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Cocoa and Chocolate Market Size, Share & COVID-19 Impact Analysis, By Type (Cocoa Butter, Cocoa Liquor, Cocoa Powder, Dark Chocolate, Milk Chocolate, White Chocolate, and Filled Chocolate), By Application (Food & Beverages, Cosmetics, Pharmaceuticals, and Others), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI100075

 

KEY MARKET INSIGHTS

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The global cocoa and chocolate market size was valued at USD 44.35 billion in 2019 and is projected to reach USD 61.34 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Cocoa and Chocolate Market

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The market is showcasing progressive growth owing to the robust growth trajectory of the global chocolate confectionery industry. There has been a significant rise in the origin share of global grindings, which has given a major boost to the overall consumption of cocoa-based ingredients. New product developments in different sectors of the food industry are also facilitating the growth in the cocoa & chocolate market. Chocolate has remained the leading flavor in the new launches in beverage, bakery, and confectionery items. It has also remained one of the widely used ingredients in the sweets and beverages sector and this industry trend is set to fuel the demand for cocoa & chocolate in the foreseeable future.


COVID-19 Pandemic: Inclination towards Healthy Products to Decline Demand


The production and sales of chocolate and cocoa have experienced a sudden slump due to the outbreak of the COVID-19 pandemic. In the initial stages of lockdown, panic buying of food supplies by consumers contributed to the rapid growth in the sales of mainstream chocolates in retail channels as a source of indulgence and comfort. According to the U.S. Department of Agriculture, grocery store sales were up 99% in the middle of March and 25% higher on April 1st in 2020, as compared to last year. However, there is a swift reduction in the demand for craft and premium chocolate bars amidst the pandemic. The trend of consuming healthy products to maintain one’s overall health is expected to create enormous opportunities for cocoa powder & dark chocolate in forthcoming years.


LATEST TRENDS


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Emerging Trend of Premiumisation to Drive Innovation in Cocoa and Chocolate Industry


In the past few years, there has been significant growth in the demand for specialty chocolate products and premium offerings due to the rising emphasis on the bean-to-bar concept. The single-origin cocoa trend continues to propel innovations and new product developments in the industry. This has also contributed to the greater demand for high-quality cocoa powder, cocoa liquor, and cocoa butter. Cocoa is emerging as a healthy ingredient owing to its possession of antioxidants & minerals. Higher cocoa content is perceived to have low sugar, ultimately flourishing the dark chocolate segment.


DRIVING FACTORS


High Demand for Chocolate Confectionery to Fuel Market Growth


The global market for cocoa and chocolate is primarily propelled by the increasing popularity of chocolate confectionery. The demand for chocolate confectioneries in the emerging economies has showcased a positive trend in recent years, attributed by the rising consumer expenditure on indulgent confectionery products, especially chocolate confectioneries. The growing demand for molded, as well as countline chocolates in the developed markets is projected to influence the chocolate confectionery market positively.


The addition of new chocolate types such as dark chocolate & ruby chocolate in the portfolio of key chocolate manufacturers is expected to facilitate the growth of the cocoa and chocolate industry. The rising trend of gifting chocolates during festive seasons is also expected to be a major contributor in aiding the growth of the chocolate confectionery market during the forecast period.


Robust Demand for Specialty Chocolate Products to Support Innovation & Development


The rapid escalation in demand for a premium or specialty chocolates, especially in developed markets such as the U.S., France, Belgium, and Germany has been observed in recent years and an upward trend is expected in the coming years. Increased consumer preference towards knowing the origin of all the ingredients used in chocolates is a major market driver. It is occurring because of several reasons, such as allergy from particular ingredients such as lactose and vegan preferences. Also, there is a high demand for products made from specialty cocoa beans. These factors are set to foster the growth of specialty chocolates.


The emerging trend of clean-label and organic products to maintain the overall health & wellness has increased the demand for dark & sugar-free chocolates. The increasing awareness regarding labor welfare is further expected to fuel the demand for fair traded cocoa in the foreseeable years.


RESTRAINING FACTORS


Increasing Demand for Chocolate Substitutes & Equivalents to Impede Growth


The increased demand for cocoa ingredients substitutes and cocoa ingredient equivalents such as palm oil, soybean oil, shea, rapeseed oil, and others can impact the cocoa butter market negatively due to the easy availability and cost-efficiency of the aforementioned products. The improved fat stability and fat composition profile of finished chocolate products achieved by the utilization of cocoa butter alternatives is driving their growth.


Realizing the strong demand for cocoa ingredients substitutes due to the increasing price of cocoa ingredients, major market players such as Olam International, Wilmar International, Cargill Inc., Danisco, and others are offering a wide range of cocoa butter equivalent blends to meet the market requirements, which is also confining to the growth of the cocoa ingredients market.


SEGMENTATION


By Type Analysis


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Chocolate Segment Holds Major Share Attributed to Rising Popularity of Chocolate Confectioneries


The growing popularity of cocoa & chocolate confectioneries has primarily contributed to the higher sales performance of the chocolate segment. Filled chocolate holds a larger cocoa and chocolate market share among other chocolate types due to the emerging trend of premiumized chocolate. Filled chocolates are gaining popularity as indulgent gifts on festive occasions. The trend of trying various flavors in chocolate confectioneries is expected to further fuel the growth of the segment.


