The global cocoa market is likely to be valued at USD 15,156.7 million in 2023. Total cocoa sales are forecast to surge at 4.7% CAGR from 2023 to 2033, taking the market valuation to USD 23,981.1 million by the end of 2033.
Rising applications of cocoa across industries such as pharmaceutical, confectionery, and food & beverage due to its several benefits is a prominent factor spurring growth in the global cocoa industry.
Cocoa is derived from dried and fully fermented seeds of Theobroma cacao. In the market, it is generally accessible in the types of cocoa butter, cocoa liquor, and cocoa powder. Cocoa is used across a variety of applications such as confectionery, functional food, beverages, cosmetics, and pharmaceuticals. The addition of cocoa to food products enhances their nutritional profile and palatability.
Rapid shifts towards healthier lifestyles and the growing popularity of dark chocolate products are expected to trigger the development of the global cocoa industry during the projection period. In recent years, there has been a sharp rise in the production and consumption of chocolate and chocolate-based products.
People are becoming aware of the health benefits of chocolates due to the presence of antioxidants such as flavonoids. Hence, rising consumption of chocolates will continue to act as a catalyst triggering growth in the global cocoa industry during the forecast period.
Primary consumers of chocolate are children, but as per the current scenario, chocolate is gaining popularity amongst young adults, as it helps in lowering cholesterol, maintaining fitness, and promoting muscle building.
The availability of a wide variety of chocolate flavors and chocolate types is resulting in an increasing consumer base. Different types of chocolates such as milk chocolate, dark chocolate, cocoa powder, brownies, and cocoa butter are in high demand, with multiple flavors such as mint, vanilla, and coffee contributing to the overall revenue growth.
The growing popularity of homemade chocolates and the increasing millennial population seeking out premium chocolate products that offer a more indulgent taste experience will positively influence cocoa demand.
Similarly, the growing usage of cocoa in cosmetic products for promoting healthy skin will create lucrative growth prospects during the next ten years.
| Attribute | Key Insights |
|---|---|
| Cocoa Market Estimated Value (2023E) | USD 15,156.7 million |
| Cocoa Market Projected Value (2033F) | USD 23,981.1 million |
| Value-based CAGR (2023 to 2033) | 4.7% |
| Top 3 Countries Marketing Share | 15.4% |
Leading cocoa manufacturers are focusing on sustainable cocoa products to solidify their presence in the market. Various national and international initiatives such as German Initiative on Sustainable Cocoa (GIDCO) and the Swiss Platform for Sustainable Cocoa (SWISSCO) are also being launched to support sustainable cocoa production. This will bode well for the market.
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| Details | Market Statistics |
|---|---|
| Jan to Jun (H1), 2021 (A) | 3.1% |
| Jul to Dec (H2), 2021 (A) | 3.7% |
| Jan to Jun (H1), 2022 Projected (P) | 3.7% |
| Jan to Jun (H1), 2022 Outlook (O) | 3.4% |
| Jul to Dec (H2), 2022 Outlook (O) | 4.7% |
| Jul to Dec (H2), 2022 Projected (P) | 4.4% |
| Jan to Jun (H1), 2023 Projected (P) | 4.3% |
| BPS Change: H1,2022 (O) to H1, 2022 (P) | 30 |
| BPS Change: H1,2022 (O) to H1, 2021 (A) | 31 |
| BPS Change: H2, 2022 (O) to H2, 2022 (P) | (-) 30 |
| BPS Change: H2, 2022 (O) to H2, 2022 (A) | (+) 101 |
Cocoa sales grew at a CAGR of 4.1% during the historical period between 2018 and 2022. However, for the assessment period of 2023 and 2033, Future Market Insights estimates the global cocoa demand to surge at 4.7% CAGR.
Rising demand for cocoa products across food & beverage, confectionery, pharmaceutical, and cosmetics industries is providing a strong impetus to the global cocoa market.
Similarly, increasing consumption of chocolate and chocolate-based products across the world is expected to boost cocoa sales during the projection period.
Over the years, cocoa has become a key ingredient in chocolates and other confectionery items. It is also being increasingly used as a flavoring agent in beverages and other food products due to its ability to enhance its palatability.
Hence, the growing usage of cocoa in the confectionery and food & beverages sectors coupled with increasing spending on products such as chocolates and chocolate syrups will elevate the demand for cocoa in the global market.
Along with serving as a primary flavor in snack bars, protein shakes, chocolates, and chocolate confections, cocoa is also used in pharmaceuticals and functional foods due to its several health benefits.
Cocoa is a rich source of antioxidants called flavonoids. As a result, it can be consumed to lower cholesterol levels and can be beneficial in preventing cancer, heart disease, and stroke.
Theobromine, a constituent of cocoa powder, helps stimulate blood flow to the skin's surface, thereby reducing the appearance of wrinkles and improving the suppleness of the skin.
With the help of antioxidants and other anti-inflammatory components, it fights acne by attempting to lessen skin inflammation, redness, pimples, boils, and dark spots. Thanks to these attractive benefits of cocoa, it is being extensively used in the pharmaceutical, functional food, and cosmetics sectors.
Principal Consultant
| Region | North America |
|---|---|
| Country | United States of America |
| CAGR (2023 to 2033) | 3.7% |
| BPS Analysis | -93 |
| Market Value (2033) | USD 1,010.0 million |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR (2023 to 2033) | 2.7% |
| BPS Analysis | -192 |
| Market Value (2033) | USD 735.8 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR (2023 to 2033) | 5.6% |
| BPS Analysis | -31 |
| Market Value (2033) | USD 857.4 million |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR (2023 to 2033) | 6.8% |
| BPS Analysis | 118 |
| Market Value (2033) | USD 402.7 million |
High Consumption of Cocoa due to its Health Benefits Boosting the USA Market
The USA cocoa market accounted for a dominant share of 24.6 % of the global market and it is anticipated to expand at a CAGR of 3.7% during the forecast period. By 2033, the USA market size is expected to reach USD 1,010.0 million.
Growing consumption of cocoa due to its various health advantages and the shift towards consuming more clean-label and healthy on-the-go products are key factors driving cocoa sales in the USA.
Due to customers' healthy eating habits, there has been a dramatic rise in demand for products such as chocolates during the last few years despite an increase in product prices. This in turn is boosting cocoa sales as it is a key component of chocolate and chocolate-based products.
Similarly, the rising usage of cocoa in pharmaceutical and cosmetic products will boost cocoa sales across the USA during the next ten years.
Growing Usage across Thriving Food & Beverage Industry Fuelling Cocoa Sales in the United Kingdom
According to Future Market Insights, the United Kingdom cocoa market is expected to accelerate at a 2.7% CAGR between 2023 and 2033. The total market size in the United Kingdom is set to reach USD 735.8 million by 2033.
The cocoa industry in the country is expected to grow due to variations in consumer lifestyles and a significant impact on the consumption of convenience foods.
Cocoa is in high demand from the nation's expanding food and beverage industry. It is used in a variety of applications, such as frozen desserts, bakeries, ice cream, confectionery, beverages, and others.
Growing demand for these food products and the expansion of food & beverage industries will eventually fuel cocoa sales in the country during the assessment period.
Increasing Consumption of Chocolates Propelling Cocoa Demand in India
According to FMI, demand for cocoa in India is poised to rise at a significant pace during the next ten years owing to the rising consumption of chocolates and increasing penetration of new start-ups.
Particularly in India, tastes and preferences are drastically changing as chocolate takes a key place in the market for sweets and confectionaries. With the shifting consumer preferences and the growing population, more businesses attempt to use cutting-edge strategies to gain market supremacy as the market expands.
The introduction of a variety of chocolates that are sugar-free, organic, and vegan is gaining momentum. Companies are launching new chocolates and chocolate-based products to increase their customer base. This in turn is positively influencing cocoa sales.
Due to the expanding disposable income of India's middle class and the growing knowledge of the health advantages of cocoa in products such as dark chocolate and dark coffee, manufacturers are expected to use innovative marketing and promotional techniques to boost sales during the forecast period.
