The new report by Expert Market Research titled, ‘Global Cocoa Products Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global cocoa products market, assessing the market based on its segments like product, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 32.3 billion
- Forecast CAGR (2023-2028): 6%
- Forecast Market Size (2028): USD 45.1 billion
Rising demand for cocoa products in a variety of industrial applications, such as confectioneries and beverages, is accelerating the use of cocoa products and boosting the market growth. The health benefits of cocoa products, such as lowering blood pressure, diabetes management, and maintaining cardiac-related diseases, accelerate the utilisation of cocoa ingredients in dark chocolates. Cocoa is also high in polyphenols, which help protect the body’s tissues from oxidative stress and related pathologies like cancer and inflammation. These factors are also driving the expansion of the cocoa products market. The rise in demand for cocoa beans to manufacture various food and beverages majorly drives its sales. The confectionery segment is expected to dominate the market through the forecast period due to the increased affinity of people around the world toward packaged food and confectioneries. Major trends governing the cocoa product industry include a strong focus on organic cocoa and its nutritional benefit driven by worldwide consumer preference, thus boosting the market growth.
Industry Definition and Major Segments
Cocoa is a fatty bean derived from Theobroma cocoa that is dried and fermented before being processed to extract cocoa powder, cocoa oil, cocoa butter, cocoa liquor and liqueur, and other solids. Cocoa demand is primarily increasing due to its use in chocolate. Criollo, trinitario, and forastero are the three most common plants from which cocoa is derived.
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The market, based on product, can be divided into:
- Cocoa Beans
- Cocoa Butter
- Cocoa Powder and Cake
- Cocoa Paste and Liquor
- Chocolate
The industry can be broadly categorised on the basis of its application into:
- Confectionery
- Food and Beverages
- Cosmetics
- Pharmaceutical
- Others
On the basis of region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Increased demand for chocolate and related products such as milk chocolate, sweet chocolate, and dark chocolate, as well as aggressive advertising by manufacturers to increase brand recognition, are driving the growth of the cocoa products market. Improvements in commercial farming techniques are used to produce cocoa, which is expected to increase supply and, as a result, improve growth prospects in the future. Increased government efforts to provide farmers with modern farming techniques are expected to create a positive outlook for cocoa beans, which will eventually drive the cocoa products market growth. Moreover, factors such as changing consumer demand, evolving taste, and rising health consciousness among consumers is expected to increase the cocoa products market demand.
Key Market Players
The major players in the market are The Barry Callebaut Group, The Hershey Company (NYSE: HSY), Cargill Incorporated, Fuji Oil Co., Ltd., United Cocoa Processor, and Jindal Cocoa.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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