Global Cocoa & Chocolate Market By Type ( Cocoa, Chocolate ), By Application ( Confectionery, Food & Beverage, Cosmetics, Pharmaceuticals ), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2033

The global Cocoa Chocolate market was worth USD 51.37 Billion In 2023, This market is expected to reach USD 79.55 Billion by 2032, with a CAGR of 4.98% over the forecast period. Cocoa is a pure form of chocolate. Cocoa beans are used to make chocolate. It goes through the same manufacturing process that cocoa. Cocoa butter isn’t removed from chocolate. Cocoa butter is a key ingredient in chocolate’s richer, smoother texture.

Growing Demand:

Cocoa powder can be used as a flavoring or coloring agent in large quantities. It is also available in many varieties. According to ingredients, there is a significant increase in demand for cocoa powder when it comes to confectionery and baking. This is due to the unique cocoa powder’s ability to produce a rich, dark chocolate flavor that is difficult to match.

Cocoa powder can have a significant impact on the properties of food products, such as their nutritional value and shelf life. The texture of some food items can be affected by the fine particles and negative zeta potency of cocoa powder.

Market growth is being supported by the increasing use of cocoa powder for other baked goods, like smoothies and yogurt, as well as other ingredients such as dried fruits or fresh fruit. Unsweetened cocoa powder, which is rich in polyphenols and antioxidants, has seen an increase in popularity due to diabetes. This helps improve blood sugar and cholesterol.

Theobromine, which is found in cocoa powder, helps to reduce inflammation and eliminate the risk of developing heart disease, cancer, or diabetes. These factors have had a positive impact on the global growth of the Cocoa Chocolate market.

Key Market Segments

Type

Cocoa
Chocolate

Application

Confectionery
Food & Beverage
Cosmetics
Pharmaceuticals

Key Market Players included in the report:

Fonterra
Westland
Nutrinnovate Australia
Tatura
Darigold Ingredients
Idaho Milk
Erie Foods
Grassland
Glanbia
Kerry
Enka St
Paras

Drivers:

There is a growing demand for premium and dark chocolates all over the world.

The industry’s growth is being driven by the increasing demand for premium and dark chocolates. Nestle launched 70% dark chocolate entirely made from cocoa fruits in July 2019. It is made from cocoa beans and pulp. The only ingredients are natural sweetness and subtle acidity, and it does not contain refined sugar. Premium and dark chocolates are in great demand due to their health benefits. The industry will see significant growth opportunities from the rising demand for cocoa beans in the pharmaceutical sector.

The advanced technology used in the processing and production of cocoa

Despite the adverse effects of the economic downturn, the demand for cocoa in chocolate confectionery and food markets will continue to grow throughout the forecast period. The market will continue to grow in the cosmetic and pharmaceutical industries, with the new application being a strong driver. Rising producers are focusing on the sustainable processing of high-quality cocoa beans to drive the market for premium Cocoa Chocolate products. Companies in the global Cocoa Chocolate industry are able to produce high-quality products such as single-origin chocolates due to strong customer demand, which has boosted the market.

Restraints:

Cocoa-selling policies and government regulations are being changed

The market development will be impeded by the lack of knowledge among cocoa farmers in developing countries about advanced farming techniques and the difficulties associated with selling cocoa. Insufficient crop and pest disease control practices also result in around 30%-40% of the crop being lost in major growth regions. The contrary is true. The global chocolate industry is experiencing a perception crisis. There is an increasing demand for healthier products and rising prices. These are some of the major constraints to the sector’s growth in the next few years.

Market Trends:

Market players will be encouraged to invest in this trend to increase profits due to the increased trust of consumers in single-origin and beans-to-bar chocolates. Due to the increasing emphasis on bean-to-bar, there has been a significant increase in demand for specialty chocolate products as well as premium-sized offerings over the last few years. Innovations and product development continue to be driven by the single-origin chocolate trend. This has led to a greater demand for cocoa powder, cocoa liquor, and cocoa butter.

Additionally, chocolate producers are increasingly opting for sustainability programs for cocoa. Olam Food Ingredients and Mondelez International announced their partnership in April 2021 to create the largest sustainable commercial cocoa processing plant in Indonesia. This farm will employ advanced farming techniques and encourage biodiversity and carbon capture. UTZ, Rainforest Alliance Certification, and Fair Trade U.S. Certification are the most well-known certifications for cocoa. Their adoption has increased dramatically in recent years.

Recent Developments:

March 20, 2022 – Barry Callebaut announces the expansion of its Campbellfield, Melbourne factory. This new factory will allow the company to expand its geographical reach in the Asia Pacific and create safe, high-quality goods. This facility will serve all sectors of Australia’s food industry, including professional and artisanal chocolate makers as well as global and local food producers.

January 20, 2022 – Blommer Chocolate Company, which is a subsidiary of Fuji Oil Co., Ltd., has announced the opening of an R&D application lab in downtown Chicago. This new space will allow for an increase in R&D capabilities and provide support to the business in new and better ways.