The cocoa ingredients segment is expected to grow at a faster pace due to their emerging type and applications in a variety of products such as ice cream, confectionery, non-alcoholic beverages, indulgent baked commodities, and nutritional drinks.


By Application Analysis


Food & Beverage Sector Exhibits Promising Growth Owing to Wide Application Array


The food and beverage sector is flourishing worldwide which provides many opportunities for the cocoa & chocolate industry. Chocolate has remained a leading flavor in the new launches in beverages, bakery, and confectionery items. It has also remained one of the widely used ingredients in the sweets and beverages sector. This trend is set to fuel the demand for cocoa butter and cocoa powder in the foreseeable future. The global foodservice industry is aiding in the growth of gourmet & specialties cocoa-based offerings and the foodservice giants are demanding greater customization, value-added, and multifunctional solutions, which are further projected to flourish the market.


REGIONAL INSIGHTS


North America Cocoa and Chocolate Market Size, 2019 (USD Billion)

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North America and Europe have traditionally remained as the dominating regions for confectionery and chocolate confectionery products. North America is a major importer of cocoa and cocoa ingredients to meet the domestic confectionery manufacturing sectors.


Europe remains the major market with immense potential attributed to emerging trends such as healthy indulgence with fat-free, low-fat, and sugar-free chocolates. The growing demand for ethically harvested cocoa sourced from the single plantation is driving the growth of the premium cocoa and chocolate sector in the region.


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The market in Asia Pacific is expected to grow at a significant CAGR. The demand for chocolate confectioneries in emerging economies such as China and India has showcased an upward trend in recent years, attributed to the increasing consumer expenditure on indulgent confectionery products, especially chocolate confectioneries. In developed countries such as Japan and Australia, the industry is currently being driven by the knowledge of perceived health benefits of cocoa such as its polyphenol content and its role in healthy aging.


KEY INDUSTRY PLAYERS


Barry Callebaut AG Focusing on Developing Premium Products to Fulfill Demand for Chocolate Confectionery


Barry Callebaut AG, a leading player is focused on investing in the expansion of its product portfolio by introducing new cocoa and chocolate products that appeal to the modern consumer demand. For instance, in February 2020, the company introduced completely dairy-free chocolate in its plant crafts range. The overall market exhibits a highly consolidated structure. The industry is dominated by five major players holding approximately 88% share in the entire market owing to their huge clientele base, strong brand loyalty, & distribution network. The key players such as Olam International, Cargill, Inc., Nestle S.A., and Barry Callebaut AG are focusing on strategic mergers, acquisitions, and partnerships to further consolidate the market.


LIST OF KEY COMPANIES PROFILED:



  • Barry Callebaut, AG (Zürich, Switzerland)

  • Cargill, Inc. (Minnesota, U.S.)

  • Nestle S.A. (Vevey, Switzerland)

  • Olam International (Singapore)

  • Fuji Oil Company Ltd. (Osaka, Japan)

  • ECOM Agroindustrial Corporation Ltd. (Pully, Switzerland)

  • Cocoa Processing Co. Ltd.

  • Touton S.A. (Bordeaux, France)

  • Niche Cocoa Industry Ltd. (Tema, Ghana)

  • BD Associates Ghana Ltd. (Tema, Ghana)


KEY INDUSTRY DEVELOPMENTS:



  • January, 2020 Nestle S.A. introduced a new variety of KitKat named KitKat Gold. It offers a delicious combination milk chocolate and crispy wafer with creamy white chocolate and sweet caramel notes.

  • September 2019 – Tyson Foods, Inc. launched a new brand of refrigerated snacks with a functional value, created to provide natural health benefits of food.


REPORT COVERAGE


The cocoa and chocolate market research report provides a detailed analysis of the chocolate industry and focuses on key aspects such as leading companies, product types, and leading distribution channels of the product.


An Infographic Representation of Cocoa and Chocolate Market

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Besides this, the report offers insights into the chocolate industry trends, competitive landscape, and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


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Report Scope & Segmentation:








































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Type



  • Cocoa Ingredients

    • Cocoa Butter

    • Cocoa Liquor

    • Cocoa Powder



  • Chocolate

    • Dark

    • Milk

    • White

    • Filled





By Application



  • Food & Beverages

    • Confectionery

    • Dairy

    • Bakery

    • Others



  • Cosmetics

  • Pharmaceuticals

  • Others



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, Italy, Spain, Belgium, Russia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea, Australia, and Rest of Asia- Pacific)

  • South America (Brazil, Argentina, and Rest of South America)

  • The Middle East & Africa (South Africa, UAE, and Rest of the Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global cocoa and chocolate market size was valued at USD 44.35 billion in 2019 and is projected to reach USD 61.34 billion by 2027.

In 2019, the North America market value stood at USD 9.55 billion.

Growing at a CAGR of 4.4%, the market will exhibit steady growth in the forecast period (2020-2027).

The chocolate ingredients segment is expected to be the leading segment in this market during the forecast period.

Consumer awareness regarding premiumized chocolates is the key factor driving the market.

Cargill Inc, Nestle S.A., and Barry Callebaut are the major players in the market.

Europe dominated the market in terms of share in 2019.

The chocolate consumption of specialty chocolates is expected to drive the adoption of this products.

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Cocoa and Chocolate Market Size, Share and Global Industry Trend Forecast till 2026
  • Aug, 2020
  • 2019
  • 2016-2018
  • 180

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