Food and Beverages

Cocoa & Chocolate Market is Expected to Reach USD 10,296.5 million by 2030

Apr 2024

Food and Beverages

As per the report published by Kings Research, the global Cocoa & Chocolate Market was valued at USD 149.54 billion in 2022 and is projected to reach USD 198.52 billion by 2030, growing at a CAGR of 3.79% from 2023 to 2030.

The global cocoa and chocolate market is experiencing significant growth, mainly driven by increasing consumer demand for chocolate products. The growth of the market is driven by several factors such as the rising disposable income of consumers, changing lifestyles, and a growing preference for indulgent and premium chocolate products. Additionally, the health benefits associated with cocoa, such as its antioxidant properties and mood-enhancing effects, have fueled market growth. Furthermore, the expansion of e-commerce platforms and the availability of a wide range of cocoa and chocolate products online have contributed to this growing demand. Moreover, the Asia-Pacific region is witnessing a notable surge in demand, with countries such as China and India emerging as major consumers of chocolate products. However, the market faces challenges such as fluctuating cocoa prices, increasing competition from alternative sweeteners, and concerns regarding sustainable cocoa farming practices. Nevertheless, with continuous innovation and product development, the global cocoa and chocolate market is poised to grow at a significant rate over the forecast period.

Key Insights

  • Based on the cocoa ingredients, the butter segment held the largest market share of 42.15% in 2022
  • Based on the type, the milk chocolate segment registered the largest market share of 47.68% in 2022
  • Based on application, the food & beverage segment dominated the market with a value of USD 57.93 billion in 2022
  • On the basis of region, Europe accounted for the largest market share of 34.69% in 2022

CARRA Launched Its First Dairy-Free White Chocolate Bar

April 2022: Indian plant-based chocolate firm, CARRA, launched its first dairy-free white chocolate bar, aiming to ‘plug the gaps’ in its portfolio to appeal to a wider consumer base.

Growing Global Chocolate Consumption Trends to Drive Market Growth

The demand for cocoa beans is on the rise due to the growing fondness for chocolate and cocoa-based products. Additionally, the rise of specialty and artisanal chocolates has added a new level of sophistication and variety to the market, catering to the discerning tastes of chocolate connoisseurs. These specialty chocolates often use high-quality cocoa beans and innovative flavor combinations, appealing to consumers who seek unique and luxurious chocolate experiences.

Furthermore, there is a growing awareness among consumers about the ethical and environmental impact of cocoa production, thereby leading to a demand for ethically sourced and traceable chocolate. As a result, numerous chocolate companies are investing heavily in fair trade certifications and working directly with farmers to ensure fair wages and sustainable farming practices.

Rising Demand for Premium Food Products to Foster Cocoa & Chocolate Market Growth

The rising inclination toward premium offerings within the cocoa and chocolate market is increasing the demand for chocolate products. Consumers are becoming more selective in their choices, seeking products that offer distinctive flavors, organic certifications, and sustainable production practices. This shift toward premium offerings has created a highly profitable market for cocoa and chocolate manufacturers. These manufacturers are capitalizing on this trend by introducing innovative product lines and investing in higher quality ingredients. As a result, the cocoa and chocolate market is experiencing substantial growth, driven by the rising demand for premium products that cater to the evolving preferences of consumers. To remain competitive in this dynamic market landscape, companies are continuously experimenting with new flavors and textures to attract more consumers. This has resulted in the incorporation of exotic ingredients, such as sea salt, chili peppers, and exotic fruits, into traditional chocolate recipes. Moreover, manufacturers are placing greater emphasis on transparency in their sourcing and production processes to meet the increasing demand for ethical and sustainable products. The cocoa and chocolate market is adapting to meet the changing consumer preferences, thereby fostering innovation and market growth.

Europe to Dominate Cocoa & Chocolate Market with a Value of USD 61.98 Billion by 2030

Based on regional analysis, the global cocoa & chocolate market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. Europe dominated the market in 2022, accounting for a valuation of USD 51.87 billion. Europe boasts a long history and tradition of chocolate consumption, which has created a strong demand for high-quality cocoa and chocolate products across the region. Additionally, European countries have invested heavily in the chocolate industry, with the emergence of numerous renowned chocolate brands originating from Europe. This has resulted in a well-established infrastructure and expertise in cocoa processing, chocolate manufacturing, and distribution. Moreover, European countries have a strong focus on quality and innovation, constantly introducing a range of new flavors, textures, and packaging designs to cater to evolving consumer preferences. The combination of these factors has contributed to Europe's leading position in the cocoa and chocolate market.

Market Players are Focusing on Launching New Products to Gain a Competitive Edge in the Market

The global cocoa & chocolate market is consolidated with significant players such as Niche Cocoa Industry Limited, Olam Group, Plot Ghana, Barry Callebaut, Cargill, Incorporated., Cocoa Processing Company Limited, Touton S.A., Mars, Incorporated, Nestle, and Mondelez International, among others. These companies are concentrating on expanding their business through collaboration and partnership strategies.

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