Cocoa and Chocolate Market to Witness Unprecedented Growth in Coming Years

The global cocoa market as per revenue was estimated to be worth $21.1 billion by 2022 and is poised to reach $26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market as per revenue was estimated to be worth $127.9 billion by 2022 and is poised to reach $160.9 billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027. Increasing sales of chocolate confectionery products to be consumed as comfort food is responsible for making it a regular grocery items in households. Chocolate is considered a traditional gift on special occasions and festivals such as Christmas, Easter, Halloween, and Valentine’s Day in American and European countries, a trend which is now adopted in some Asian countries such as India, China, and Japan.

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Health Benefits of Chocolates

Chocolates have a long history of being used as a health food. In the 18th century, a chocolaty drink was used in England to prevent and cure stomach aches. Today, ORAC (Oxygen Radical Absorbance Capacity) is used to compare the antioxidant capacity of different foods. Chocolates, along with apples and blueberries, are considered to be one of the best ORAC rating foods. Instead of relying on medication, consumers prefer to incorporate ingredients that improve their health into their normal diet. Dark chocolate is becoming more popular among consumers due to its high cocoa content and flavonoids, especially a subtype known as flavanols that is linked to a lower risk of heart disease. Additionally, those who consume dark chocolate or high cocoa content have a lower chance of developing insulin resistance and high blood pressure. Thus, the health benefits associated with cocoa and its products are the biggest driver for the cocoa and chocolate market.

Seasonal and Festive-related Sales

Chocolate is considered a traditional gift on special occasions and festivals such as Christmas, Easter, Halloween, and Valentine’s Day in American and European countries, a trend which is now adopted in some Asian countries such as India, China, and Japan. Chocolate sales shoot up during festive seasons. Keeping this seasonal effect of sales in mind, companies trying to venture into developing economies, such as India and China, are focusing on specialty products for traditional festivals such as the Chinese New Year, Raksha Bandhan, and Diwali in India. Currently, the seasonal and festive sales of chocolate products highly impact the market as a large portion of chocolate products are consumed in this segment. Depending on the situation, they are produced in a variety of shapes, sizes, colors, and product materials. Thus, this high demand for chocolates and its products during festivals would enhance the market for cocoa and chocolate.

Large Number of Applications

Chocolate is used in several applications, including confectionery, beverages, and baking. Chocolate is setting its foot rapidly in the baking industry, with lots of chocolates being looked upon as a flavor for biscuits, cakes, and pastries. In the global flavor industry, several new product types are being developed, such as energy drinks, yogurt, and dairy beverages. Additionally, chocolate liquor is generally used for applications in the production of bittersweet chocolate and baking applications. Cocoa is used in the pharmaceutical industry for providing the chocolate essence or flavour to the drugs to improve the palatability or compliance of the dosage forms for consumers. In addition to that, natural cocoa butter is frequently used in cosmetics as a humectant, a lubricant to maintain the moisture, and to enhance the aroma of products. These applications of cocoa and chocolate can drive its market in the coming years.

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Asia Pacific region is witnessing the highest growth rate in chocolate market

The Asia Pacific region is witnessing the fastest growth rate of 5.72% during the forecast period. The Chinese cocoa market, in terms of volume, is estimated to grow at a CAGR of 6.39%. This is attributed to the strong demand for chocolate in the country. Across Europe, Germany consumed the highest quantity of chocolate in 2021 followed by UK, and Belgium. United States accounted for the largest market share primarily driven by the large consumption of confectionary and bakery items. According to the Observatory of Economic Complexity (OEC), the US was the seventh largest exporter of chocolate in 2020, with key export destinations being Canada, Mexico, South Korea, Australia, and the UK. Growth in this region is attributed to the growing population, rise in per capita income, growing urbanization, and therefore, an increase in demand for chocolate-based products. Additionally, the nutritional benefits of chocolate are promoting the growth of chocolate in the region.

