The cocoa and chocolate market size reached USD 46.61 billion in 2021. The market value is anticipated to increase from USD 48.29 billion in 2022 to USD 67.88 billion by 2029 at a CAGR of 4.98% during the forecast duration. The market is exhibiting progressive growth due to the global chocolate confectionery industry's robust growth trajectory. The share of global grindings has increased significantly, which has increased the overall consumption of cocoa-based ingredients, says Fortune Business InsightsTM in its report titled, “Cocoa and Chocolate Market, 2022-2029”.
COVID-19 Lockdown Affects the Supply Chains of Cocoa and the Hospitality Industry
The COVID-19 pandemic has significantly impacted the food and beverage processing industry. The socioeconomic situation had a negative impact on specific product consumption patterns. The restrictions imposed by COVID-19 resulted in losses for farmers growing cocoa in small but important cocoa-producing countries, as production outstripped demand in the early months of the pandemic's onset.
List of Key Market Players:
- Barry Callebaut, AG (Switzerland)
- Cargill, Inc. (U.S.)
- Olam International (Singapore)
- Fuji Oil Company Ltd. (Japan)
- ECOM Agroindustrial Corporation Ltd. (Switzerland)
- Cocoa Processing Co. Ltd. (Ghana)
- Touton S.A. (France)
- Niche Cocoa Industry Ltd. (Ghana)
- BD Associates Ghana Ltd. (Ghana)
- PLOT Enterprise Ghana Limited (Ghana)
The research report provides a comprehensive analysis of the chocolate industry, focusing on key aspects such as leading companies, product types, and application industries for the product.
By Type, Chocolate Segment Holds Major Share during the Forecast Period
On the basis of type, the market for cocoa and chocolate is bifurcated into cocoa ingredients and chocolate. The market is further segmented into cocoa butter, cocoa liquor, and cocoa powder based on cocoa ingredients.
The increasing popularity of chocolate confectioneries has largely contributed to the chocolate segment's improved sales performance. With the growing trend of premium chocolates, filled chocolate has a larger market share than other chocolate types.
By Application, Food & Beverage Sector Exhibits Promising Growth during the Forecast Period
On the basis of application, the market is sub-categorized into food & beverage, cosmetics, pharmaceuticals, and others. Food & beverage is further divided into confectionery, dairy, bakery, and others.
The food and beverage industry is expanding globally, creating numerous opportunities for the cocoa and chocolate industries. Chocolate has remained a popular flavor in new beverage, bakery, and confectionery product launches. It has also remained a popular ingredient in the sweets and beverages industries.
Geographically, the market is classified into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Drivers & Restraints-
Increasing Demand for Chocolate Confectioneries to Fuel Market Growth
The growing popularity of chocolate confectionery is driving the global market for cocoa and chocolate. In recent years, demand for chocolate confectioneries in emerging economies has shown a positive trend, owing to rising consumer expenditure on indulgent confectionery products, particularly chocolate confectioneries. However, due to the ease of availability and low cost of the products mentioned above, the increased demand for cocoa ingredient replacements and cocoa ingredient equivalents, such as soybean oil, palm oil, rapeseed oil, shea butter, and others, may negatively impact the cocoa and chocolate market growth.
Europe to Lead the Global Market Share
Europe dominated the global market, with USD 19.95 billion in 2021. Many of the world's major industrial chocolate producers are based in Belgium, the Netherlands, Germany, and Switzerland, making Europe a hub for industrial chocolate production.
The cocoa and chocolate market share in North America is expected to grow significantly, as it is a major importer of cocoa to meet domestic confectionery manufacturing sectors.
As the need for chocolate confectioneries in emerging economies, such as India and China, has increased, the Asia Pacific market is rapidly expanding. The increase is attributed to rising consumer spending on decadent chocolate confectionery.
The Middle East and Africa is expected to grow the fastest due to a preference for convenience, value, and luxury in chocolate offerings, which has increased the use of cocoa butter in the Middle East.
Market Growth will be fueled by base Expansion and the Development of Premium Products
The major market players are actively considering new product launches and base expansion. These manufacturers are working hard to broaden their consumer outreach to strengthen their market presence.Key Industry Development-
August 2021: Cargill announced the acquisition of Aalst, a major Asian chocolate supplier. Cargill is expanding its Asia Pacific cocoa and chocolate offerings to better serve its industrial and foodservice customers.