- Olam International (Singapore)
- Fuji Oil Company Ltd. (Japan)
- ECOM Agroindustrial Corporation Ltd. (Switzerland)
- Cocoa Processing Co. Ltd. (Ghana)
- Touton S.A. (France)
- Niche Cocoa Industry Ltd. (Ghana)
- BD Associates Ghana Ltd. (Ghana)
- Mars, Inc. (USA)
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Growth-Related Factors
The uptake of chocolate and cocoa ingredients is thought to be aided by the rising trend of gourmet chocolate consumption in industrialized nations and the expanding use of cocoa products as dietary supplements. This, together with the growing number of people who are lactose intolerant, has prompted customers to switch to non-animal food ingredients like cocoa goods.
The structure of the Cocoa & Chocolate Market report can be categorized into following sections:
By Type
· Cocoa Butter
· Cocoa Powder
· Cocoa Liquor
By Product
· Traditional
· Artificial
By Nature
· Organic
· Conventional
By Application
· Confectionery
· Food and beverages
· Bakery
· Pharma
· Animal Feed
· Others
By Distribution Channel
· Supermarket & Hypermarkets
· Convenience Stores
· Online
Trend Analysis of the Cocoa and Chocolate Market
The market will grow as a result of rising demand for chocolate confections.
Chocolate and cocoa markets around the world are mostly driven by the growing demand for chocolate-covered candies. A rise in consumer expenditure on decadent confectionery products, especially chocolate confectioneries, has resulted in a recent growth in demand for chocolate confectioneries in emerging economies. The demand for molded and countline chocolates is expected to rise in developed nations, which will benefit the chocolate confectionery sector.It is expected that new chocolate kinds, such as dark and ruby chocolate, would help this business grow by being added to the portfolios of major manufacturers. Furthermore, it is projected that the growing custom of giving chocolates as gifts during the holiday season would have a substantial impact on the growth of the chocolate confectionery market during the course of the forecast year.
By Region
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
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Key Industry Developments in the Cocoa & Chocolate Market:
· In April 2024, Cargill's alternative cocoa collaboration took off as cocoa prices climbed. Partnering with Voyage Foods, Cargill aimed to scale up alternatives to cocoa-based products to satisfy consumers' indulgence needs. This commercial partnership also provided food manufacturers with nut spreads formulated without nut or dairy allergens.
· In March 2024, PROBAT acquired Royal Duyvis Wiener, significantly strengthening its position in the cocoa and chocolate sector. With the integration of Royal Duyvis Wiener, PROBAT bolstered its stance in product and process innovation, expanding its technological lead in the food processing sector. The technology transfer between the individual group members was significantly intensified to exploit synergies and create integrated solutions for cross-segment projects. The aim was to further increase market share in the global cocoa and chocolate sector.
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