Cocoa & Chocolate Market - Forecast(2023 - 2028)

Cocoa & Chocolate Market size is estimated to reach $62.4 billion by 2027, growing at a CAGR of 4.4% during the forecast period 2022-2027. Cocoa seeds can be described as fermented Theobroma cacao seeds commonly used around the world for their extracts. Unlike other crops, the cocoa crop is not period or time-bound and can be grown throughout the year. Hot and humid weather is the most suited for the cocoa crop; therefore, several African countries such as Ivory Coast, Ghana, Cameron, and Nigeria are the biggest producers of Cocoa beans worldwide. Cocoa is generally sold in liquid, paste, and cocoa powder forms in the market. Moreover, cocoa has several remedial benefits, such as preventing infectious intestinal disease and lowering the risk of bronchitis, asthma, and lung congestion. Cocoa beans are an inextricable ingredient in chocolate making. Both cocoa and chocolate are used as flavoring agents in the production of confectioneries and flavored beverages. Moreover, the growing confectionery industry, soaring demand for innovative flavors, growing popularity of chocolate among millennials, bettering retail industry in developing countries, urbanization, and improving disposable incomes are the factors set to drive the growth of the Cocoa & Chocolate Market for the period 2022-2027.


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Report Coverage

The report: “Cocoa & Chocolate Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Cocoa & Chocolate Market.

By Nature: Conventional and Organic.
By Type: Cocoa (Liquid, Powder, Paste) and Chocolate (White, Dark, Milk, and Others).
By Application: Pharmaceuticals, Cosmetic products, Food & beverages, and Others.
By Distribution Channel: Offline and E-commerce.
By End User: Hospitality venues or Foodservice providers and Households.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa

Key Takeaways

  • Geographically, the North America Cocoa & Chocolate Market accounted for the highest revenue share in 2021. The growth is owing to. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.

  • Changing tastes & preferences of people, expanding cuisine culture, ameliorating retail infrastructure in developing nations, health benefits associated with moderate consumption of chocolate, soaring disposable income levels, proliferating population, the rising popularity of confectioneries among millennials, and quick urbanization are the factors said to be preeminent driver driving the growth of Cocoa & Chocolate Market. Augmenting unemployment, soaring inflation, and environmental catastrophes are said to reduce market growth.

  • Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Cocoa & Chocolate Market report. The disrupted supplies because of pandemic restrictions have impacted the market negatively. Furthermore, a sweeping increase in unemployment levels and inflation rates are affecting the purchasing power of consumers worldwide and eventually challenging the growth of the cocoa & chocolate market. For instance, India’s urban unemployment increased from 8.28 percent to 9.2 percent in April 2022. Moreover, according to a UN report, with a hike of 18 million, global unemployment is likely to reach the 205 million mark in 2022. On another hand, in March 2022, India witnessed 17 months' highest CPI inflation rate of 6.95 percent and the U.S. is facing 42 years of highest inflation. All these factors are anticipated to impede market growth in the near future.

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  • Cocoa & Chocolate Industry Outlook:

    Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Cocoa & Chocolate market's top 10 companies include-

    1. Cargill Inc.
    2. Touton S.A.
    3. Cocoa Processing co Ltd.
    4. Olam International
    5. Barry Callebaut AG
    6. Fuji Oil Company
    7. Nestle S.A.
    8. ECOM Agroindustrial Co.
    9. Niche Cocoa
    10. Archer Daniels Midland

    Recent Developments

    • On December 22, 2021, Illinois, United States-based company Archer-Daniels-Midland (a firm known for its food processing) announced the successful acquisition of Panama-based Flavor Infusion International SA (a firm that provides flavor and specialty solutions). The financials of the transaction were not disclosed by the firm; nevertheless, the transaction has expanded the company's presence in Latin America and the Caribbean.
    • On October 21, 2021, Minnesota, United States-based renowned food corporation “Cargill” announced that the company has gone into a joint venture with Continental Grain Company in order to acquire Mississippi, United States-based “Sanderson farms” gets a nod from Sanderson’s stockholders. The total value of the acquisition stands around $4.5 billion ($203 per share).
    • On June 25, 2021, Pennsylvania, Unites States-based renowned chocolate manufacturing company “The Hershey Company” announced that the company has successfully acquired the confectionery business from Boulder, the United States-based company Lily’s Sweet LLC (a company that offers a variety of chocolates). The total value of this transaction stands at around $425 million. 


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