The cocoa liquor market value is expected to total USD 7,021 million in 2023, according to Future Market Insights (FMI). The entire market value is expected to reach USD 12,229.3 million by 2033, growing at a CAGR of 6% for 2023 to 2033.
Introduction of an expansive portfolio of products taking into consideration the increasing demand for cocoa liquor is projected to influence the market positively. In tandem with this, the growing focus on product innovations is expected to favor the cocoa liquor industry over the forecast period.
| Attribute | Details |
|---|---|
| Cocoa Liquor Industry Size (2018) | USD 6,299.2 million |
| Cocoa Liquor Industry Size (2022) | USD 6,751.03 million |
| Cocoa Liquor Market Size (2023) | USD 7,021 million |
| Cocoa Liquor Market Size (2033) | USD 12,229.3 million |
| Cocoa Liquor Market CAGR (2018 to 2022) | 1.7% |
| Cocoa Liquor Market CAGR (2023 to 2033) | 6% |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
Consumers across the world are looking for more indulging experiences in terms of texture, flavor, and color, which is inspiring creativity in the cocoa liquor market. Flavors such as chocolate and vegetable are becoming increasingly popular across a range of categories, for example mixing chocolate flavors with beetroot in cakes and incorporating kale flavor in chocolate bars are among the latest trends marrying chocolate flavors to vegetables.
These chocolates added with beetroot and kale are made from cocoa liquor which enhances the texture and flavor.Besides this, consumers are keen on trying varying textures in their food. Cocoa liquor also is widely used to offer various shades and colors. The unsweetened cocoa liquor is used to intensify the flavor of chocolates. Cocoa liquor is easily mixed with chocolates to obtain more intense color and taste and to prepare signature chocolate recopies.
For instance, Cocoa liquor offered by Callebaut® is employed as a flavoring agent in oaralines, ice creams, and ganache to achieve darker, deeper color and more intense cocoa taste.
While fine flavor cocoa liquor holds low share in the overall production of cocoa liquor, its demand has seen a spike in recent years. It is largely due to a growing popularity among end-users of premium and specialty chocolate.
The demand for premium chocolate products is increasing across the world. These high-priced chocolate products are currently purchased only by a small percentage of customers but their penetration is increasing steadily. This has led to leading chocolate companies including Mars and Ferrero to invest in expanding their offerings and also incorporating cocoa liquor in their products.
The organic and clean label movement has marked its presence in the ever-evolving food and beverage sector. The effect of the organic and clean label movement is also felt amongst dark chocolate makers, with a spike in demand for sustainable and premium ingredients.
The key players in the industry are concentrating on adding natural sweeteners, such as coconut sugar and Stevia to position their product in the most demanded category among health-conscious consumers. Environment friendly and ethically produced chocolate is mostly demanded by consumers and companies manufacturing confectionery products.
Some of the common ways followed for adulterating chocolates and cocoa liquor include using low quality sugar, addition of minerals to increase product weight, inclusion of starch during manufacturing of chocolates, and use of non-permitted artificial colors may compromise with the taste and quality of chocolates and cocoa liquor.
Consumers have become cognizant about food safety issues as a result of exposure to social networking websites and extensive social media coverage. The health effects caused due to the consumption of adulterated chocolate and cocoa liquor is likely to be a restraining factor to the growth of the cocoa liquor industry.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
The market grew at a CAGR of 1.7% between 2018 to 2022. Forecasts for growth remain optimistic, with the sales of cocoa liquor predicted to expand at a CAGR of 6% between 2023 to 2033.
Some of the leading market players are incorporating citrus fruits and dairy products. Globally, the number of lemon-flavored chocolates made with cocoa liquor has doubled in the past few years. In addition, manufacturers are focusing on introducing other ingredients in cocoa liquor end product such as pepper, yogurt, and lemon oil.
Their efforts are intended to offer innovative flavors to gratify changing preferences of consumers, who are keen on experiencing new culinary delights. They are also enjoying fresh and fusion-style drinks, and are open to trying them in treats and sharing their experiences with others.
The application of cocoa liquor in drinks has increased particularly among working population since the time required for preparation of these drinks is less. Furthermore, presence of cocoa liquors also enables these drinks to double up as energy booster. Manufacturers across the world are introducing chocolate infused drinks to attract the large customer base. This is expected to boost the cocoa liquor industry.
| Country | The United States |
|---|---|
| Value Share % (2022) | 21.8% |
According to the latest study, the United States is estimated to account for above 90% of the North America market in 2023. Dark chocolates and other quality chocolates are in high demand among American consumers. Chocolate and confectionary both employ cocoa liquor as an ingredient.
As a consequence of the swelling demand for premium chocolates, chocolate makers are expanding their product line to include new flavors such as cocoa liquor, caramel-centered, and candy-coated lentil to appeal to premium chocolate enthusiasts. During the forecast period, this trend is probably going to have a favorable impact on the confectionary market as well as the expansion of cocoa liquor in the United States.
| Country | Germany |
|---|---|
| Value Share % (2022) | 20.6% |
According to the latest report, Germany is expected to hold dominant share of more than 18.3% in the Europe market.
Presence of some of the leading manufacturers of chocolate goods in Germany is responsible for the high demand for cocoa liquor. Germany is home to Europe's largest chocolate-making sector, which mostly uses bulk beans. A considerable portion of Germany's chocolate output is exported, making it one of the world's leading exporters of chocolate products.