Upcoming Growth Trends in the Cocoa and Chocolate Market

The global chocolate market is projected to reach USD 160.9 billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027. The global cocoa market is projected to reach USD 26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. With the growing awareness about health, an increasing number of consumers are prioritizing their health and following specific diets with specific needs. This propels the demand for dark chocolate with high cocoa and less sugar. Cocoa is the major raw material required to manufacture chocolate. The slightest turbulence in the cocoa market would lead to price fluctuations. According to the International Cocoa Organization, the world’s largest supplier of cocoa is Africa, which accounts for 72% of the global production of cocoa. Ivory Coast and Ghana are the major countries producing cocoa, but these countries are also facing certain issues such as fair trade discrepancies, environmental issues, spells of government unrest, and reducing labor force as more population is leaving farming as an occupation and opting other professions Therefore, measures such as implementation of National Cocoa Development Plan (NCDP) in the member countries of ICCO are being undertaken to improve the production of cocoa. Initiatives like these gives a promising outlook towards fulfilling the rising demand for cocoa globally. The cocoa & chocolate market players are showing trends of pursuing both organic as well as inorganic strategies for their expansion, consolidation, and sustainability in the market. Developments and new product launches in chocolate and rise in the use of cocoa for cosmetics and pharmaceuticals are driving the market and is leading to an increased demand for cocoa.

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Seasonal and Festive-related Sales

Chocolate is considered a traditional gift on special occasions and festivals such as Christmas, Easter, Halloween, and Valentine’s Day in American and European countries, a trend which is now adopted in some Asian countries such as India, China, and Japan. Chocolate sales shoot up during festive seasons. Keeping this seasonal effect of sales in mind, companies trying to venture into developing economies, such as India and China, are focusing on specialty products for traditional festivals such as the Chinese New Year, Raksha Bandhan, and Diwali in India.

Currently, the seasonal and festive sales of chocolate products highly impact the market as a large portion of chocolate products are consumed in this segment. Depending on the situation, they are produced in a variety of shapes, sizes, colors, and product materials. Thus, this high demand for chocolates and its products during festivals would enhance the market for cocoa and chocolate.

Large Number of Applications

Chocolate is used in several applications, including confectionery, beverages, and baking. Chocolate is setting its foot rapidly in the baking industry, with lots of chocolates being looked upon as a flavor for biscuits, cakes, and pastries. In the global flavor industry, several new product types are being developed, such as energy drinks, yogurt, and dairy beverages. Additionally, chocolate liquor is generally used for applications in the production of bittersweet chocolate and baking applications.

Cocoa is used in the pharmaceutical industry for providing the chocolate essence or flavour to the drugs to improve the palatability or compliance of the dosage forms for consumers. In addition to that, natural cocoa butter is frequently used in cosmetics as a humectant, a lubricant to maintain the moisture, and to enhance the aroma of products. These applications of cocoa and chocolate can drive its market in the coming years.

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Asia Pacific region is witnessing the highest growth rate in chocolate market

The Asia Pacific region is witnessing the fastest growth rate of 5.72% during the forecast period. The Chinese cocoa market, in terms of volume, is estimated to grow at a CAGR of 6.39%. This is attributed to the strong demand for chocolate in the country. Across Europe, Germany consumed the highest quantity of chocolate in 2021 followed by UK, and Belgium. United States accounted for the largest market share primarily driven by the large consumption of confectionary and bakery items. According to the Observatory of Economic Complexity (OEC), the US was the seventh largest exporter of chocolate in 2020, with key export destinations being Canada, Mexico, South Korea, Australia, and the UK. Growth in this region is attributed to the growing population, rise in per capita income, growing urbanization, and therefore, an increase in demand for chocolate-based products. Additionally, the nutritional benefits of chocolate are promoting the growth of chocolate in the region.

The key players in cocoa and chocolate market include Mars, Inc.(US), Mondelez International (US), Nestle S.A. (Switzerland), Meiji Holding Co. Ltd.(Japan), Ferrero International(Italy), Barry Callebaut(Switzerland), Cargill Incorporated (US), Cocoa Processing Company (GHANA), Archer Daniel Midland (ADM) Company (U.S.), Chocoladefabriken Lindt & Sprüngli AG (Switzerland) and Pladis Global(UK) among others.

Cocoa and Chocolate Market to See Major Growth by 2027

According to a research report "Cocoa and Chocolate Market by Type (Dark Chocolate, Milk Chocolate, Filled Chocolate, White Chocolate), Application (Food & Beverage, Cosmetics, Pharmaceuticals), Nature (Conventional, Organic), Distribution and Region - Global Forecast to 2027" published by MarketsandMarkets, the global cocoa market is projected to reach USD 26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market is projected to reach USD 160.9 billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027.

