"Market Intelligence that Adds Flavour to Your Success"

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



Play Audio Listen to Audio Version

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.

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.


Request a Free sample to learn more about this report.

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.


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.


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.


By Type Analysis

To know how our report can help streamline your business, Speak to Analyst

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.


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

To get more information on the regional analysis of this market, Request a Free sample

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.

To know how our report can help streamline your business, Speak to Analyst

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.


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.


  • 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)


  • 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.


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

To get information on various segments, share your queries with us

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.

To gain extensive insights into the market, Request for Customization

Report Scope & Segmentation:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion)


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.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

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


  • $4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.