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Cocoa Market

Market Study on Cocoa: Worldwide Demand for Powdered Cocoa to Rise Faster Than Liquid Form

Cocoa Market

Cocoa Market Outlook (2023 to 2033)

The global cocoa market expanded at a steady CAGR of 3% from 2018 to 2022. Worldwide sales of cocoa are projected to increase from US$ 10.37 billion in 2023 and reach US$ 15.58 billion by the end of 2033.

Cocoa beans are processed to produce a wide range of cocoa products. The beans are pounded into a paste known as cocoa liquor, which can then be processed and further extracted into cocoa powder and cocoa butter.

Chocolate is one of the most well-liked delicacies globally, and cocoa is a commonly used and versatile component. Its cultivation, processing, and consumption have significance for both economic and social reasons in numerous regions worldwide.

Demand for premium and specialty chocolate is being driven by consumers’ changing tastes and preferences. Consumers are increasingly looking for high-quality, one-of-a-kind flavors, organic and fair-trade certifications, and ethically sourced cocoa products. All these factors are expected to contribute to market growth.

Attribute Key Insights

Cocoa Market Size (2023E)

US$ 10.37 Billion

Projected Market Value (2033F)

US$ 15.58 Billion

Global Market Growth Rate (2023 to 2033)

4.2% CAGR

Historical Market Growth Rate (2018 to 2022)

3% CAGR

Revenue Share of Top 4 Countries (2022E)

38.4%

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What are the Factors Responsible for the High Sales of Cocoa Across the World?

“Rising Demand for Transparency and Clean-labeling in Food Products”

The cocoa industry is witnessing a significant surge in demand for more comprehensive information about the food ingredients they consume. As consumers become increasingly health-conscious and environmentally aware, they are seeking greater transparency and accountability from manufacturers.

Clean eating has emerged as a prominent trend, with consumers showing a preference for cocoa products free from artificial colors and flavors. There is a growing emphasis on supporting ethical and sustainable farming practices, making it crucial for manufacturers to source their cocoa responsibly.

Consumers find reassurance and appeal in knowing the origin of raw materials used in cocoa production and the utilization of minimal processing methods. Such information not only instills confidence in the product's quality but also aligns with their values and preferences. As a result, cocoa manufacturers are compelled to provide consumers with the information they seek to cater to this evolving market demand.

Consequently, the clean-label trend is contributing to the growing importance of natural cocoa products in the market.

“Preference for Artisan-Style Baked Goods Driving Innovation & Technological Advancements in Baking Industry”

Consumers today seek artisan-style baked goods, including bread, cakes, and confectioneries. Manufacturers are focused on aesthetics, crafting products to give the impression of traditional hand-crafted baking. Artisanal bakers use specialty ingredients like toppings, glazes, and frostings to enhance the appeal of their final products, with flavors such as cocoa adding richness.

Major players in the bakery sector such as CSM Ingredients, Rich Graviss Products Private Limited, and Bimbo Bakeries USA support mass production and innovation, utilizing product decoration units to create patterns on baked items of various shapes and weights. Technological advancements further boost the growth of the baking industry. Artisanal bakeries present a promising application area, satisfying consumers' preference for visually attractive and delightful baked treats.

  • For instance, AVANSCHEM has installed several types of advanced technical machinery in its manufacturing unit to produce the finest-grade cocoa products. The latest tools and equipment help the company develop products efficiently in a limited period.

“Rapidly Growing Demand for Convenience Foods in Emerging Economies”

Demand for convenience food is on the rise, driven by increased consumer spending and busier lifestyle patterns. This trend is evident not only in the popularity of convenience food but also in the high demand for bakery items, fast foods, confectionaries, and desserts. Developing nations, such as India, China, Brazil, and several Middle Eastern and African countries, show a significant surge in demand for convenience foods. This is primarily attributed to the rising expenditure on food products due to the increase in per capita income in these regions.

Consumers are attracted to convenience foods for their quality, freshness, taste, texture, and extended shelf life. The growing demand for bakery and confectionery products is closely linked to the increased interest in bread mixes, pantry mixes, fruit preparations, and other ingredients. The trend shows that a significant number of products utilize cocoa as an ingredient is expected to lead to market growth during the forecast period.

“Manufacturers’ Growing Emphasis on Organic & Non-GMO Cocoa Products Driven by Increasing Prevalence of Lifestyle-related Disorders”

Rising prevalence of lifestyle-related disorders among consumers across the globe is driving consumers to be more conscious about their health and food intake. To target health-conscious consumers across the globe, manufacturers in the market are producing cocoa products with all-natural and organic ingredients.

Increasing incidence of obesity is restricting consumers from purchasing cocoa products. To focus on such health-conscious consumers, manufacturers are coming up with innovative healthier cocoa products such as dark chocolate and premium chocolate, with reduced sugar content in the form of sugar filling and sugar coating.

To target consumers prone to allergies, manufacturers are using cocoa to make special products such as gluten-free and sugar-free chocolates that are free from allergens. The rising production of non-GMO cocoa items is anticipated to attract a greater number of health-conscious consumers to the market over the forecast period.

  • For instance, Forbes Chocolate is a manufacturer and developer of powdered food ingredients and offers Non-GMO Project verified and Fair Trade-certified cocoa for utilization in food and beverage products.
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What Challenges Do Cocoa Producers Need to Tackle?

“Rising Cocoa Prices, Economic Uncertainties in Cocoa-Producing Countries, and Poor Agricultural Production”

While cocoa continues to be a popular flavor and ingredient for the majority of dessert preparations, the global cocoa industry needs more to maintain its growth trajectory in the future. Prices of cocoa are expected to rise due to additional expenses for manufacturers to get certifications to receive approvals to distribute their cocoa products in the market.

Rising prices of cocoa and economic uncertainties are hindering the growth of the global market. Poor agricultural production conditions in many leading cocoa-producing countries in the world such as Nigeria and Ghana are impeding market expansion.

Long-standing poverty among cocoa farming families and lack of adherence to human rights along the cocoa supply chain in major producing countries have a detrimental effect on the sustainable growth of the market.

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Country-wise insights

What is the Adoption Outlook for Cocoa in Brazil?

“Widespread Utilization of Cocoa in Foodservice and Hospitality Industries to Introduce Versatility in Savory and Sweet Dishes

The Brazilian market is valued at US$ 254.3 million in 2023 and is predicted to expand at a CAGR of 4.4% through 2033. Demand for powdered cocoa in Brazil is influenced by the expanding foodservice and hospitality industries, which include restaurants, hotels, and cafes.

The HoReCa industry is incorporating cocoa into its offerings and providing unique food experiences. It also offers versatility in both savory and sweet dishes, including beverages, desserts, and sauces, and encourages chefs to prepare innovative cocoa-infused dishes. Customers who value cocoa-based products are served by incorporating them into confections, beverages, and various menu offerings.

How are Sales of Cocoa Progressing in India?

“Rising Popularity of Artisanal Chocolatiers and Increasing Focus on Use of High-quality Cocoa Beans”

India accounts for 41.6% share of the South Asian market in 2023.

Artisanal chocolatiers are gaining popularity in India, providing handmade chocolates with distinctive flavors and excellent cocoa quality. To meet the changing tastes among consumers, chocolate manufacturers emphasize craftsmanship, flavor exploration, and utilization of high-quality cocoa beans.

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Category-wise insights

Which Form of Cocoa is Most Widely Consumed Across the World?

“Increasing Usage of Powdered Cocoa in Food Processing

Demand for powdered cocoa amounts to US$ 4.15 billion in 2023 owing to an increase in its usage in the food processing industry, followed by foodservice and retail/household, respectively.

Sales of cocoa powder are expected to rise at 4.8% CAGR over the forecast period. Demand for powdered cocoa is increasing as consumers seek minimally processed options that are free from preservatives, additives, and artificial ingredients.

Which End Use of Cocoa Accounts for High Revenue Generation for Manufacturers?