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With the growing awareness about health, an increasing number of consumers are prioritizing their health and following specific diets with specific needs. This propels the demand for dark chocolate with high cocoa and less sugar. Cocoa is the major raw material required to manufacture chocolate. The slightest turbulence in the cocoa market would lead to price fluctuations. According to the International Cocoa Organization, the world’s largest supplier of cocoa is Africa, which accounts for 72% of the global production of cocoa. Ivory Coast and Ghana are the major countries producing cocoa, but these countries are also facing certain issues such as fair trade discrepancies, environmental issues, spells of government unrest, and reducing labor force as more population is leaving farming as an occupation and opting other professions Therefore, measures such as implementation of National Cocoa Development Plan (NCDP) in the member countries of ICCO are being undertaken to improve the production of cocoa. Initiatives like these gives a promising outlook towards fulfilling the rising demand for cocoa globally. The cocoa & chocolate market players are showing trends of pursuing both organic as well as inorganic strategies for their expansion, consolidation, and sustainability in the market. Developments and new product launches in chocolate and rise in the use of cocoa for cosmetics and pharmaceuticals are driving the market and is leading to an increased demand for cocoa.

Milk Chocolate segment is the fastest growing among the various types of chocolate during the forecast period

The market for chocolate, based on type, is segmented as dark chocolate, milk chocolate, filled chocolate, and white chocolate. The milk chocolate segment is estimated to dominate the chocolate market in 2022 and is anticipated to witness similar trends throughout the forecast period. Milk chocolate has low level of cocoa solids and is lighter and sweeter than dark chocolate. Dark chocolate segment has witnessed an upwards trend over the years owing to various health benefits associated with it due to the presence of high fiber, high iron, magnesium, potassium, and phosphorous content.

In the cocoa and chocolate market, organic nature segment is registering the highest growth during the forecast period

The cocoa market, based on the nature, is segmented into conventional and organic. In 2022, the conventional cocoa market segment is expected to dominate the market. The conventional cocoa products are easily available at low cost and is widely preferred. Due to the need for organic farming, high labour expenses, maintenance requirements, and other organic cocoa-related operating expenditures, organic cocoa ingredients and products are quite expensive. The organic cocoa segment, however, is estimated to witness a higher growth rate during the forecast period owing to its various health benefits and environment friendliness.

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Asia Pacific region is witnessing the highest growth rate in chocolate market

The Asia Pacific region is witnessing the fastest growth rate of 5.72% during the forecast period. The Chinese cocoa market, in terms of volume, is estimated to grow at a CAGR of 6.39%. This is attributed to the strong demand for chocolate in the country. Across Europe, Germany consumed the highest quantity of chocolate in 2021 followed by UK, and Belgium. United States accounted for the largest market share primarily driven by the large consumption of confectionary and bakery items. According to the Observatory of Economic Complexity (OEC), the US was the seventh largest exporter of chocolate in 2020, with key export destinations being Canada, Mexico, South Korea, Australia, and the UK. Growth in this region is attributed to the growing population, rise in per capita income, growing urbanization, and therefore, an increase in demand for chocolate-based products. Additionally, the nutritional benefits of chocolate are promoting the growth of chocolate in the region.

The key players in cocoa and chocolate market include Mars, Inc.(US), Mondelez International (US), Nestle S.A. (Switzerland), Meiji Holding Co. Ltd.(Japan), Ferrero International(Italy), Olam Group (Singapore), Barry Callebaut(Switzerland), Cargill Incorporated (US), Cocoa Processing Company (GHANA), Archer Daniel Midland (ADM) Company (U.S.), Chocoladefabriken Lindt & Sprüngli AG (Switzerland) and Pladis Global(UK) among others.

Cocoa and Chocolate Market to Showcase Continued Growth in the Coming Years

The cocoa market is projected to reach USD 26.3 Billion by 2027 growing at a CAGR of 4.5% from 2022 to 2027. The chocolate market is projected to reach USD 160.9 Billion by 2027 growing at a CAGR of 4.7% from 2022 to 2027. The rising demand for cocoa in the food processing industry propels the growth of the cocoa market. The steadily growing awareness of the health benefits of cocoa is a major propellant for the growth of the market.

