Cocoa and Chocolate Market Size, Share Growth and Industry Forecast 2022-2027

Chicago, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The cocoa and chocolate market refers to the industry involved in the production, processing, and distribution of cocoa-based products, primarily chocolate. Chocolate remains a popular and widely consumed treat worldwide. The increasing global demand for chocolate products, both in developed and emerging markets, is a key driver of the cocoa and chocolate market. Health-conscious consumers are seeking chocolate products with reduced sugar content, healthier ingredients, and functional benefits such as dark chocolate's antioxidants. Manufacturers are responding with a focus on healthier chocolate options.

Cocoa market in terms of revenue was estimated to be worth $21.1 billion in 2022 and is poised to reach $26.3 billion by 2027, growing at a CAGR of 4.5% from 2022-2027 and chocolate market in terms of revenue was estimated to be worth $127.9 billion in 2022 and is poised to reach $160.9 billion by 2027, growing at a CAGR of 4.7% from 2022-2027 according to a latest report published by MarketsandMarkets™. With the growing awareness about health, an increasing number of consumers are prioritizing their health and following specific diets with specific needs. This propels the demand for dark chocolate with high cocoa and less sugar. Cocoa is the major raw material required to manufacture chocolate.

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Cocoa and Chocolate Market Scope:

Cocoa and Chocolate Market major players covered in the report, such as:

• Mars, Inc.(US)
• Mondelez International (US)
• Nestle S.A. (Switzerland)
• Meiji Holding Co. Ltd.(Japan)
• Ferrero International(Italy)
• Olam Group (Singapore)
• Barry Callebaut(Switzerland)

Cocoa and Chocolate Industry Report (223 Pages, 195 Tables, and 56 Figures): https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=226179290

The research report categorizes the market into the following segments:

Cocoa Market by Type

• Cocoa Butter
• Cocoa Powder
• Cocoa Liquor

Cocoa Market by Application

• Food & Beverage
• Cosmetics
• Pharmaceuticals

Cocoa Market by Nature

• Conventional
• Organic

Chocolate Market by Type

• Dark Chocolate
• Milk Chocolate
• White Chocolate
• Filled Chocolate

Chocolate Market by Distribution Channel

• Offline
• E-commerce
• By Region
• North America
• Europe
• Asia Pacific
• Rest of the World (RoW)

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The key stakeholders in the Cocoa and Chocolate Market include:

• Growing Demand for Chocolate: Chocolate remains a popular and widely consumed treat worldwide. The increasing global demand for chocolate products, both in developed and emerging markets, is a key driver of the cocoa and chocolate market.
• Emerging Markets: Emerging economies, particularly in Asia and Latin America, are experiencing rising incomes and urbanization, leading to increased consumption of chocolate products. This has expanded the market's geographical reach.
• Health and Wellness Trends: Health-conscious consumers are seeking chocolate products with reduced sugar content, healthier ingredients, and functional benefits such as dark chocolate's antioxidants. Manufacturers are responding with a focus on healthier chocolate options.
• Sustainable Sourcing: There is a growing emphasis on sustainable cocoa sourcing practices, including fair trade and certification programs. Consumers are increasingly interested in knowing the ethical and environmental impact of cocoa production.
• Bean-to-Bar Movement: The "bean-to-bar" movement, where chocolate makers oversee every step of the production process from cocoa bean sourcing to the final product, has gained popularity. This emphasizes quality and transparency.
• Flavor and Ingredient Innovation: Manufacturers are exploring unique flavor profiles, ingredients, and inclusions (such as nuts, fruits, and spices) to differentiate their chocolate products and cater to diverse consumer preferences.
• Premium and Artisanal Chocolate: Consumers are willing to pay more for premium and artisanal chocolate, which often boasts high-quality ingredients, unique flavors, and specialized craftsmanship.
• E-commerce and Direct-to-Consumer Sales: Online retail and direct-to-consumer sales channels have become significant avenues for chocolate producers to reach consumers, offering convenience and a wide variety of options.
• Chocolate for Functional Purposes: Dark chocolate is being marketed as a functional food with potential health benefits, including improved heart health and mood enhancement.
• Cocoa Price Volatility: The cocoa market is susceptible to price fluctuations due to factors like weather conditions, disease outbreaks (such as frosty pod and witches' broom diseases), and geopolitical issues. These fluctuations can impact cocoa and chocolate prices.

Cocoa and Chocolate Market Frequently Asked Questions (FAQs):

Q1. What is Cocoa Market?
Q2. What is the estimated growth rate (CAGR) of the global Cocoa and Chocolate Market for the next five years?
Q3. What is importance of Ivory coast in Cocoa Market?
Q4. What are health benefits of cocoa?
Q5. What factors can help increase production of Cocoa?
Q6. What is the projected market value of the global Cocoa and Chocolate Market?
Q7. What are the major revenue pockets in the Cocoa and Chocolate Market currently?

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This report provides insights on the following pointers:

• Growing Demand for Chocolate: Chocolate remains a popular and widely consumed treat worldwide. The increasing global demand for chocolate products, both in developed and emerging markets, is a key driver of the cocoa and chocolate market.
• Emerging Markets: Emerging economies, particularly in Asia and Latin America, are experiencing rising incomes and urbanization, leading to increased consumption of chocolate products. This has expanded the market's geographical reach.
• Health and Wellness Trends: Health-conscious consumers are seeking chocolate products with reduced sugar content, healthier ingredients, and functional benefits such as dark chocolate's antioxidants. Manufacturers are responding with a focus on healthier chocolate options.
• Sustainable Sourcing: There is a growing emphasis on sustainable cocoa sourcing practices, including fair trade and certification programs. Consumers are increasingly interested in knowing the ethical and environmental impact of cocoa production.
• Bean-to-Bar Movement: The "bean-to-bar" movement, where chocolate makers oversee every step of the production process from cocoa bean sourcing to the final product, has gained popularity. This emphasizes quality and transparency.
• Flavor and Ingredient Innovation: Manufacturers are exploring unique flavor profiles, ingredients, and inclusions (such as nuts, fruits, and spices) to differentiate their chocolate products and cater to diverse consumer preferences.
• Premium and Artisanal Chocolate: Consumers are willing to pay more for premium and artisanal chocolate, which often boasts high-quality ingredients, unique flavors, and specialized craftsmanship.
• E-commerce and Direct-to-Consumer Sales: Online retail and direct-to-consumer sales channels have become significant avenues for chocolate producers to reach consumers, offering convenience and a wide variety of options.
• Chocolate for Functional Purposes: Dark chocolate is being marketed as a functional food with potential health benefits, including improved heart health and mood enhancement.
• Cocoa Price Volatility: The cocoa market is susceptible to price fluctuations due to factors like weather conditions, disease outbreaks (such as frosty pod and witches' broom diseases), and geopolitical issues. These fluctuations can impact cocoa and chocolate prices.

Related Reports:

Food Coating Market

Confectionery Ingredients Market

Chocolate Flavors Market

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analyses and profiling of additional market players (up to five)

Geographic Analysis

• With the given market data, MarketsandMarkets offers customizations according to the company-specific scientific needs.
• Further breakdown of the Rest of Europe includes Netherlands, Switzerland, Poland, Sweden, Denmark, and Hungary.
• Further breakdown of the Rest of Asia Pacific into Philippines, Vietnam, Malaysia, Singapre Australia, and New Zealnd.
• Rest of the World (RoW) include Africa and the Middle East