Cocoa and Chocolate Market Size, Share, Trends, Industry Overview, Leading Players, and Forecast (2022-2027)
According to a research report “Cocoa and Chocolate Market by Type (Dark Chocolate, Milk Chocolate, Filled Chocolate, White Chocolate), Application (Food & Beverage, Cosmetics, Pharmaceuticals), Nature (Conventional, Organic), Distribution and Region – Global Forecast to 2027″ published by MarketsandMarkets, The global cocoa market, as per revenue, was estimated to be worth $21.1 billion by 2022 and is poised to reach $26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market, as per revenue, was estimated to be worth $127.9 billion by 2022 and is poised to reach $160.9 billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027. Increasing sales of chocolate confectionery products to be consumed as comfort food is responsible for making them regular grocery items in households. Chocolate is considered a traditional gift on special occasions and festivals such as Christmas, Easter, Halloween, and Valentine’s Day in American and European countries, a trend that is now adopted in some Asian countries such as India, China, and Japan.
The seasonal and festive sales of chocolate products highly impact the market, as a large portion of chocolate products are consumed in this segment. The cocoa and chocolate market has been growing in accordance with the rising demand for health benefits of cocoa in chocolate products, which are the key drivers for the chocolate market. In addition to this, chocolates are being consumed as a premium and comfort food, which is a rising trend among consumers, further proliferating the market growth.
Cocoa and Chocolate Market Trends
1. Rising Demand for Dark Chocolate: Health-conscious consumers are increasingly favoring dark chocolate due to its higher cocoa content and perceived health benefits, such as antioxidants. This trend has led to a growing market for premium and artisanal dark chocolate products.
2. Growing Interest in Ethical Sourcing: Consumers are becoming more aware of the social and environmental impact of cocoa production. There’s a rising demand for ethically sourced cocoa beans, which has prompted many chocolate manufacturers to invest in sustainable sourcing practices and certifications like Fair Trade and Rainforest Alliance.
3. Innovation in Product Offerings: Chocolate manufacturers are continuously innovating to meet consumer demands for new flavors, textures, and formats. This includes the introduction of exotic ingredients, sugar-free options, and personalized/customized chocolate products.
4. Health and Wellness Focus: With increasing concerns about obesity and related health issues, there’s a growing demand for healthier chocolate alternatives. Manufacturers are responding by introducing products with reduced sugar, fortified with functional ingredients like probiotics, or incorporating superfoods like berries and nuts.
5. Premiumization and Luxury Market: There’s a noticeable trend towards premiumization in the chocolate market, with consumers willing to pay higher prices for high-quality, gourmet chocolate products. This has led to the emergence of luxury chocolate brands and artisanal chocolatiers catering to discerning consumers.
6. Digitalization of Marketing and Sales: Chocolate companies are leveraging digital technologies for marketing, sales, and customer engagement. This includes e-commerce platforms, social media marketing, and personalized online experiences to reach a wider audience and enhance brand loyalty.
7. Shift towards Plant-Based Options: The growing popularity of plant-based diets has influenced the chocolate market, leading to the development of dairy-free and vegan chocolate alternatives. These products often use ingredients like coconut milk, almond milk, or soy as substitutes for traditional dairy ingredients.
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Large Number of Applications
Chocolate is used in several applications, including confectionery, beverages, and baking. Chocolate is setting its foot rapidly in the baking industry, with lots of chocolates being looked upon as a flavor for biscuits, cakes, and pastries. In the global flavor industry, several new product types are being developed, such as energy drinks, yogurt, and dairy beverages. Additionally, chocolate liquor is generally used for applications in the production of bittersweet chocolate and baking applications.
Cocoa is used in the pharmaceutical industry for providing the chocolate essence or flavour to the drugs to improve the palatability or compliance of the dosage forms for consumers. In addition to that, natural cocoa butter is frequently used in cosmetics as a humectant, a lubricant to maintain the moisture, and to enhance the aroma of products. These applications of cocoa and chocolate can drive its market in the coming years.
North America dominated the cocoa and chocolate market, and is projected to grow with a CAGR of 4.43% during the forecast period (2022 – 2027)
The key players in the North American cocoa and chocolate market include Mondelez international (US), Blommer chocolate (US), Hershey (US) and Mars Inc. (US). The rising demand for chocolate in North America enhances the growth of cocoa simultaneously in the region as it is the key raw material used in the production of chocolate. Moreover, the increasing demand for chocolate among consumers triggers the demand for cocoa butter as it provides the chocolate with its melt-in-the-mouth texture.
The U.S. accounted for the highest chocolate consumption and production in the North American region. In Canada, chocolate is becoming more expensive due to the rising cost of raw materials, particularly sugar but the rising popularity of giving chocolates as gifts, Canada is likely to see a significant increase in the acceptability of pricey chocolates in the upcoming years. The Mexican chocolate market is expanding as a result of rising disposable income, booming foreign investment, and an increase in annual chocolate events like the Mexico Chocolate Expo.
Top Companies in the Cocoa and Chocolate Market
The key players in cocoa and chocolate market include Mars, Inc.(US), Mondelez International (US), Nestle S.A. (Switzerland), Meiji Holding Co. Ltd.(Japan), Ferrero International(Italy), Olam Group (Singapore), Barry Callebaut(Switzerland), Cargill Incorporated (US), Cocoa Processing Company (GHANA), Archer Daniel Midland (ADM) Company (U.S.), Chocoladefabriken Lindt & Sprüngli AG (Switzerland) and Pladis Global(UK) among others.
Mondelez International is one of the leading providers and distributors of high-quality snacks. It provides a wide range of snacking product portfolios to its customers worldwide. The company has its presence in regions such as Asia, the Middle East, Africa, Europe, Latin America, and North America. It has operations in over 80 countries. The company’s product category includes beverages, biscuits, chocolate, gum, and candy. Mondelez now owns some of the most famous chocolate and confectionery brands such as Oreo, Milka, Toblerone, TUC, and Cadbury. Other bakery brands include Barni, Club Social, Honey Maid, Enjoy Life Foods, Mikado, Newtons, Nutter Butter, Premium, and Prince.
Nestle S.A. is a leading food & beverage company. The company operates in seven major segments: powdered and liquid beverages, water, milk products and ice cream, nutrition and healthcare, prepared dishes and cooking aids, confectionery, and pet care. It produces beverages, chocolates & confectionery, culinary, chilled & frozen food, milk-based products, ice creams, prepared dishes, and pharmaceutical products. Nestle operates globally, with a presence in Europe, the Americas, Asia, Oceania, and Africa. The company mainly operates through its subsidiaries and has 29 R&D facilities worldwide.
Mars Inc. is engaged in the production and marketing of branded confectionery, snack foods, main meal foods, drinks, and pet care products. The company’s major business segments include chocolate, pet care, food, Wrigley gum and confections, drinks, and symbioscience. The strategic decisions made by the company are based on five principles: quality, responsibility, mutuality, efficiency, and freedom. The company is present in more than 74 countries, including Canada, the US, Japan, India, and Russia.
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