The key players in cocoa and chocolate market include Mars, Inc. (US), Mondelez International (US), Nestle S.A. (Switzerland), Meiji Holding Co. Ltd.(Japan), Ferrero International(Italy), Olam Group (Singapore), Barry Callebaut(Switzerland), Cargill Incorporated (US), Cocoa Processing Company (Ghana), Archer Daniel Midland (ADM) Company (U.S.), Chocoladefabriken Lindt & Sprüngli AG (Switzerland) and Pladis Global(UK) among others.

With the growing awareness about health, an increasing number of consumers are prioritizing their health and following specific diets with specific needs. This propels the demand for dark chocolate with high cocoa and less sugar. Cocoa is the major raw material required to manufacture chocolate. The slightest turbulence in the cocoa market would lead to price fluctuations. According to the International Cocoa Organization, the world’s largest supplier of cocoa is Africa, which accounts for 72% of the global production of cocoa. Ivory Coast and Ghana are the major countries producing cocoa, but these countries are also facing certain issues such as fair-trade discrepancies, environmental issues, spells of government unrest, and reducing labor force as more population is leaving farming as an occupation and opting other professions Therefore, measures such as implementation of National Cocoa Development Plan (NCDP) in the member countries of ICCO are being undertaken to improve the production of cocoa. Initiatives like these gives a promising outlook towards fulfilling the rising demand for cocoa globally. The cocoa & chocolate market players are showing trends of pursuing both organic as well as inorganic strategies for their expansion, consolidation, and sustainability in the market. Developments and new product launches in chocolate and rise in the use of cocoa for cosmetics and pharmaceuticals are driving the market and is leading to an increased demand for cocoa.

Mondelez International is one of the leading providers and distributors of high-quality snacks. It provides a wide range of snacking product portfolios to its customers worldwide. The company has its presence in regions such as Asia, the Middle East, Africa, Europe, Latin America, and North America. It has operations in over 80 countries. The company’s product category includes beverages, biscuits, chocolate, gum, and candy. Mondelez now owns some of the most famous chocolate and confectionery brands such as Oreo, Milka, Toblerone, TUC, and Cadbury. Other bakery brands include Barni, Club Social, Honey Maid, Enjoy Life Foods, Mikado, Newtons, Nutter Butter, Premium, and Prince.

Nestle S.A. is a leading food & beverage company. The company operates in seven major segments: powdered and liquid beverages, water, milk products and ice cream, nutrition and healthcare, prepared dishes and cooking aids, confectionery, and pet care. It produces beverages, chocolates & confectionery, culinary, chilled & frozen food, milk-based products, ice creams, prepared dishes, and pharmaceutical products. Nestle operates globally, with a presence in Europe, the Americas, Asia, Oceania, and Africa. The company mainly operates through its subsidiaries and has 29 R&D facilities worldwide.

Mars Inc. is engaged in the production and marketing of branded confectionery, snack foods, main meal foods, drinks, and pet care products. The company’s major business segments include chocolate, pet care, food, Wrigley gum and confections, drinks, and symbioscience. The strategic decisions made by the company are based on five principles: quality, responsibility, mutuality, efficiency, and freedom. The company is present in more than 74 countries, including Canada, the US, Japan, India, and Russia.

What is the current size of the global Cocoa and chocolate market?

Recent Developments:

• In In May 2022, Blommer chocolate partnered with DouxMatok (Israel/USA), a food tech company to launch chocolate and confectionery products.
• In In March 2022, Hershey Company, launched a crunch cookie chocolate spread in India for the consumer's breakfast.
•  In March 2021, Barry Callebaut opened its third factory in India. The new chocolate factory consists of an R&D lab and assembly lines capable of manufacturing various needs of customers – international food manufacturers, local confectioneries, and semi-industrial bakers and patisseries.
•   In March 2021, Cargill has partnered with Nestlé to extend the  Nestlé Cocoa Plan (NCP) to benefit its network of cocoa farmers in Sulawesi, Indonesia. Activities include three key NCP pillars: better farming, better lives, and better cocoa.

