World Cocoa and Chocolate Market Size, Ratio, Expansion Factors, Business Trends and Forecast

CHICAGO, July 17, 2024 (GLOBE NEWSWIRE) — According to an analysis report Cocoa and Chocolate Market Published by Markets&Markets™, the global cocoa market size is projected to reach $26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market size is estimated to reach $160.9 billion. 2027, growing at a CAGR of 4.7% from 2022 to 2027.

Cocoa beans are the hard seeds of the cocoa bush and are harvested for the extraction of cocoa butter and cocoa solids. Cocoa beans are processed to obtain by-products such as cocoa butter, cocoa liquor and cocoa powder. The processes to extract those by-products from cocoa beans include cleaning, plucking and splitting, sterilization and alkalinization, scorching, nib grinding, and pressing. Cocoa beans are rich in flavonoids with anti-oxidative properties and are included in many packages such as cosmetics, prescribed medicines, food and beverages and mainly confectionery. In confectionery, most cocoa beans and their by-products are aged to make chocolate. Demand for blank label products, specialty, sustainable and high quality sweets is one of the key features widely prevalent in the market.

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The chocolate market, according to classification, is divided as cloudy chocolate, milk chocolate, stuffed chocolate and white chocolate. The milk chocolate segment is estimated to dominate the chocolate market in 2022 and is expected to witness homogeneous characteristics during the forecast period. Milk chocolate has less cocoa solids and is lighter and sweeter than cloudy chocolate. The dim chocolate sector has seen growth over time due to the numerous health benefits associated with it due to the presence of high fiber, high iron, magnesium, potassium and phosphorus content.

According to character, the cocoa market is divided into specialty and natural. In 2022, the general cocoa market region is expected to dominate the market. Traditional cocoa products are available at low prices and are widely popular. Due to the desire for natural farming, major labor bills, maintenance requirements, and alternative natural cocoa-related ongoing expenses, natural cocoa ingredients and merchandise are somewhat expensive. On the other hand, the natural cocoa sector is projected to observe the next expansion charge during the forecast period due to its multiple status advantages and state friendliness.

According to software, the cocoa and chocolate market is segmented as food and beverages, cosmetics and prescribed drugs. The food and beverage software sector is expected to be the largest market in 2022. The sector will remain the largest shareholder during the forecast period due to the widespread use of cocoa in confectionery and bakery products. Additionally, alternative segments such as cosmetics and prescription drugs will witness solid expansion over the forecast period.

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Europe is the largest consumer of cocoa and chocolate. The high per capita consumption rate of chocolate in EU countries makes it the largest shareholding sector as the demand for “artisan” and “handmade” sweets is increasing. The EU and North American chocolate markets have reached their saturation level, with chocolate manufacturers focusing on introducing additional cutting-edge merchandise to attract consumers. Manufacturers are looking for a variety of chocolates with broad status claims and custom designed bars as well as esoteric flavors.

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Asia-Pacific is the fastest growing market for cocoa, mainly due to the presence of a huge household base, expanding per capita revenue sources, urbanization and lifestyle commensuration. This is due to the strong demand for chocolate in the country due to the increasing importance of cocoa powder in baking and growing demand from the bakery sector. North United States is the second largest market in terms of volume and is projected to grow at top CAGR from 2022 to 2027.

Market leading gamers

• Mars, Inc. (US)

• Mondelez World (US)

• Nestle SA (Switzerland)

• Meiji Conserving Company Limited (Japan)

• Ferrero World (Italy)

• Olam Crew (Singapore)

• Barry Callebaut (Switzerland)

• Cargill Incorporated (US)

• Cocoa Processing Corporate (Ghana)

• Archer Daniel Midland (ADM) Corporate (US)

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