Dublin, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The "Global Cocoa and Chocolate Market by Type (Dark Chocolate, Milk Chocolate, Filled Chocolate, White Chocolate), Application (Food & Beverage, Cosmetics, Pharmaceuticals), Nature (Conventional, Organic), Distribution, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global cocoa market is projected to reach USD 26.3 billion by 2027 growing at a CAGR of 4.5% from 2022 to 2027. The chocolate market is projected to reach USD 160.9 Billion by 2027 growing at a CAGR of 4.7% from 2022 to 2027
The growing disposable income drives the sales of chocolates and boosts the growth of the market.
Among types, cocoa butter dominated the cocoa market with 57.81% of total market share in terms of value
Based on type, the cocoa market has been segmented into cocoa butter, cocoa powder, and cocoa liquor. Cocoa butter is anticipated to hold the largest market share in 2022, followed by cocoa powder, and cocoa liquor.
Cocoa butter and cocoa powder are obtained from cocoa liquor. White chocolate primarily uses cocoa butter for its taste, whereas cocoa powder is widely used in dark chocolates. While cocoa butter is used in white chocolate and pastries, cocoa powder has its applications in food and beverage industry.
The chocolate market has high demand in offline distribution segment
Based on distribution channel, the chocolate market is segmented as offline and e-commerce. The offline distribution channel holds the largest market share in chocolate market, whereas the e-commerce segment is the fastest growing distribution channel. With ease and convenience of buying, e-commerce is widely being adopted by the consumers.
Moreover, it is also convenient for the manufacturing companies to advertise their products through various offers and promotional activities that benefits both the companies and consumers. This is further boosting the online sales of chocolates globally.
Asia-Pacific is projected to witness growth of 5.34% during the forecast period
Asia-Pacific is the fastest-growing market, with a growth rate of 5.34% during the forecast period. Countries in Asia-Pacific region such as China, Indonesia, and India are contributing to the rising demand of cocoa. In China, the increasing purchasing power and globalization are the factors boosting the demand for chocolate. The country is posing opportunities for the foreign brands in cocoa & chocolates market.
Premium Insights
- New Product Launches and Expansions to Drive Cocoa Market
- Strong Demand from Asia-Pacific to Drive Chocolate Market
- Cocoa Consumption in China and India to Increase at High Rates During Forecast Period
- Rising Demand for Chocolate in Emerging Markets to be Highest
- China to Account for Largest Share in Asia-Pacific in 2022
- Germany to Account for Largest Share in Europe in 2022
- Cocoa Butter to Dominate Cocoa Market in 2022
- Conventional Segment to Dominate Cocoa Market in 2022
- Food & Beverage to Dominate Cocoa Market During Forecast Period
- Europe to Dominate Cocoa Market During Forecast Period
- Milk Chocolate to Dominate Chocolate Market in 2022
- Offline Segment to Dominate Chocolate Market in 2022
- Europe to Dominate Chocolate Market During Forecast Period
Market Dynamics
Drivers
- Health Benefits of Chocolates
- Large Number of Applications
- Seasonal and Festive-Related Sales
Restraints
- Highly Unstable Economies in Cocoa-Producing Countries
- High Raw Material Prices
Opportunities
- Low Penetration Rate in Developing Countries
- Use of Chocolates as Functional Food
- Organic and Fairtrade
Challenges
- Increase in Counterfeit Products
- Changing Consumer Preferences
- Growing Issues of Sustainability in Cocoa Industry
Key Players
- Mondelez International
- Hershey Company
- Ferrero International
- Chocoladefabriken Lindt & Sprungli AG
- Pladis Global
- Archer Daniels Midland
- Barry Callebaut
- Cargill Incorporated
- Nestle SA
- Blommer Chocolate
- Cemoi
- Cocoa Processing Company Ltd.
- Mars Inc.
- Meiji Holdings Co. Ltd.
- Puratos Group
- Olam Group
- Republica Del Cacao
- Guittard Chocolate Company
- UCP
- Valrhona Inc.
- Niche Cocoa Industry, Ltd.
- Jindal Cocoa
- Afrikoa
- Askinosie
- Davis Chocolate
For more information about this report visit https://www.researchandmarkets.com/r/sqlxea
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