Global Cocoa Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
The Cocoa Market Report offers in-depth insights, revenue details, and other vital information regarding cocoa and its products and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.
The Cocoa Market report offers insightful and detailed information regarding the various key players operating in the global market, and their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The cocoa market report has been segmented on the basis of source type, application, process, product type, and region.
Cocoa Market Overview:
The cocoa market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.
Cocoa is cultivated primarily in countries located around the equatorial belt and rainforests owing to favorable climatic conditions. Cocoa is obtained from the fatty bean of the Theobroma tree.
Cocoa beans are dried and fermented before being processed to extract butter, oil, powder, and liquor along with other residual solids. Cocoa is extracted from three common plants including forastero, criollo, and trinitario.
Forastero is the most sold type of plant owing to the best quality of chocolate. Cocoa is categorized into natural cocoa and Dutch cocoa. Natural cocoa is natural powder from roasted cocoa beans and is acidic and bitter with a very strong and concentrated chocolate flavor.
Dutch-process cocoa powder is treated with an alkalizing agent to modify its color and give it a milder taste compared to natural cocoa. It forms the basis for much of modern chocolate and is mostly used in ice creams, hot cocoa, and baking. Demand for cocoa, in all forms, has been increasing significantly over the last few years.
Revenue contribution from the Western Europe cocoa market to the global cocoa market is likely to remain comparatively high and is expected to remain the dominant regional market over the forecast period.
North America will also be a lucrative region for sales of cocoa products, accounting for over X.X % of global revenues throughout the projection period. In terms of CAGR, the Europe cocoa market is estimated to register the highest value CAGR of X.X%, with North America in second place at X.X%.
By the end of 2027, conventional cocoa products derived from Dutch processing techniques will dominate other segments at around US$ X.X billion in the global market.
The cocoa powder segment is anticipated to witness a slight drop in market value share and cocoa liquor is expected to be the most attractive sub-segment in the global cocoa market over the forecast period.
Cocoa Market Drivers:
Some major factors driving the growth of the global cocoa markets include increasing demand for origin-specific cocoa, widening the scope for cocoa powder applications, consistently rising demand for chocolates, rising preference for dark chocolate, and increasing application in the pharmaceutical industry.
Cocoa Market Restraints:
Some factors hampering market growth include fluctuating cocoa prices and political instability in cocoa-producing countries, adverse weather conditions, an aging workforce engaged in cocoa production, declining soil fertility levels, lack of investment in cocoa plantations, and population shifting away from farms towards urban areas.
Another factor includes increasing prices for cocoa products and chocolates in particular.
Cocoa Market trends:
Major trends in the global cocoa market are growing consumer preference for chocolate syrups, rising demand for dark chocolates, and increasing popularity of Fairtrade-certified cocoa products among others.
Global Cocoa market segmentation:
By source type:
- Bakery Items
- Functional Foods
By product type:
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Barry Callebaut Group
- Mars Incorporated
- Cargill Inc.
- Carlyle Cocoa Co, Ltd.
- Archer Daniels Midland (ADM)
- Blommer Chocolate Company
- Cocoa Processing Company
- Newtown Foods USA
- Puratos Group SA
- The Hershey Company
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