Description
According to the Market Statsville Group (MSG), the global cocoa market size was valued at USD 12,074.3 million in 2021 and is estimated to reach USD 17,636.8 million by 2030, registering a CAGR of 4.3% from 2022 to 2030. The major cocoa-producing nations include Ghana, Cameroon, Nigeria, Ecuador, Cote d’Ivoire. The cocoa bean is dried and fermented to produce chocolate liquor or cocoa liquor. It is the key ingredient for producing chocolates. The growing consumption of chocolates boosts the demand for cocoa in the global market. Chocolate is perceived as a premium luxury since ancient times due to its taste and aroma. It similarly offers various health benefits, such as reducing the risk of cardiovascular problems and cholesterol levels. Chocolate is a rich source of antioxidants and minerals. It also helps in maintaining body weight. These factors boost the demand for chocolate globally and ultimately fuel the growth of the global cocoa market during the forecast period.
Cocoa powder and cocoa butter are produced from cocoa liquor. Cocoa powder and cocoa butter are increasingly used in various industries such as bakery, food & beverages, nutraceuticals, pharmaceuticals, and cosmetics as flavoring and coloring agents. It is used to make toiletries due to its flavor and aroma. Thus, the growing application of cocoa in different industries is expected to boost the global cocoa market in the forthcoming years.
Global Cocoa Market Definition
Cocoa is derived from the Theobroma tree, or cacao tree consumed widely in confectionery, food & beverages, bakery applications, and is a key ingredient in making chocolate and chocolate products. The growing application of cocoa in these industries is fueling the growth of the global cocoa market.
COVID–19 Impact on the Global Cocoa Market
The overall impact on the global cocoa market is negative due to the outbreak of the pandemic. However, the global cocoa market is expected to cover up the losses in the upcoming years. The development of COVID-19 vaccines in major countries will positively affect the cocoa market. The development of e-commerce channels will play a vital role in the development and growth of the cocoa market. The top cocoa and chocolate companies are focusing on their distribution channels and online presence to survive in the market. The pandemic has shown the importance and necessity of developing digital channels across the globe.
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Global Cocoa Market Dynamics
Drivers: VSS-compliant production is boosting the demand for the sustainable cocoa
VSS refers to voluntary sustainability standards. VSS is the standards that direct the manufacturers, retailers, and service providers to adopt methods that meet sustainability metrics such as environmental impacts, workers’ health and safety, deforestation, and child and forced labor. When the manufacturers comply with the VSS-compliant production, it provides the manufacturers a means or label that distinguishes their products. Consumers can identify the VSS labeled products and their attributes easily.
Consumers nowadays are much more concerned with sustainability. Many cases of child labor have been in the limelight in the top cocoa-producing countries such as Nigeria, Ghana, and Cote d’Ivoire. Therefore, by adopting VSS-compliant production practices, the company can appeal to the consumers who want to address social issues such as income disparities and child and forced labor. This helps the companies to gain a competitive advantage on multiple levels. Barry Callebaut, one of the leading players in the cocoa market, is expected to source 100% sustainable cocoa by 2025. Therefore, the adoption of VSS is boosting the demand for sustainable cocoa in the major markets.
Restraints: Dynamic price fluctuations of cocoa beans may hinder the market growth
As per the data published by the International Cocoa Organization in 2020, the cocoa price is rising at the rate of around 20% on a year-on-year basis. According to the International Cocoa Organization, the production cap by West African countries and unfavorable weather conditions have created a gap between the demand and supply of cocoa. West African countries such as Ghana, Nigeria, and Cote d’Ivoire are the leading cocoa producers. The gap between supply and demand for cocoa may lead to a rise in prices, and cocoa manufacturers and processors may suffer. In such a scenario, the use of cocoa substitutes may also rise. Therefore, the rising cocoa prices may hinder the growth of the global cocoa market during the forecast period.
Opportunities: Storytelling is the trending marketing strategy in the cocoa market
The customers and the consumers are highly captivated by the stories behind the products they buy and consume. The story behind the product may greatly influence the buying decision of the buyer. The manufacturers of the chocolate and cocoa products are paying utmost attention to storytelling in their branding strategies. The consumers are interested in knowing the stories behind a product. This gives the cocoa manufacturers and traders an opportunity to highlight the story behind the origin of the cocoa, especially in the case of specialty cocoa. Mostly, the storytelling strategy is used by the chocolate manufacturing companies showing cocoa beans and cacao trees in their advertising. Cadbury Bournville and Nestle Kit-Kat are the examples of chocolate brands that use storytelling strategies.
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Scope of the Global Cocoa Market
The study categorizes the cocoa market based on product type, process, nature, quality, application, and region.
By Product Type Outlook (Sales, USD Million, 2017–2030)
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
By Process Outlook (Sales, USD Million, 2017–2030)
- Dutch Process
- Natural Process
By Nature Outlook (Sales, USD Million, 2017–2030)
- Organic
- Conventional
By Quality Outlook (Sales, USD Million, 2017–2030)
- Bulk
- Specialty
- Fine flavor
By Application Outlook (Sales, USD Million, 2017–2030)
- Confectionery
- Food & beverages
- Bakery
- Others
By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
The cocoa segment is projected to account for the largest market share, by product type
On the basis of product type, the global cocoa market is segmented into cocoa butter, cocoa liquor, and cocoa powder. In 2021, Cocoa liquor had the largest market share of 38.6% in the global cocoa market. Cocoa liquor, also known as chocolate liquor, is the essential item required to produce raw chocolate. The cocoa beans are fermented, dried, roasted, and then separated from their skin to obtain cocoa mass. This cocoa mass is then melted to obtain cocoa liquor.
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Cocoa liquor is witnessing an upsurge in demand due to the growing global demand for chocolates, especially in Europe and North America. Further, the growing usage of cocoa liquor in various industries such as food & beverages, pharmaceuticals, health, personal care, and bakeries is fuelling the growth of the global cocoa market. The growing consumer awareness regarding cocoa liquor’s health benefits, such as better blood flow, lower sugar levels, improved cholesterol, and lower blood pressure, has boosted cocoa liquor consumption. Therefore, the growing consumption of chocolates and growing demand for cocoa liquor owing to its uses as a flavoring material in the food & beverages industry is expected to propel the global cocoa market during the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global cocoa market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific is projected to grow at the highest CAGR of 4.6% during the study period. Asia-Pacific consists of China, Japan, India, Malaysia, Indonesia, Singapore, and the Rest of Asia-Pacific. Asia-Pacific is characterized by a dense population, growing consumer awareness, rapid urbanization, and rising disposable income.
Asia-Pacific is witnessing rapid growth in the confectionery industry. The popularity of chocolates has spread significantly in this region. The use of chocolate and cocoa products in various industries such as bakery, confectionery, pharmaceuticals, food & beverages, and cosmetics is boosting the Asia-Pacific cocoa market. Asia-Pacific is expected to be the fastest-growing market due to growing population, growing consumer awareness, rising disposable income, and growth of multinational restaurant chains.
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Key Market Players in the Global Cocoa Market
The global cocoa market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global cocoa market are:
- Barry Callebaut AG
- Guan Chong Cocoa Manufacturer SDN. BHD
- Olam International Ltd.
- Cargill, Inc.
- Ciranda, Inc.
- Bloomer Chocolate Company
- The Hershey Company
- Touton S.A.
- United Cocoa Processor, Inc.
- VJ Jindal Cocoa Private Ltd.