Germany is a huge cocoa and chocolate market with many of prospects for producers, both in bulk and specialty. Germany is a significant chocolate consumer, with the second-highest per capita chocolate consumption in Europe.
| Country | India |
|---|---|
| Market CAGR % (2023 to 2033) | 7.6% |
According to FMI’s analysis, the market in India is forecast to grow at a CAGR of 7.6%. As cocoa liquor is used in making bakery products, the rising demand for bakery products is parallel to the rising use of cocoa liquor.
India, trailing China, is the world's second-largest food producer, with the potential to overtake China in the food and agriculture industry. As a result, the bakery business in India has a lot of trends and issues. In India, the bakery business is one of the most important segments of the country's processed food industry.
The Indian bakery business has a competitive advantage in manufacturing since it has a plentiful supply of primary ingredients such as cocoa liquor.
| Country | China |
|---|---|
| Market CAGR % (2023 to 2033) | 6.7% |
According to FMI’s analysis, China holds a dominant share of 48.5% in East Asia Market. Due to an increase in candy consumption in China, the market is expected to grow. Consumer tastes have shifted away from ice cream and other dessert categories, which has resulted in increased confectionery consumption.
During the forecast period, factors such as low pricing, a variety of taste options, familiar ingredients, the launch of new flavors, and the availability of compact packs of ice creams are expected to drive the Chinese cocoa liquor industry.
In the Latin America, Brazil is expected to account for 45% of market share in 2023. Consumer expenditure on food and groceries has changed dramatically as income levels have risen.
The introduction of confectionery items with a range of flavors, textures, and packaging is assisting the expansion of cocoa liquor in the country. Brazil has one of Latin America's largest confectionary markets. When compared to other confectionery categories, chocolate has the largest consumption, which is boosting demand for cocoa liquor.
| Segment | Dutch |
|---|---|
| Value Share % (2022) | 57% |
According to FMI’s analysis, Dutch cocoa liquor is estimated to hold more than 57%. This is because the Dutching procedure is widely used in the food business. Drinks, ice cream and frozen desserts, baked foods, pastry and complex coatings, and Dutch chocolates all contain Dutch cocoa liquor.
Natural chocolate liquid is more acidic and bitter, whereas Dutch cocoa liquor, or cocoa that has been alkalized to a neutral pH, has a less astringent flavor profile. This allows a producer to produce multiple flavors from the same bean type, increasing demand even further.
| Segment | Forastero |
|---|---|
| Value Share % (2022) | 80% |
Forastero cocoa is estimated to account for more than 80.0% of market share in 2023, which is expected to witness growth rate of CAGR 2.5% over the forecast period.
| Segment | Wafers |
|---|---|
| Value Share % (2022) | 41% |
According to FMI’s analysis, wafers is forecast to hold a market share of more than 41% in 2033. Due to their versatility, cocoa liquor wafers are the most popular. Wafers are tiny discs of pure chocolate that melt and dissolve easily and can be employed in a variety of baked items.
Cocoa liquor wafers are flavorful and creamy, and they may be used in multiple ways. Cocoa liquor wafers can also be used as baking chocolate or bittersweet chocolate. Cocoa liquor wafers melt readily and can be used in a variety of ways, including chocolate sauces, chocolate bark, frosting, and more.
According to FMI’s analysis, beverage is forecast to hold a market share of more than 35% in 2023.
Dark chocolate's market penetration has increased as a result of the premium chocolate industry and the availability of dark chocolate brands. Another factor driving dark chocolate demand is its low sugar content, as consumers have become more aware of the link between high sugar consumption and chronic disorders like diabetes. Thus, cocoa liquor being an active ingredient in chocolate is expected to be demanded more.
Over the forecast period, new companies are expected to enter the cocoa liquor industry, both locally and regionally, due to attractive opportunities. The industry is projected to remain competitive, with an estimated 100+ cocoa liquor players offering bespoke packaging, new tastes, and a variety of claims, including clean-label claims. Some of the key players in the cocoa liquor market are listed below.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, Cocoa Variety, Form, Application, and Region |
| Key Companies Profiled | Cargill Inc.; The Archer Daniels Midland Company; United Cocoa Processor, Inc.; Blommer Chocolate Company; Nestlé S.A; Valrhona; Barry Callebaut; Cemoi; JBCOCOA; India Cocoa; Charley's; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market’s net worth is expected to be USD 7,021 million in 2023.
The projected market value of cocoa liquor is USD 12,229.3 million by 2033.
The market is expected to expand at a CAGR of 6%, in contrast to the 1.7% CAGR observed in the historical period.
Cocoa liquor merchants are releasing new flavors to attract new customers.
Dutch cocoa liquor holds a 57% market share in the market.
| Industry Estimated Size in 2023 | USD 2,984.2 million |
|---|---|
| Projected Industry Value in 2033 | USD 6,325.6 million |
| Value-based CAGR from 2023 to 2033 | 7.8% |
| Market Estimated Value (2023E) | USD 15,156.7 million |
|---|---|
| Market Projected Value (2033F) | USD 23,981.1 million |
| Value-based CAGR (2023 to 2033) | 4.7% |
Explore Functional Food Ingredients Insights
View Reports
Cocoa Liquor Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
