Cocoa & Chocolate Market Size, Share, Growth & Industry Analysis,By Cocoa Ingredients (Butter, Liquor, Powder), By Type (Dark Chocolate, Milk Chocolate, Filled Chocolate, White Chocolate), By Application (Food & Beverage, Cosmetics, Pharmaceuticals, Others) and Regional Analysis, 2023-2030

Cocoa & Chocolate Market Size

The global Cocoa & Chocolate Market size was valued at USD 149.54 billion in 2022 and is projected to reach USD 198.52 billion by 2030, growing at a CAGR of 3.79% from 2023 to 2030. In the scope of work, the report includes products offered by companies such as Niche Cocoa Industry Limited, Olam Group, Plot Ghana, Barry Callebaut, Cargill, Incorporated., Cocoa Processing Company Limited, Touton S.A., Mars, Incorporated, Nestle, Mondelez International and Others.

The global cocoa & chocolate market has witnessed significant growth in recent years. This considerable growth can be attributed to the rising demand for chocolate products across the globe. In addition, several factors such as increasing disposable income, changing consumer preferences, and the influence of social media have contributed to market growth. The market is highly competitive, with numerous players vying for a majority of the market share. These players include multinational companies as well as local and regional players. Innovation and product differentiation are key strategies adopted by these companies to gain a competitive edge in the market.

Moreover, the market is witnessing a shift toward organic and sustainable chocolate products, driven by increasing consumer awareness regarding health and environmental concerns. With the growing popularity of premium and artisanal chocolates, the cocoa & chocolate market is expected to continue its upward trajectory in the coming years. However, fluctuating prices of cocoa beans are anticipated to hamper the growth of the market.

Analyst’s Review 

The increasing consumer demand for high-quality and innovative cocoa & chocolate products is projected to witness significant growth in the coming years. Several factors such as the rising disposable income of consumers, changing dietary preferences, and the growing popularity of premium and organic chocolates are driving market expansion.

In addition, the increasing awareness regarding the health benefits of cocoa and dark chocolate is fueling market growth. Moreover, advancements in cocoa processing technology and the introduction of new flavors and combinations have contributed to surging demand.

Furthermore, the rising trend of gifting chocolates on special occasions and the growing influence of social media in promoting chocolate brands have boosted market progress. With companies continuously investing in research and development to create unique and diverse chocolate offerings, the industry is poised to experience substantial growth and attract more consumers in the foreseeable future.

Market Definition

Cocoa is the powdered version of the cacao tree's roasted and pulverized seeds. It is made by eliminating the majority of the fat from cacao seeds. Chocolate, on the other hand, is a food product derived from cocoa beans that contain cocoa solids, cocoa butter, sugar, and other components. Fermentation, drying, roasting, grinding, and conching are all processes in the chocolate-making process.

The quantity of cocoa solids, cocoa butter, and other components employed determines the type of chocolate, such as dark chocolate, milk chocolate, or white chocolate. Dark chocolate contains more cocoa solids and has a stronger flavor, whereas milk chocolate contains fewer cocoa solids and contains milk. White chocolate does not include cocoa solids. It is mostly composed of cocoa butter, sugar, and milk.  It is imperative to note that precise definitions and rules may differ based on the country and applicable food legislation.

Cocoa & Chocolate Market Dynamics

High demand for chocolate confectionary is expected to drive cocoa & chocolate market growth in the coming years. This growth can be attributed to the increasing disposable income of consumers and their changing preferences toward indulgent treats. In addition, the rising popularity of premium and gourmet chocolates among millennials is fueling product demand.

Furthermore, the growing awareness regarding the health benefits associated with the consumption of dark chocolate, such as its antioxidant properties, is contributing to market growth. Moreover, the expanding retail sector and the growing e-commerce industry have made it easier for consumers to access a wide range of cocoa & chocolate products. This enhanced convenience factor has significantly boosted market expansion, allowing consumers to conveniently purchase their favorite chocolates from the comfort of their homes.  

Moreover, manufacturers are constantly innovating and introducing new flavors and unique packaging designs to attract consumers, which is expected to drive the growth of the cocoa & chocolate market in the near future. However, the limited availability of high quality cocoa beans, along with fluctuating cocoa prices, poses a challenge for manufacturers in maintaining product quality and pricing. Despite this hurdle, the demand for premium and organic chocolate products is on the rise, as consumers become more health-conscious and seek ethically sourced ingredients.

Segmentation Analysis

The global cocoa & chocolate market is segmented based on cocoa ingredients, type, application, and geography.

By Cocoa Ingredients

Based on cocoa ingredient, the market is bifurcated into butter, liquor, and powder. The butter segment registered a significant share of 42.15% in 2022.  Cocoa butter is a crucial ingredient in chocolate production and is valued for its ability to provide the smooth and creamy texture that defines high-quality chocolate. In addition to its use in traditional chocolate bars, cocoa butter finds application across a wide range of confectionery products, cosmetics, and pharmaceuticals. Its contribution to the stability and shelf life of chocolate products further solidified its position in the market.

By Type

Based on type, the market is bifurcated into dark chocolate, milk chocolate, filled chocolate, and white chocolate. The milk chocolate segment dominated the market with a share of 48.78% in 2022. This dominance is fueled by the wide popularity and appeal of milk chocolate among consumers of all ages. Its creamy and sweet taste, combined with a smooth texture, makes it a favorite choice for many chocolate lovers. Additionally, the versatility of milk chocolate in various confectionery products and desserts further contributes to its market dominance.

Cocoa & Chocolate Market Regional Analysis

Based on region, the global cocoa & chocolate market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

The Europe Cocoa & Chocolate Market share stood around 34.69% in 2022 in the global market, with a valuation of USD 51.87 billion. European countries boast a long history and tradition of chocolate consumption, with chocolate deeply ingrained in their cultures. This has led to a high demand for chocolate products, thereby creating a strong market presence.

Additionally, European countries have invested heavily in the cocoa industry, with a particular focus on West Africa, the primary region for cocoa production. This has allowed them to establish strong relationships with cocoa farmers, ensuring a steady supply of high-quality cocoa beans. Moreover, European chocolatiers have perfected the art of chocolate-making, producing a wide variety of premium chocolates that are highly sought after worldwide. Europe's expertise, demand, and investment in the cocoa & chocolate industry have contributed to its dominance in the market.

Middle East & Africa is expected to emerge as the fastest growing region through the projection period, attributed to rising demand for premium and specialty chocolates among the growing middle-class population. Additionally, the region has observed an increase in foreign investments in cocoa production and processing facilities, leading to improved infrastructure and higher-quality products. Moreover, there is a growing trend of incorporating cocoa & chocolate in traditional Middle Eastern and African cuisines, thereby driving regional market growth.

Competitive Landscape

The global cocoa & chocolate market study will provide valuable insights with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. 

List of Key Companies in Cocoa & Chocolate Market

• Niche Cocoa Industry Limited
• Olam Group
• Plot Ghana
• Barry Callebaut
• Cargill, Incorporated.
• Cocoa Processing Company Limited
• Touton S.A.
• Mars, Incorporated
• Nestle
• Mondelez International

Key Industry Developments 

• June 2022 (Product Launch): Mars, Inc. announced a collaboration with Perfect Day, Inc. to introduce its inaugural range of environmentally-friendly and animal-free chocolate products, branded as CO2COA.

The Global Cocoa & Chocolate Market is Segmented as:

By Cocoa Ingredients

• Butter
• Liquor
• Powder

By Type

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

By Application

• Food & Beverage
• Cosmetics
• Pharmaceuticals
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America