Press release
Cocoa Market Size to Worth Around USD 23.97 Billion by 2031 | The Barry Callebaut Group, The Hershey Company
Cocoa Market
Global cocoa market is expected to reach US$ 18.50 Bn by 2031, from US$ 14.00 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 4.7% during the forecast period.
Market Dynamics:
The cocoa market is expected to witness significant growth over the forecast period owing to rising demand for chocolates across the globe. Changing lifestyle and increasing disposable income has led to higher consumption of chocolates and related products in developing countries. Additionally, introduction of innovative chocolate flavors by manufacturers is also driving the market growth. While demand for ethically sourced cocoa is rising among consumers and companies, fluctuating cocoa production due to changing weather patterns remains a challenge for market players. Sustainable cocoa sourcing along with yield improvement programs can help address this issue.
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Key Market Drivers for the Cocoa Market
Increasing demand for chocolate products around the globe
The worldwide demand for chocolate and cocoa products is growing at a healthy pace. According to statistics, the average annual global consumption of chocolate is estimated to be over 7.5 million tons currently and is projected to cross 8.5 million tons by 2024. The rising interest among consumers in new and innovative chocolate products is one of the major factors augmenting the demand for cocoa worldwide. With growing economies and disposable incomes, more and more people around the world can afford luxury items like chocolates now.
Key Market Opportunity for the Cocoa Market
Increased focus on cocoa traceability and sustainability programs
There is a rising consumer demand for ethically sourced cocoa which is driving companies to implement effective traceability systems and sustainability standards across the cocoa supply chain. Initiatives around sustainable cocoa farming practices, certification programs for fair trade cocoa, community development efforts are helping to empower cocoa farmers economically while ensuring environmental protection. Strategic partnerships and collaborations between cocoa processors, traders, certification bodies, and farmer associations provide an opportunity to scale up such responsible cocoa sourcing programs.
Key Market Trend for the Cocoa Market
Innovation in cocoa products and emphasis on premiumization
Manufacturers are focusing on product differentiation and premiumization through constant innovation and development of novel chocolate varieties, recipes, and formats. There is a prominent trend of using unique ingredients like nuts, dried fruits, spices in chocolate formulations. Chocolatiers are also experimenting with exclusive packaging design and formats like artisanal chocolates, 3D printing, etc. to enhance the overall brand appeal and customer experience. Premium single-origin and craft chocolates with distinctive flavors are gaining prominence. Such moves towards specialty and premium chocolates underline the industry's shifting landscape.
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Top Companies Included in This Report:
★ 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 Beans
★ Jindal Cocoa Beans
★ United Cocoa Beans Processor
Market Segmentation:
Based on Product Type:
★ By Nature: Organic and Conventional
★ By Process: Natural and Dutch
★ By Product Type: Cocoa Beans Powder, Cocoa Beans Butter, and Cocoa Beans Liquor
Based on Applications:
★ By Application: Confectioner, Functional Food, Bakery Items, Beverages, and Cosmetics
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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📈 Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints
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Author Bio:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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