Cocoa Products Market

Cocoa Products Market Size, Share, Growth (2023-2028)

Cocoa Products Market size was at USD 28.29 billion in 2023 and is anticipated to reach over USD 35.1 billion by 2028 with a CAGR of 4.40% 

Cocoa Products Market Overview:

Cocoa products are derived from cocoa beans or fermented seeds of a cocoa tree. Some of the main cocoa products include cocoa powder, chocolate, cocoa butter, cocoa liquor, etc. Many cocoa products are nowadays becoming pivotal in different industries, such as chocolates, cosmetics and pharmaceuticals, alcohol and so on. Cocoa products like cocoa powder have been shown to regulate blood pressure and prevent the development of hypertension, reduce the risk of heart attack and stroke, and promote healthy skin and teeth.

Cocoa Products Market Report Statistics:

Recent Developments in Cocoa Products Industry:

1. Olam International confirmed its plans to shake hands with John Lewis to encourage the next generation coffee growers in Colombia. This development will help the company increase its production capacity and its global presence.

2. Sucden became a member of the International Cocoa Initiative (ICI) for the protection of child labor. This development has helped the company increase its goodwill and income in the near future.

3. Global Ingredients and Food Group Cargill launched its Veliche Gourmet artisan chocolate brand in the Netherlands at the country's leading hotel fair, Horecava in Amsterdam.

Cocoa Products Market Drivers and Restraints:

The growing demand for chocolates and related products such as dark chocolates, milk chocolates, etc., has led to an increase in demand for cocoa products.

Manufacturers carry out increased per capita chocolate consumption and aggressive advertising and promotional campaigns to attract buyers, which is likely to stimulate demand for cocoa products. Also, the use of cocoa butter in the formulation of various cosmetic and personal care products due to its therapeutic properties is expected to further increase the demand for cocoa products during the forecast period. The demand for organic cocoa products has augmented rapidly as consumers are increasingly concerned about food safety and the impact of cocoa plantations on the environment. This is attributed to the increasing popularity of cocoa products, including cocoa beverages and other products, associated with increasing disposable income among the middle-class population, which is expected to boost cocoa bean sales. Furthermore, factors such as changing consumer demand, changing taste, and increasing health awareness among consumers are supposed to increase market demand for cocoa products. Furthermore, increased government efforts to provide modern agricultural techniques to farmers are supposed to create positive prospects for cocoa beans, which will ultimately drive the growth of the cocoa product market. However, the threat to the sustainability of cocoa production, endemic fertilizer use, low soil fertility and climate change are likely to affect the production of cocoa products during the forecast period.

Cocoa Products Market is Segmentation:

By type

• cocoa beans

• cocoa butter

• cocoa powder

• cakes

• paste

• cocoa liquor

• chocolate

According to the application, the confectionery segment has been the main contributor to the cocoa products market share in 2019 and is expected to dominate the market throughout the foreseen period. This is attributed to the growing affinity of people around the world for packaged foods and sweets. In addition, the increase in disposable income coupled with the frequent snacking habit of consumers around the world has helped boost the confectionery segment. However, the cosmetics category is anticipated to grow at the fastest CAGR during the conjecture period.

Cocoa Products Market Regional Analysis:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East, and Africa

In the global Cocoa Products market, the European region provided the largest share, followed by North America, Asia-Pacific, and others. In Europe, Germany occupies the largest market share due to the high consumption of cocoa products in industrial applications, for example, Mondelez International, Nestlé, and Lindt & Sprüngli, one of the main players in confectionery, consumes mainly cocoa-based products for the elaboration of chocolates incorporated with roasted cocoa bean products.

In North America, the United States occupied the largest market share due to the consumption of cocoa beans and butter applied in the food and beverage industry and the preference for tasty coffee, which has made its preferences among American consumers. In the Asia-Pacific region, the Japanese market is leading growth due to the high consumption of cocoa liquors and cocoa butter in the food and pharmaceutical sector and has led its growth.

Cocoa Products Market Key Players:

1. United Cocoa Processor

2. Cargill, Tradin Organic

3. Puratos Group

4. Touton S.A

5. Guan Chong Berhad (GCB)

6. The Hershey Company

7. Ciranda, and FUJI OIL CO