Cocoa Market, By Nature (Organic, Conventional), By Process (Natural, Dutch), By Product Type (Cocoa Powder, Cocoa Butter, Cocoa Liquor), By Application (Confectionery, Functional Food, Bakery Items, Beverages, Cosmetics, Pharmaceuticals), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) ) is estimated to be valued at US$ 14 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 4.1% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Cocoa is a fully dried and fermented bean that is further processed for use in food, pharmaceutical, and cosmetics applications. Cocoa powder is mostly used in the production of chocolate confectionaries and cocoa paste. Cocoa butter is widely used in the pharmaceutical and cosmetic industries. Consumption of cocoa-rich products provides various health benefits, such as reduce hypertension, lowering the risk of cardiovascular disease, and preventing chronic fatigue syndrome.
Global Cocoa Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The lockdown measures have led to a slowdown in demand of cocoa due to a strong relationship between economic growth and chocolate consumption. The spread of the COVID-19 pandemic has led to lockdowns in Europe and other international markets. Mainstream chocolate consumption is stable, but the craft chocolate segment is having difficulties. In cocoa-producing countries, lockdowns may disrupt the supply chain. Local initiatives make the cocoa sector stronger. According to Coherent Market Insights, the cocoa market is expected to grow at a lower CAGR between 2020 and 2021.
Global Cocoa Market: Recent Developments
- In October 2022, Barry Callebaut, the manufacturer of high-quality chocolate and cocoa products, announced the introduction of the second generation of chocolate. This new product design is a testament to nature's flavors and the mindfully living consumer, as it puts 'cocoa first, sugar last.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Cocoa Market”- Forecast to 2031, Global Cocoa Market, By Nature (Organic, Conventional), By Process (Natural, Dutch), By Product Type (Cocoa Powder, Cocoa Butter, Cocoa Liquor), By Application (Confectionery, Functional Food, Bakery Items, Beverages, Cosmetics, Pharmaceuticals), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/cocoa-market-1056
Key Takeaways of the Global Cocoa Market
- The global cocoa market is valued at US$ 14 Bn in 2024 and is forecast to reach a value of US$ 18.5 Bn by 2031 at a CAGR of 4.1% between 2024 and 2031
- On the basis of region, Europe region dominated the global cocoa market in 2024 with a 43% of market share in terms of value, followed by North America and Asia Pacific respectively
- Major players operating in the global cocoa market are The Barry Callebaut Group, The Hershey Company, Nestlé S.A., Cargill Incorporated, Puratos Group, Cémoi, Mars, Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd., Carlyle Cocoa, Jindal Cocoa, and United Cocoa Processor