Cocoa and Chocolate Market Growth by Emerging Trends, Analysis, & Forecast

According to a research report "Cocoa and Chocolate Market by Type (Dark Chocolate, Milk Chocolate, Filled Chocolate, White Chocolate), Application (Food & Beverage, Cosmetics, Pharmaceuticals), Nature (Conventional, Organic), Distribution and Region - Global Forecast to 2027" published by MarketsandMarkets, the global cocoa market is projected to reach USD 26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market is projected to reach USD 160.9 billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027.

 

 

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With the growing awareness about health, an increasing number of consumers are prioritizing their health and following specific diets with specific needs. This propels the demand for dark chocolate with high cocoa and less sugar. Cocoa is the major raw material required to manufacture chocolate. The slightest turbulence in the cocoa market would lead to price fluctuations. According to the International Cocoa Organization, the world’s largest supplier of cocoa is Africa, which accounts for 72% of the global production of cocoa. Ivory Coast and Ghana are the major countries producing cocoa, but these countries are also facing certain issues such as fair trade discrepancies, environmental issues, spells of government unrest, and reducing labor force as more population is leaving farming as an occupation and opting other professions Therefore, measures such as implementation of National Cocoa Development Plan (NCDP) in the member countries of ICCO are being undertaken to improve the production of cocoa. Initiatives like these gives a promising outlook towards fulfilling the rising demand for cocoa globally. The cocoa & chocolate market players are showing trends of pursuing both organic as well as inorganic strategies for their expansion, consolidation, and sustainability in the market. Developments and new product launches in chocolate and rise in the use of cocoa for cosmetics and pharmaceuticals are driving the market and is leading to an increased demand for cocoa.

 

Milk Chocolate segment is the fastest growing among the various types of chocolate during the forecast period

 

The market for chocolate, based on type, is segmented as dark chocolate, milk chocolate, filled chocolate, and white chocolate. The milk chocolate segment is estimated to dominate the chocolate market in 2022 and is anticipated to witness similar trends throughout the forecast period. Milk chocolate has low level of cocoa solids and is lighter and sweeter than dark chocolate. Dark chocolate segment has witnessed an upwards trend over the years owing to various health benefits associated with it due to the presence of high fiber, high iron, magnesium, potassium, and phosphorous content.

 

In the cocoa and chocolate market, organic nature segment is registering the highest growth during the forecast period

 

The cocoa market, based on the nature, is segmented into conventional and organic. In 2022, the conventional cocoa market segment is expected to dominate the market. The conventional cocoa products are easily available at low cost and is widely preferred. Due to the need for organic farming, high labour expenses, maintenance requirements, and other organic cocoa-related operating expenditures, organic cocoa ingredients and products are quite expensive. The organic cocoa segment, however, is estimated to witness a higher growth rate during the forecast period owing to its various health benefits and environment friendliness.

 

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Asia Pacific region is witnessing the highest growth rate in chocolate market

 

The Asia Pacific region is witnessing the fastest growth rate of 5.72% during the forecast period. The Chinese cocoa market, in terms of volume, is estimated to grow at a CAGR of 6.39%. This is attributed to the strong demand for chocolate in the country. Across Europe, Germany consumed the highest quantity of chocolate in 2021 followed by UK, and Belgium. United States accounted for the largest market share primarily driven by the large consumption of confectionary and bakery items. According to the Observatory of Economic Complexity (OEC), the US was the seventh largest exporter of chocolate in 2020, with key export destinations being Canada, Mexico, South Korea, Australia, and the UK. Growth in this region is attributed to the growing population, rise in per capita income, growing urbanization, and therefore, an increase in demand for chocolate-based products. Additionally, the nutritional benefits of chocolate are promoting the growth of chocolate in the region.

 

The key players in cocoa and chocolate market include Mars, Inc.(US), Mondelez International (US), Nestle S.A. (Switzerland), Meiji Holding Co. Ltd.(Japan), Ferrero International(Italy), Olam Group (Singapore), Barry Callebaut(Switzerland), Cargill Incorporated (US), Cocoa Processing Company (GHANA), Archer Daniel Midland (ADM) Company (U.S.), Chocoladefabriken Lindt & Sprüngli AG (Switzerland) and Pladis Global(UK) among others.