Global cocoa market was valued at US$ 9,890.6 million in 2016, according to Global Cocoa Market Report, by Source Type (Conventional and Organic), by Application (Bakery Items, Beverages, Confectionary, Cosmetics, Functional Food, and Pharmaceutical), by Process (Dutch and Natural), and by Product Type (Cocoa Butter, Cocoa Liquor, and Cocoa Powder) published by Coherent Market Insights. The cocoa market is expected to register a CAGR of 3.76% over the forecast period (2017-2025), reaching US$ 13,739.3 million by 2025.
Major factors propelling growth of the market include growing demand for fine flavor and high quality cocoa worldwide. Moreover, rising concerns regarding health and wellness among consumers is fueling growth of the cocoa market, as it contains flavonoids. Heath benefits associated with consumption of flavonoids are improved cholesterol level and blood vessel functioning, coupled with reduced blood pressure. Higher health benefits associated with dark chocolate, owing to its higher cocoa content is fuelling the demand for well processed cocoa beans from a fine flavor variety such as trinitario. Dark chocolate accounted for US$ 19.26 billion in 2016 and is expected to show the fastest growth at a CAGR of 8.3% during the forecast period (2017-2025). Furthermore, the introduction of variety of ingredients such as dry fruits and sea salt is propelling the demand for chocolate worldwide. Barry Callebaut, world’s leading manufacturer of high quality cocoa and chocolate, generated annual sales of approximately US$ 6.9 billion in the fiscal year. The steadily growing chocolate industry supports the overall growth of the cocoa market.
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Major players operating in the global cocoa market include Archer Daniels Midland, Blommer Chocolate Company, Barry Callebaut, Cargill Inc., Cocoa Processing Company, Mars Incorporated, Carlyle Cocoa, The Hershey Company, Puratos Group, Lindt & Sprungli, and United Cocoa Processor Inc.
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