“Global Cocoa Market to reach a market value of USD 38.3 Billion by 2030 growing at a CAGR of 4.8%”
The Global Cocoa Market size is expected to reach $38.3 billion by 2030, rising at a market growth of 4.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,563.6 Kilo Tonnes, experiencing a growth of 4.8% (2019-2022).
Cocoa powder & cake is rich in antioxidants, including flavonoids, associated with various health benefits. Therefore, the powder & cake segment captured $6,635.2 million revenue in the market in 2022. As consumers become more health-conscious, the demand for such products with potential nutritional advantages continues to rise. This powder & cake serves as a natural colorant in food and beverage products.
Premium and artisanal chocolates prioritize high-quality cocoa content. Consumers are willing to pay a premium for products that use fine cocoa beans, contributing to a market segment that values the authenticity and richness of the product used in the chocolate-making process. Artisanal chocolates are often crafted using traditional, hands-on techniques. Therefore, the market is expanding significantly due to the expansion of premiumization and artisanal products.
Additionally, integrating agroforestry into its cultivation involves planting shade trees alongside these trees. This provides a natural habitat for biodiversity, improves soil health, reduces erosion, enhances water retention, and promotes sustainable land management. Thus, because of the growth of climate-smart agriculture, the market is anticipated to increase significantly.
However, Small farmers may face difficulties accessing the financial resources needed for initial investments in its cultivation. High entry barriers, including the cost of inputs, land, and equipment, can constrain the ability of small farmers to establish or expand their farms. Thus, high entry barriers for small farmers can slow down the growth of the market.
By product type, the market is categorized into cocoa beans, cocoa butter, cocoa powder & cake, chocolate, and others. In 2022, the cocoa beans segment held 35.2% revenue share in the market. A common ingredient in baking and cooking, cocoa powder improves the flavor of many recipes, such as cakes, brownies, cookies, and savory dishes. Its rich, chocolaty flavor enhances sweet and savory culinary creations.
Based on application, the market is classified into confectionery, food & beverages, cosmetics, and pharmaceuticals. The food & beverages segment acquired 32.9% revenue share in the market in 2022. This powder and cocoa-based ingredients produce chocolate-flavored ice creams, frozen yogurts, and other desserts. The inclusion of this enhances the taste and texture of these treats.
Free Valuable Insights: Global Cocoa Market size to reach USD 38.3 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe region led the market by generating 35.4% revenue share. Europe has a rich tradition and culture of chocolate consumption. Chocolate has long been a part of European culinary heritage, and the appreciation for high-quality cocoa and chocolate products continues to drive the industry forward.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 26.6 Billion |
| Market size forecast in 2030 | USD 38.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.8% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 283 |
| Number of Tables | 570 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Application, Region |
| Country scope |
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| Companies Included | The Barry Callebaut Group, JB Foods Limited, Archer Daniels Midland Company, Cargill, Incorporated, Ciranda, Inc., Nestle S.A, Mars, Inc. (Kind LLC), Meiji Holdings Co., Ltd., Olam International Limited, The Hershey Company (Hershey Trust Company) |
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $38.3 billion by 2030.
Expansion of premiumization and artisanal products are driving the Market in coming years, however, High entry barriers for small farmers restraints the growth of the Market.
The Barry Callebaut Group, JB Foods Limited, Archer Daniels Midland Company, Cargill, Incorporated, Ciranda, Inc., Nestle S.A, Mars, Inc. (Kind LLC), Meiji Holdings Co., Ltd., Olam International Limited, The Hershey Company (Hershey Trust Company)
In the year 2022, the market attained a volume of 3,563.6 Kilo Tonnes, experiencing a growth of 4.8% (2019-2022).
The Confectionery segment is generating highest revenue in the Market, by Application in 2022; there by, achieving a market value of $14.5 Billion by 2030.
The Europe region dominated the Market, by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $13.8 Billion by 2030.
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