“Growing Preference for Natural, Low-Sugar, and Organic Cocoa Products Fueling Product Utilization in Retail/Household Sector”

Based on end use, the global cocoa market is segmented into food & beverages, retail/household, and foodservice. The retail/household segment is expected to exhibit significant progress owing to consumers’ growing preference for natural, low-sugar, and organic cocoa options.

The retail/household segment is projected to expand at a 5.3% CAGR through 2033.

Competitive Dashboard

The global cocoa market comprises large-scale multinational as well as regional companies. Regional manufacturers with a wide range of products account for 30% to 35% of the global cocoa industry. Companies such as Cargill Inc., Symrise AG, PROVA, Givaduan, and Olam International Limited are key market players.

Cocoa manufacturers are transitioning from artificial to natural flavors while catering to the needs of their end users. Multinational players account for a market share of 25% to 30%, while local players account for 35% to 45% market share.

  • In February 2023, PROVA expanded its footprint with the establishment of a factory in Montrichard. The factory is expected to be operational by September 2023. The company is also expected to announce the launch of its gourmet products for the catering industry in the same year.
  • In June 2022, Cargill Inc. opened a new facility named “House of Chocolate” to provide its consumers with a unique gourmet experience. The facility is spread over a 7,000-square-meter complex enabling its consumers to experience an all-in-one development process in a single location.
  • Flavorchem Corporation strategizes on offering a wide variety of cocoa solutions and aims to stay ahead in the highly competitive landscape.
  • Tradin Organic Company excels in supply chain networking and has expertise in business development, forging partnerships, sourcing specific products and equipment within the client's requirements, conducting site inspections and evaluations, and maintaining strong connections with key players in the industry.

Cocoa Industry Report Scope

Attribute Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

  • US$ Billion for Value
  • Volume for Tons

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East & Africa

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • Belgium
  • Holland
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Algeria
  • Türkiye
  • South Africa

Key Market Segments Covered

  • Nature
  • Form
  • Type
  • End Use
  • Region

Key Companies Profiled

  • Briofeed Private Limited
  • Cargill Inc.
  • Flavorchem Corp.
  • Forbes Chocolate
  • Givaduan
  • Glcc Co.
  • Keliff's
  • Metarom Group
  • Olam International Limited
  • Olivanation
  • PROVA
  • Sapphire Flavors & Fragrances
  • Symrise Ag
  • Tradin Organics
  • Others (on Additional Request)

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics And Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Cocoa Industry Research Segmentation

By Nature:

  • Organic
  • Conventional

By Form:

  • Powder
  • Liquid

By Type:

  • Cocoa Extract
  • Natural Cocoa Flavor
  • Natural Cocoa Flavor WONF
  • Natural Identical Cocoa Flavor

By End Use:

  • Food and Beverages
    • Bakery
    • Confectionery
    • Beverages
  • Foodservice
  • Retail/Household

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

- Companies Covered in This Report -

  • Avanschem
  • Briofeed Private Limited
  • Cargill
  • Flavorchem Corp.
  • Forbes Chocolate
  • Givaduan
  • GLCC Co.
  • Keliff's
  • METAROM Group
  • Olam International Limited
  • Olivanation
  • PROVA
  • Sapphire Flavors & Fragrances
  • Symrise AG
  • Tradin Organics.
  • Other Companies (on Additional Request)

- Frequently Asked Questions -

The global cocoa market expanded at a CAGR of 3% from 2018 to 2022.

The market for cocoa has reached a value of US$ 10.37 billion in 2023.

Europe holds a leading market share of 36.4% in 2023.

Worldwide sales of cocoa are projected to reach US$ 15.58 billion by 2033.

Global demand for cocoa is expected to rise at a CAGR of 4.2% from 2023 to 2033.

Leading manufacturers of cocoa are Cargill Inc., Symrise, PROVA, Givaduan, and Olam International, collectively enjoying 35% to 45% market share.

The Mexico market stands at US$ 206 million in 2023 and is foreseen to record 5.1% CAGR through 2033.

Growing preference for clean-label products and rising demand for convenience food are key trends driving market expansion.

The market in Italy is predicted to expand at a CAGR of 5.5% through 2033, followed by Germany at a CAGR of 4.5%.

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