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The global cocoa and chocolate market size valued at USD 43.13 billion in 2017 and is projected to reach USD 67.22 billion by the end of 2025, exhibiting a CAGR of 5.7% in the forecast period.
The major fueling factor for global cocoachocolate market is the robust demands emanating from end-user industries, particularly the chocolate confectionery sector. The demand for chocolate confectioneries especially in the emerging economies such as China and India has witnessed an exceptional growth trajectory in the recent years, attributed by rising consumer expenditure on indulgent confectionery products, especially chocolate confectioneries. This factor is expected to enable cocoa and chocolate market growth. On the other hand, there is a strong indication of rapid expansion in demand for a premium or specialty chocolates, in developed economies such as the U.S., France, Belgium, and Germany.
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The overall demand scenario is anticipated to be very promising which is expected to further boost the cocoa and chocolate market revenue. The environmental consciousness is an interesting factor that can guarantee long-term resilient growth of the cocoa and chocolate industry. Adoption of fair-trade practices by cocoa farmers in order to improve cocoa productivity can facilitate in smoothening the supply-demand disruption. Demand for fair-trade chocolates is expected to magnify during the foreseeable period, owing to its sustainability quotient.
"Cocoa Powder Experiences Widening Application Spectrum, Cocoa butter is Increasingly Employed for Premiumised Offerings"
Cocoa powder is expected to witness widening application spectrum in the forecast period (2019-2025) with the demand coming from compound chocolate sector. The robust trend of healthy snacking is accompanied by growing demand for premiumised and indulgent offerings with chocolate flavor as most sought after one. This trend has amplified the global sales of cocoa powder which has now emerged as a versatile ingredient in processed foods.
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Couverture or industrial chocolate with high cocoa content is increasingly perceived as healthy indulgence in the global marketplace. This trend is fueling demand in the industrial chocolate market. According to the cacao chocolate market report, the on-going inclination towards high cocoa content is responsible for the surge in the sales growth of dark chocolate. This Factor will, in, turn stimulate global cocoa and chocolate market growth during the forecast period.
"Chocolate Confectionery Continue to Lead Application Demand for Cocoa and chocolate"
In terms of application, chocolate confectionery is a clear leader within the food processing sector in terms of overall cocoa and chocolate consumption. Nonetheless, the bakery industry is emerging as a lucrative application sector amid the growing popularity of artisanal baked commodities. Cocoa ingredients are now increasingly utilized for premiumised and indulgent bakery products due to its appealing organoleptic characteristics.
"Cocoa Powder is Increasingly Incorporated in Variety of Processed Food and Beverage Offerings"
North America and Europe have traditionally remained as dominating regions for the cocoa and chocolate market. The large cocoa processing base present in these two regions remain the key driving force for their market dominance. The global market of cocoa and chocolate has witnessed a transition, more prominent from the last five years with a sales momentum inclining favorably for the developing markets of Asia Pacific, and Middle East and Africa.
Asia Pacific Cocoa and Chocolate Market, 2017
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The per-capita consumption of chocolate products remains tepid, but it is largely untapped given the promising potential for indulgent processed offerings and the phenomenal improvements in the discretionary spending patterns. The cocoa and chocolate market in Asia Pacific is primarily responsible for boosting the cocoa and chocolate sales, therefore exhibiting a CAGR of 8.13% during 2018-2025.
"Barry Callebaut, Cargill, Inc., and Olam International are the Key Players Responsible for Consolidated Market Structure"
The global cocoa & chocolate market exhibits highly consolidated structure, dominated by large multinational companies owing to their vertically-integrated business models, huge clientele-base, strong brand loyalty, and effective distribution network. The entire market for cocoa and chocolate, encompassing cocoa trading, processing, and chocolate manufacturing has always remained concentrated; the rate of such consolidation has intensified over the last decade. Barry Callebaut AG has remained one or the most active companies in terms of the key market developments – for instance, the company launched the fourth type in chocolate, i.e. Ruby, in September 2017 which is made from the Ruby cocoa bean, possessing intense taste and characteristic reddish color.
Cocoa and chocolate market report analyses the industry from the B2B perspective, the product in consideration (cocoa liquor, cocoa butter, cocoa powder, and couverture) acts as an ingredient for various end-use sectors. Chocolate confectionery and bakery are two major application sectors for cocoa and chocolate ingredients. The non-food applications such as pet foods and pharmaceutical sectors have also witnessed decent demand for this indulgent ingredient.
The report on chocolate cacao provides qualitative and quantitative insights on the cocoa and chocolate industry and detailed analysis of Cocoa and chocolate market size and growth rate for all possible segments in the market. The market is segmented by type and application. On the basis of type, the global cocoa and chocolate market is categorized into cocoa butter, cocoa liquor and cocoa powder, dark chocolate, milk chocolate, white chocolate and filled chocolate.
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Based on the application, the global cocoa and chocolate market is segmented into food and beverage which further encompasses confectionery, bakery, and dairy as a major application. The other non-food applications include pharmaceuticals and cosmetics. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, South America, and Middle East and Africa. The regions are further categorized into countries.
Along with this, the chocolate industry report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, health benefits of dark chocolate, recent industry developments such as mergers and acquisitions, the regulatory scenario in key countries, and key industry trends.
Fortune Business Insights says that the cocoa and chocolate market was valued at USD 43.13 Billion in 2017 and is projected to reach USD 67.22 Billion by 2025.
In 2017, the market was valued at USD 43.13 Billion.
The cocoa and chocolate market is projected to grow at a CAGR of 5.7% during the forecast period (2018-2025).
The food beverages sector is expected to hold the largest share in the global cocoa and chocolate market.
The increasing demand originating from end-user industries - especially the chocolate confectionery sector is the key factor driving the cocoa and chocolate market.
Barry Callebaut AG, Cargill, Olam International, Fuji Oil Company Ltd., and Touton S.A. are the key active players in the global cocoa and chocolate market.
North America and Europe have remained as dominating regions and expected to hold the highest market share in the cocoa and chocolate market across the globe.
The rising consumer expenditure on indulgent confectionery products and rising sensorial preferences among the consumers are the factors expected to drive the adoption of cocoa and chocolate products across the world.
Cocoa powder accounts for major share among by-type category due to widening application spectrum across the world.