New York, July 24, 2023 (GLOBE NEWSWIRE) -- Worldwide volumetric use of cocoa is projected to rise to 3,072,393 tons by the end of 2033, increasing at a CAGR of 3.5%, as per this new market study by Persistence Market Research. The global market is projected to reach a value of US$ 15.58 billion by 2033.
Rapid growth of the food & beverage industry is one of the crucial factors influencing market expansion. Chocolates and chocolate-flavored foods and beverages are sought by consumers of all ages, irrespective of the region. This high demand has led to an increased focus on cocoa production to meet the supply-demand balance. Leading global organizations, such as the International Cocoa Organization (ICCO) and the Food and Agriculture Organization of the United States (FAO), have observed a steady rise in global cocoa production in recent years.
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While cocoa farming has become less popular in Middle Eastern and African countries, regions like Latin America and Europe have emerged as significant cocoa producers. This shift is due to the growing number of cocoa farmers and the adoption of advanced cultivation methods. As a result, the global cocoa market is anticipated to experience substantial growth in the near future. Cocoa is one of the most favored flavors globally, which is contributing to its increased sales.
Key Takeaways from Market Study
- The global cocoa market stands at a valuation of US$ 10.37 billion in 2023.
- Demand for cocoa in Europe is expected to reach a volume of 717,559 tons by 2033.
- North America and Europe account for a collective volume market share of 52% at present.
- Worldwide consumption of liquid cocoa is anticipated to reach 1,299,682 tons in 2023.
- Based on end use, the food & beverage sector accounts for a volume share of 53.2% and is projected to advance at a CAGR of 3% over the forecast period.
- The cocoa markets in Japan and South Korea are predicted to expand at volume-based CAGRs of 3.8% and 4.3%, respectively, through 2033.
“Increasing preference for specialty chocolate has augmented the demand for high-quality fine-flavor cocoa and has led manufacturers to expand their cocoa production capacities. Moreover, manufacturers are adopting an innovative approach and producing cocoa in various flavors tailored to meet industry demands, which is driving cocoa sales,” says a Persistence Market Research analyst.
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Competitive Landscape
Manufacturers of cocoa are investing in research and development to expand their operations globally. They are also striving to widen the utilization of cocoa in several industries to remain competitive.
Some of the key corporations involved in the cocoa industry Avanschem, Briofeed Private Limited, Cargill, Flavorchem Corp., Forbes Chocolate, Givaduan, GLCC Co., Keliff's, METAROM Group, Olam International Limited, Olivanation, PROVA, Sapphire Flavors & Fragrances, Symrise AG, Tradin Organics., Other Companies (on Additional Request)
- In November 2021, Cargill Inc. announced the completion of its US$ 13 million cocoa processing facility expansion. This expansion enables the company to increase its production capabilities to 90,000 tonnes, a 20% increase above its existing capabilities.
- GLCC CO. uses extensive research and development to formulate natural and artificial flavors depending on consumers’ needs. Since the company has its R&D facilities, it is capable of providing flavors both as emulsions and as glycol/alcohol blends since natural flavors generally require glycol/alcohol as solvents.
- In December 2021, Symrise AG established its innovation lab located at Colworth Science Park in the United Kingdom. This on-site facility allows the company to successfully experiment with different flavors.
- Keliff’s uses an organically optimized manufacturing process to produce cocoa. Its cocoa powder is primarily extracted from three plants, namely forastero, criollo, and trinitario, with the forastero plant accounting for 80% to 90% of the total extraction.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global cocoa market, presenting historical data for 2018 to 2022 and estimation statistics for 2023 to 2033.
The study offers compelling insights based on nature (organic, conventional), form (liquid, powder), type (cocoa extract, natural cocoa flavor, natural cocoa WONF, natural identical cocoa flavor), and end use (food & beverages [bakery, confectionery, beverages], foodservice, retail/household), across seven major regions of the world.
For additional insights on how the growth of the cocoa market will shape up over the decade, write to media@persistencemarketresearch.com
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About Food & Beverages Division at Persistence Market Research
The Food & Beverages team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports about the latest statistics and analyses from the food & beverages industry, the team is happy to help with every business intelligence research and consulting requirement.
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