Confectionery Remains the Most Lucrative Application for Cocoa Manufacturers
Based on application, the global market for cocoa is segmented into confectionery, cosmetics, beverages, functional food, and pharmaceuticals. Among these, the confectionery segment currently holds a prominent market share of 42.7% and it is expected to generate lucrative revenues during the assessment period.
The growth of the target segment is attributed to the rising usage of cocoa for making chocolates and chocolate-based products across the confectionery industry.
Most of the cocoa produced worldwide is utilized for making a wide range of chocolates and chocolate-based products. Hence, the rising consumption of chocolates, especially by children, will eventually generate high demand for cocoa during the projection period.
Growing Inclination Towards Organic Products Propelling Demand for Organic Cocoa
Based on nature, the global cocoa industry is segmented into organic and conventional. Among these, the organic segment will continue to dominate the global market during the forecast period.
The rising prevalence of lifestyle diseases and growing inclination towards organic products are the key factors boosting sales of organic cocoa worldwide.
Today, a large portion of the world population prefers to consume organic products such as organic cocoa to stay fit and healthy as well as to lower the chances of disease development. Organic cocoa is free from chemical pesticides and fertilizers. Its healthy nature is prompting consumers to opt for this product.
Rising awareness about the health benefits of organic cocoa worldwide will play a key role in boosting sales during the assessment period.
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Due to the presence of several local and regional competitors, the cocoa industry is extremely fragmented and competitive globally. Key cocoa manufacturing companies use a variety of marketing techniques, including alliances, acquisitions, mergers, and collaborations. Stakeholders in the cocoa industry are more concerned about sustainability and certification and are constantly striving to achieve their goals.
Recent Developments:
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 15,156.7 million |
| Projected Market Size (2033) | USD 23,981.1 million |
| Anticipated Growth Rate (2023 to 2033) | 4.7% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value & MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and The Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Europe, Germany, United Kingdom, France, Italy, Spain, BENELUX, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Vietnam, Philippines, Singapore, Oceania, Australia, New Zealand, Middle East & Africa, GCC Countries, Türkiye, Egypt, South Africa. |
| Key Segments Covered | Product Type, Nature, Process, Application, Region |
| Key Companies Profiled | The Barry Callebaut; Cocoa Processing Company; JB Foods; ADM; Dutch Cocoa BV; Cemoi; Mars, Inc.; Blommer Chocolate; Cargill, Inc.; Meiji Holdings; Carlyle Cocoa; Jindal Cocoa; United Cocoa Processor, Inc.; Olam International Ltd.; Nestle; Puratos Group; Others. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers Restraints Opportunity Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is estimated to secure a valuation of USD 15,156.7 million in 2023.
The global market size to reach USD 23,981.1 million by 2033.
The growth potential of the cocoa market is 4.7% through 2033.
Japan is projected to emerge as a lucrative market.
Players opt for mergers and acquisitions.
1. Executive Summary | Cocoa Market 2. Market Overview 3. Market Dynamics 4. Global Market - Pricing Analysis 5. Value Chain Analysis 6. Global Market Size (in Value (USD Million) and Volume (MT) Analysis 2018 to 2022 and Forecast, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 7.1. Powder 7.2. Butter 7.3. Liquor 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature 8.1. Organic 8.2. Conventional 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Process 9.1. Natural 9.2. Dutch 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 10.1. Confectionery 10.2. Functional Food 10.3. Beverages 10.4. Cosmetics 10.5. Pharmaceuticals 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia 11.6. Oceania 11.7. Middle East & Africa 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Middle East & Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Country-level Market Analysis (2018 to 2022 and Forecast 2023 to 2033) 20. Market Structure Analysis 21. Competition Analysis 21.1. Barry Callebaut 21.2. Processing Company 21.3. JB Foods 21.4. ADM 21.5. Dutch BV 21.6. Cemoi 21.7. Mars, Inc. 21.8. Blommer Chocolate 21.9. Cargill, Inc. 21.10. Meiji Holdings 21.11. Carlyle 21.12. Jindal 21.13. United Processor, Inc. 21.14. Olam International Ltd. 21.15. Nestle 21.16. Puratos Group 21.17. Other Players (On Additional Requests) 22. Assumptions and Acronyms Used 23. Research Methodology
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Cocoa Market
