Cocoa Market [2023-2031] Industry Size, Share, Trends, Opportunities, Growth Analysis

The global cocoa market size was US$ 12,071.3 million in 2021. The global cocoa market is forecast to grow to US$ 17,629.8 million by 2030 by growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2022 to 2030.

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Cocoa is used extensively in confectionery, food & drinks, and bakery applications. It is also a vital component of chocolate and other chocolate-related goods. It is obtained from the Theobroma tree.

COVID-19 Impact Analysis
The global cocoa market has recorded a loss due to the COVID-19 pandemic. The market witnessed loss possibly due to changes in consumer dietary habits and more influence on healthy food. Moreover, the industry also recorded supply chain disruptions, which ultimately hampered the growth of the cocoa market. However, the growing contribution of digital channels is expected to benefit the cocoa market in the coming years.

Factors Influencing the Market
The use of cocoa powder and cocoa butter is growing in the bakery, food & beverages, nutraceuticals, pharmaceuticals, and cosmetics industries. It is widely used as a flavouring and colouring agent in these sectors. As a result, it will benefit the cocoa market during the study period.
The rising contribution of online sales channels and the growing user base is forecast to benefit the cocoa market in the coming years. Apart from that, the rising knowledge about the VSS (Voluntary Sustainability Standards) to direct manufacturers, retailers, and service providers to abide by the health and safety of the consumer and laborers is expected to fuel the growth of the cocoa market.
Moreover, VSS labels are helping firms gain a competitive advantage on multiple levels. Thus, it will contribute to the cocoa market growth. On the flip side, price fluctuations in the prices of cocoa beans may limit the market growth during the study period.

Regional Analysis
Based on Region, the Asia-Pacific cocoa market is forecast to record the highest growth rate. It is due to the factors like dense population, increasing consumer awareness, rapid urbanization, etc. In Asia-Pacific, the confectionery market is expanding quickly. Moreover, chocolates have become incredibly popular in the region. The Asia-Pacific cocoa market will also grow due to the growing usage of chocolate and cocoa products in a variety of industries, including bakery, confectionery, pharmaceuticals, food & drinks, and cosmetics. Apart from that, the expansion of international and national restaurant chains will drive the growth of the Asia-Pacific cocoa market during the forecast period.

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Competitors in the Market
• Barry Callebaut AG
• Guan Chong Cocoa Manufacturer SDN. BHD
• Olam International Ltd.
• Cargill, Inc.
• Ciranda, Inc.
• Bloomer Chocolate Company
• The Hershey Company
• Touton S.A.
• United Cocoa Processor, Inc.
• VJ Jindal Cocoa Private Ltd.
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Cocoa industry experienced notable growth in its workforce. Starting in January, employment within the Cocoa sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Cocoa output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Cocoa output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Cocoa market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Cocoa market.

Market Segmentation
The global cocoa market segmentation focuses on Product, Process, Nature, Quality, Application, and Region.
By Product Type Outlook
• Cocoa Butter
• Cocoa Liquor
• Cocoa Powder

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By Process Outlook
• Dutch Process
• Natural Process
By Nature Outlook
• Organic
• Conventional
By Quality Outlook
• Bulk
• Specialty
• Fine flavor
By Application Outlook
• Confectionery
• Food & beverages
• Bakery
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Cocoa Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Cocoa Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Cocoa Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Cocoa Market Size (2023-2031)

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Our study holds paramount importance for various reasons, a few of which include:

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• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.

• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.

• Analyzing market trends to aid businesses in devising adaptive strategies.

• Guiding businesses in the optimal placement of their products.

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