Cocoa Market Future, Growth, Demand and Analysis of Key Players 2026 | Top Key Players are Archer Daniels Midland, Blommer Chocolate Company, Barry Callebaut, Cargill Inc., Cocoa Processing Company, Mars Incorporated, Carlyle Cocoa, The Hershey Company, P

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 (2017-2026), reaching US$ 13,739.3 million by 2026.

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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.

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 (2017-2026).

Europe held a dominant position in the global cocoa market in 2016, with US$ 4,531.3 million. The region is projected to witness a CAGR of 3.80%, in terms of revenue, during the forecast period from 2017-2026. This is majorly owing to the growing demand for fine flavor cocoa and increasing number of chocolate manufacturers and processing companies in the region.

Europe imports cocoa majorly from West Africa, Latin America, and Caribbean countries. The main suppliers of cocoa from West Africa include Ivory Coast, Ghana, Cameroon, and Nigeria, however, Peru, Colombia, and Nicaragua are accounted as the major importers from Latin America.

According to CBI, Ivory Coast recorded an annual growth of 1.4% in cocoa exports to European Union between 2010 and 2014, however, Peru recorded an annual growth of around 46% between 2010 and 2014. Although, the market share of Latin America and Caribbean countries is smaller as compared to West African countries, however the percentage growth of import value is significantly higher.

Key Trends and Analysis of the Global Cocoa Market:

Among applications, the confectionary segment held a dominant position in the global cocoa market in 2016 and is expected to retain its dominance over the forecast period. In 2015, Switzerland accounted for the highest chocolate confectionary consumption per person in the world. According to Coherent Market Insights, in 2015, the per capita consumption of chocolate confectionery in Switzerland amounted to approximately 9 kilograms whereas in China, the chocolate consumption was 220 grams during the same year. Additionally, Switzerland also houses some of the leading chocolate companies such as Lindt & Sprungli and Nestlé.

Among product types, cocoa liquor accounted for the major share in the global coco market in 2016, owing to its increasing use of cocoa liquor in the production of dark chocolate and milk chocolate. Moreover, it is used in other applications such as desserts, drinks, bakery products, ice cream, and ice cream coatings.

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