Cocoa and Chocolate Market Industry Analysis - 2027

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Cocoa Market worth 26.3 and Chocolate Market
worth 160.9 billion by 2027 Respectively
Exclusive Report by MarketsandMarkets The Cocoa
and Chocolate Market is projected to reach USD
26.3 billion by 2027, growing at a CAGR of 4.5
from 2022 to 2027. The global chocolate market is
projected to reach USD 160.9 billion by 2027,
growing at a CAGR of 4.7 from 2022 to 2027
according to a new report by MarketsandMarkets.
With the growing awareness about health, an
increasing number of consumers are prioritizing
their health and following specific diets with
specific needs. This propels the demand for dark
chocolate with high cocoa and less sugar. Cocoa
is the major raw material required to manufacture
chocolate. The slightest turbulence in the cocoa
market would lead to price fluctuations.
According to the International Cocoa
Organization, the worlds largest supplier of
cocoa is Africa, which accounts for 72 of the
global production of cocoa. Ivory Coast and Ghana
are the major countries producing cocoa, but
these countries are also facing certain issues
such as fair trade discrepancies, environmental
issues, spells of government unrest, and reducing
labor force as more population is leaving farming
as an occupation and opting other professions
Therefore, measures such as implementation of
National Cocoa Development Plan (NCDP) in the
member countries of ICCO are being undertaken to
improve the production of cocoa. Initiatives like
these give a promising outlook towards fulfilling
the rising demand for cocoa globally. The cocoa
chocolate market players are showing trends of
pursuing both organic as well as inorganic
strategies for their expansion, consolidation,
and sustainability in the market. Developments
and new product launches in chocolate and rise in
the use of cocoa for cosmetics and
pharmaceuticals are driving the market and is
leading to an increased demand for
cocoa. Download PDF Brochure https//www.markets
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195 Tables 56 Figures 223 Pages Milk
Chocolate segment is the fastest growing among
the various types of chocolate during the
forecast period. The market for chocolate, based
on type, is segmented as dark chocolate, milk
chocolate, filled chocolate, and white chocolate.
The milk chocolate segment is estimated to
dominate the chocolate market in 2022 and
is anticipated to witness similar trends
throughout the forecast period. Milk chocolate
has low levels of cocoa solids and is lighter and
sweeter than dark chocolate. Dark chocolate
segment has witnessed an upwards trend over the
years owing to various health benefits associated
with it due to the presence of high fiber, high
iron, magnesium, potassium, and phosphorus
content. In the cocoa and chocolate market,
organic nature segment is registering the
highest growth during the forecast
period. The cocoa market, based on nature, is
segmented into conventional and organic. In 2022,
the conventional cocoa market segment is expected
to dominate the market. The conventional cocoa
products are easily available at low cost and are
widely preferred. Due to the need for
organic farming, high labour expenses,
maintenance requirements, and other organic
cocoa-related operating expenditures, organic
cocoa ingredients and products are quite
expensive. The organic cocoa segment, however, is
estimated to witness a higher growth rate during
the forecast period owing to its various health
benefits and environment friendliness. Asia
Pacific region is witnessing the highest growth
rate in chocolate market. The Asia Pacific
region is witnessing the fastest growth
rate of 5.72 during the forecast period.
The Chinese cocoa market, in terms of
volume, is estimated to grow at a CAGR of
6.39. This is attributed to the strong
demand for chocolate in the country. Across
Europe, Germany consumed the highest quantity of
chocolate in 2021 followed by the UK, and
Belgium. The United States accounted for the
largest market share primarily driven by the
large consumption of confectionary and bakery
items. According to the Observatory of Economic
Complexity (OEC), the US was the seventh largest
exporter of chocolate in 2020, with key export
destinations being Canada, Mexico, South Korea,
Australia, and the UK. Growth in this region is
attributed to the growing population, rise in per
capita income, growing urbanization, and
therefore, an increase in demand for
chocolate-based products. Additionally, the
nutritional benefits of chocolate are promoting
the growth of chocolate in the region. Request
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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. Get 10 Free Customization on this
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