The North America Cocoa Market would witness market growth of 4.6% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 843.7 Kilo Tonnes, showcasing a growth of 4.6% (2019-2022).
The confectionery industry remains the primary adopter of cocoa, utilizing it as a fundamental ingredient in producing various chocolate products. The timeless appeal of chocolate and innovative product offerings has sustained the demand for this product within this sector. The adoption of this in confectionery extends from mass-produced chocolate bars to artisanal, premium creations catering to diverse consumer tastes and preferences. It's adoption in the beverage industry has seen a remarkable expansion.
The growing demand for premium and specialty beverages has further fuelled the adoption of high-quality cocoa in producing chocolate-based drinks. The adoption of this in the cosmetics and personal care industry is marked using its butter. It is recognized for its moisturizing and emollient properties, so this butter is widely adopted in skincare products, lip balms, hair conditioners, and other beauty formulations. Consumer preferences for natural ingredients and a desire for products that provide sensory pleasure and skin benefits promote its growth in this industry.
The Mexican Online Sales Association estimates that the domestic e-commerce sector was worth USD 19.7 billion in 2021, an increase of 27% over 2020. In 2021, there were 57.5 million users of Mexican eCommerce, up 11% from the previous year. In 2020, women made up 51% of Mexican eCommerce users. E-commerce platforms allow the businesses to implement effective digital marketing strategies in Mexico. Social media campaigns, influencer collaborations, and online advertising increase brand visibility, attracting a wider audience and driving sales in Mexico. Hence, the factors mentioned above will drive the regional market growth.
The US market dominated the North America Cocoa Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,475.4 Million by 2030. The Canada market is experiencing a CAGR of 6.9% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6% during (2023 - 2030).
Free Valuable Insights: The Cocoa Market is Predict to reach USD 38.3 Billion by 2030, at a CAGR of 4.8%
Based on Application, the market is segmented into Confectionery, Food & Beverages, Cosmetics, and Pharmaceutical. Based on Product Type, the market is segmented into Cocoa Beans, Cocoa Powder & Cake, Cocoa Butter, Chocolate, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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