Date: May 2022
Cocoa Market worth USD 17,636.8 million by 2030
The Market Statsville Group (MSG) publishes the new report on the "Cocoa Market by Product Type (Cocoa Butter, Cocoa Liquor, and Cocoa Powder), by Process (Dutch Process and Natural Process), by Nature (Organic and Conventional), by Quality (Bulk, Specialty, and Fine flavor), by Application (Confectionery, Food & beverages, Bakery, and Others), by Region – Global Share and Forecast to 2030".
The global cocoa market size is expected to grow from USD 12,074.3 million in 2021 to USD 17,636.8 million by 2030, at a CAGR of 4.3% during the forecast period (2022-2030). Cocoa is obtained from a tropical plant called cacao tree or Theobroma cacao. The major cocoa-producing nations include Ghana, Nigeria, Cote d’Ivoire, Cameroon, and Ecuador. To make cocoa liquor or chocolate liquor, the cocoa bean is dried and fermented. It is the most important ingredient in chocolate production. Chocolate consumption is increasing, which increases the demand for cocoa on the global market. Due to its sweet flavor and aroma, chocolate has been regarded as a premium luxury since ancient times. It has a number of health benefits, including lowering cholesterol and lowering the risk of cardiovascular disease. Chocolate contains several antioxidants and minerals. It aids in the maintenance of body weight. These factors increase worldwide chocolate demand, resulting in the global cocoa market expanding during the forecast period.
Global Cocoa Market Segmentation
The cocoa market has been segmented into the product type, process, nature, quality, application, and region.
- By Product Type (Cocoa Liquor, Cocoa Butter, and Cocoa Powder)
- By Process (Dutch Process and Natural Process)
- By Nature (Organic and Conventional)
- By Quality (Bulk, Specialty, and Fine flavor)
- By Application (Confectionery, Food & beverages, Bakery, and Others)
- By Region ( North America, Europe, Asia Pacific, South America, and the Middle East & Africa)
Conventional, by nature, is estimated to hold the largest market share during the forecast period
Based on the nature, the global cocoa market is segmented into organic and conventional segments. In 2021, the conventional segment dominates the global cocoa market. Conventional farming of cocoa is a system of farming that includes the use of synthetic chemical pesticides, fertilizers, herbicides, and other inputs. Conventional farming ensures the protection of crops from insects, disease, and weeds.
Conventionally produced cocoa ensures a good amount of yield to the farmers and as it is an essential cash crop of Africa, it generates significant revenue for the farmers. Further, the key cocoa sourcing companies and traders get the cocoa at cheap prices compared to the organic cocoa. Conventional cocoa is widely preferred across various industries such as food & beverages, pharmaceuticals, cosmetics, and confectionery. These aforementioned factors are expected to propel the growth of the conventional cocoa segment during the forecast period.
Europe accounts for the largest market share in the cocoa market
Based on the regions, the global cocoa market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Europe accounted for the highest market share of 40.8% in the global cocoa market. Europe comprises of the Netherlands, Germany, Belgium, France, UK, Italy, Spain, Switzerland, and the rest of Europe. Europe is the leading cocoa market because it is also the leader in chocolate consumption. Consumers of the European nations have immense attraction towards chocolate and cocoa products.
In Europe, there is a strong supply chain and distribution network of the confectionery industry. The Bakery is also very much popular in Europe. The development of confectionery, food & beverage, and bakery industries are fuelling the growth of the global cocoa market. Moreover, Europe is characterized by the high consumption of chocolates and cocoa products, high disposable income, and demand for healthy chocolate food. All these factors had made Europe the dominant market for cocoa and is expected to retain its dominance during the forecast period.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the cocoa market. It also consists of the profiles of leading companies such as Barry Callebaut AG, Olam International Ltd., Cargill, Inc., Guan Chong Cocoa Manufacturer SDN. BHD, Bloomer Chocolate Company, Ciranda, Inc., Touton S.A., United Cocoa Processor, Inc., The Hershey Company, and VJ Jindal Cocoa Private Ltd.
Browse complete report: https://www.marketstatsville.com/cocoa-market
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Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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