Global Cocoa and Chocolate Market Size (2024 to 2032)

The cocoa and chocolate market size is expected at USD 48.19 billion in 2024 and is anticipated to reach USD 75.09 billion by 2032. The market is expected to expand at a CAGR of 5.7 percent during the forecast period.

Current Scenario of the Global Cocoa and Chocolate Market

As of now, the cocoa and chocolate market continue to grow in 2024, however, it also faces multiple challenges, like short supply, environmental issues, etc. The sales of cocoa beans across the world surged this year, even though prices being high and a prediction of greater supplier in 2025. Moreover, the biggest cocoa producing nation globally this year is Ivory Coast, also known as Cote d’lviore, ranks at the top due to its favourable climatic conditions and weather. Its annual yield stood at 2.20 million tons, accounting for astonishing 40.9 per cent share of the world’s market.

MARKET DRIVERS

The growth of the cocoa and chocolate market is driven by the rising trend of white chocolate. This could be because it provides a suitable base for gentle flavours, including lemon. Even though white chocolate will invariably maintain a position in the market, blonde chocolate is the growth area in the sphere of chocolate, which is white version with a caramel colour and basic caramelised testing notes.

Eco-friendly confectionary is another market trend influencing the demand of chocolate and cocoa. Customers, particularly Generation Z, are constantly pondering the effect their eating habits have on the surrounding world. They focus on being aware of what is in their basket has been produced in a considered manner, with sustainable and ethical input materials, by workers paid a fair or honest payment.

MARKET RESTRAINTS

Environmental and human factors, and economic cycle associated are all derailing the expansion of the cocoa and chocolate market. Short supply of cocoa beans has caused processing plants in Ghana and Ivory Coast to near closedown. There two nations are accountable for 60 per cent of world’s production. One ecological factor is the effect of the climate phenomenon called EL Nino, which has resulted in drier weather in west Africa region. It has added to issues on farms like bloated or bulged shoot virus disease. As a consequence, Ghana suffered significant loss of harvests from lands close to 500 thousand hectares in the last few years. Hence, these problems must be addressed to get back on the growth trajectaory.

SEGMENTAL ANALYSIS

Global Cocoa and Chocolate Market By Chocolate Type

·         Dark

·         Milk

·         White

·         Filled

Milk chocolate still leads the cocoa and chocolate market and is likely to face some competition from the other segments in this category during the forecast period. People of all age group prefer this chocolate type, showing its popularity. Moreover, it’s dominance can be understood by the fact that it is considered as the biggest obstacle to producing plant-based offerings was the emergence of dairy-free milk-alike chocolate as well as white couvertures with the equivalent great operability and flexibility of application as its dairy counterparts. On the other hand, dark chocolate segment also grows rapidly. One of the main factors for the higher demand for this chocolate is its perceived health advantages.

Global Cocoa and Chocolate Market By Cocoa Type

·         Cocoa Butter

·         Cocoa Liquor

·         Cocoa Powder

The cocoa liquor segment gained the maximum proportion of the cocoa and chocolate market and is believed to move forward at a steady rate throughout the forecast period. The market is anticipated to expand in accordance with estimated broader expansion of the confectionery industry, which is continuing its growth course in spite of wider supply network issues. Further, the market is going forward due to chocolate and liquor enthusiast in the world are appealing for more flavourful and delightful taste and experiences in the form of colour and texture. Whereas, the cocoa butter segment witnessed a notable rise owing to its surging adoption of cocoa butter equivalents (CBEs).

Global Cocoa and Chocolate Market By Application

·         Cosmetics

·         Pharmaceuticals

·         Food & Beverage

·         Confectionery

The food and beverage segment is the main supporter of the growth of the cocoa and chocolate market owing to its costly range of usages. Chocolate is the most favoured flavour option for new drinks, confectionery, and bakery item introductions. Also, it is still among the most frequently incorporated ingredients in the desserts and beverage sector. Hence, this consumption trend will further improve the demand for cocoa butter and powder in the upcoming years. Further, cocoa butter is extensively employed in the cosmetic industry and the widespread recognition of totally organic or natural personal care items is fuelling the segment’s market share.

REGIONAL ANALYSIS

Europe is the biggest cocoa and chocolate market and remains strong despite regional war and economic turbulence in recent years. The sales and demand of certified chocolate items and cocoa in this continent have risen in last few years. It is the sustainability in the cocoa value chain that accelerates the expansion of region’s market size.

North America holds a notable market share of the cocoa and chocolate business at global level. The United States remains the main propellant of the regional market growth over the years. Apart from being a 3rd largest importer, it is also a major exporter of chocolate.

RECENT MARKET DEVELOPMENTS

  •   In September 2024, Natra, a chocolate manufacturer owned by CapVest has acquired Gudrun, a Belgian luxuary chocolatier to make a global confectionery platform.