The global cocoa and chocolate market size is expected to reach USD 69.1 billion by 2030, according to a new study by Polaris Market Research. The report “Cocoa and Chocolate Market Share, Size, Trends, Industry Analysis Report, By Chocolate Type (Dark, Milk, White, and Filled); By Cocoa Ingredients; By Application; By Distribution Channel; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing demand for cocoa products and chocolate for either direct consumption or to be utilized in further development of food products, along with an increasing number of key companies improving their production volumes for cocoa and chocolates is anticipated to promote the market’s growth. Chocolates are primarily made of cocoa powder, formulated with other food ingredients to define their taste profile and characteristics. The degree of cocoa content describes the grade and type of chocolate and may further be classified as premium and standard chocolates.
Chocolates contain chemical compounds with health benefits, such as epicatechin and other flavonols that help fight inflammation and reduce free radical damage. Moreover, according to an article published by John Hopkins Medicine, chocolates are reported to improve heart health, immunity, and brain function and boost performance, among other benefits. The benefits above, coupled with increasing demand for chocolate consumption by the youth for indulgence, are anticipated to augment the market’s growth.
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Consumers’ increasing preference for chocolates with a high proportion of cocoa and consumer sentiment of relating single-origin cocoa-based chocolates with premium products is expected to bolster the demand for premium chocolate and cocoa ingredients. For instance, according to a research study conducted by Barry Callebaut among consumers from key countries of Europe, single-origin chocolates were considered to be premium and sustainable by consumers as compared to standard chocolate ad accounted for a majority of 75% among consumers.
The COVID-19 pandemic adversely affected the industry due to its market dependence on quality produce and derailing the supply chain of raw materials during the period. Moreover, consolidation of premium cocoa ingredient production in African key countries further disrupted the market due to logistical and storage challenges. Although the pandemic had implications for the market, it has also created opportunities for key companies to redevelop and diversify their product offerings and cater to new customer segments.
Cocoa and Chocolate Market Report Highlights
- Filled segment is anticipated to grow at a high CAGR over the forecast period owing to the increasing trends of gifting indulgent confectionaries on festive occasions.
- Butter accounted for a major global revenue share, which is accelerated by the increasing utilization in development of cosmetics and cosmeceuticals.
- Food & Beverage sector is expected to hold a significant market share over the forecast period due to the preferential shift among consumers to turn vegan.
- Europe dominated the market over the projected period due to the increasing awareness of the health benefits of cocoa products among consumers and the growing adoption of chocolates and cocoa products in the region.
- The global players include Barry Callebaut, Cargill, Olam International, Cocoa Processing, Niche Cocoa, BD Associates, Nestle, and Mondelez International.
Polaris Market Research has segmented the cocoa and chocolate market report based on chocolate type, cocoa ingredients, application, distribution channel, and region:
Cocoa and Chocolate, Chocolate Type Outlook (Revenue – USD Billion, 2018 – 2030)
Cocoa and Chocolate, Cocoa Ingredients Outlook (Revenue – USD Billion, 2018 – 2030)
Cocoa and Chocolate, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Food & Beverage
Cocoa and Chocolate, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
Cocoa and Chocolate, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa