The global cocoa market Growth Accelerated by Increasing Demand for Premium and Dark Chocolates

 

Cocoa is primarily used in chocolate confectionery and snack products. It provides multiple health benefits owing to presence of antioxidants. Growing awareness about health benefits associated with dark and premium chocolates is spurring the demand. Also, changing dietary patterns and rising disposable incomes in developing regions are increasing the affordability of premium chocolates among consumers.

The global cocoa market is estimated to be valued at US$ 11,499.6 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The demand for premium and dark chocolates is growing at a rapid pace globally. Not only they provide various health benefits but also have bigger margins for chocolate manufacturers. Various chocolate brands are launching premium products with higher cocoa content to target health conscious consumers. They are promoting antioxidants and other nutritional benefits of dark chocolates. Moreover, easy availability through e-commerce platforms and premium retail outlets is boosting their sales. Chocolatiers are also coming up with unique flavors by experimenting with different ingredients to attract newer customers. This growing preference for premium chocolates with higher cocoa content is a key trend positively influencing the overall cocoa market.

Segment Analysis
The global cocoa market is segmented into cocoa butter, cocoa liquor, and cocoa powder. Among these, the cocoa liquor segment dominates the market and accounts for over 35% of the global share. Cocoa liquor is used extensively in chocolate and confectionery products as it provides taste and texture. Chocolates and confectionery remains the key end-use industry for cocoa liquor.

Key Takeaways
The global cocoa market is expected to witness high growth over the forecast period of 2023 to 2030 driven by factors such as rising disposable incomes, increasing health awareness and growth in chocolate and confectionery industries across emerging economies. The global cocoa market is estimated to be valued at US$ 11,499.6 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030.

Europe is currently the largest as well as the fastest growing regional market for cocoa. The region accounted for over 35% value share in 2023 led by major cocoa consuming countries including Germany, UK, France and Italy. Strong chocolate culture, rising experimentation with newer cocoa flavors and products, and growing popularity of artisanal chocolates are some of the factors supporting market growth in Europe.

Key players. Key players operating in the cocoa market are The Barry Callebaut Group, The Hershey Company, Nestlé S.A., Cargill Incorporated, Puratos Group, Cémoi, Mars, Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd., Carlyle Cocoa, Jindal Cocoa, and United Cocoa Processor. The Barry Callebaut Group is the largest player with over 20% value market share led by its leadership in cocoa processing and chocolate manufacturing.

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