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Cocoa & Chocolate Market Size, Share and Global Trend By Product Type (Cocoa Butter Cocoa Liquor, Cocoa Powder, Dark Chocolate, White Chocolate, Milk Chocolate, Filled Chocolate), Application (Food and Beverage, Cosmetics, Pharmaceuticals, Others) and Geography Forecast till 2025

Region : Global | Latest Update: Jul, 2019 | Published Date: Apr, 2019 | Report ID: FBI100075| Status : Published

 

KEY INDUSTRY INSIGHTS

The Global Cocoa & Chocolate Market, which was valued at US$ 43.13 Billion in 2017, is projected to reach US$ 67.22 Billion by the end of 2025, exhibiting a CAGR of 5.7%.The major fueling factor for global cocoa and chocolate market is the robust demand 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.

 On the other hand, there is a strong indication of rapid expansion in demand for premium or specialty chocolates, in developed economies such as the U.S., France, Belgium, and Germany. The overall demand scenario is anticipated to be very promising which is expected to boost the sales of cocoa-based ingredients further. The environmental consciousness is an interesting factor that can guarantee long-term resilient growth of the market. 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.

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Cocoa Powder Experiences Widening Application Spectrum, Cocoa butter is Increasingly Employed for Premiumised Offerings

Cocoa powder is expected to witness the widening application spectrum in the forecast period (2018-2025) with the demand coming from the 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. 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. The on-going inclination towards high cocoa content is also responsible for the surge in the sales growth of dark chocolate, which is projected to exhibit the fastest growth rate during 2018-2025.

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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 the dominating markets for cocoa and chocolate sales. 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, Middle East and Africa. The per-capita consumption remains tepid, but it is largely untapped given the promising potential for indulgent processed offerings and the phenomenal improvements in the discretionary spending patterns. Asia Pacific market is forecast to be the major growth engine for cocoa and chocolate sales, exhibiting a CAGR of 8.13% during 2018-2025. 

Asia Pacific Cocoa & Chocolate Market, 2017

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Barry Callebaut, Cargill, Inc., and Olam International are the Key Players Responsible for Consolidated Market Structure

The global market for cocoa and chocolate 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 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.

REPORT OVERVIEW

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 provides qualitative and quantitative insights on the cocoa and chocolate industry and detailed analysis of market size & 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. 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 & Africa. The regions are further categorized into countries.

 Along with this, the 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 & acquisitions, the regulatory scenario in key countries, and key industry trends.

Key Segment Covered in the Reports

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 SEGMENTATION

 SEGMENTATION

 DETAILS

By Type

·      Cocoa Butter

·      Cocoa Liquor

·      Cocoa Powder

·      Dark Chocolate

·      White Chocolate

·      Milk Chocolate

·      Filled Chocolate

By Application

·      Food and Beverage

·      Cosmetics

·      Pharmaceuticals

·      Others

By Geography

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

·      Europe (Germany, France, Italy, Spain, UK, Belgium, Russia, and Rest of Europe)

·      Asia Pacific (Japan, China, India, Australia, and Rest of Asia Pacific)

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

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

KEY COMPANIES COVERED IN THE REPORT

  • Barry Callebaut AG
  • Cargill, Inc.
  • Olam International
  • Fuji Oil Company Ltd. (Blommer)
  • ECOM Agroindustrial Corporation Ltd.
  • Cocoa Processing Company Limited
  • Touton S.A
  • Niche Cocoa Industry Ltd.
  • BD Associates Ghana Ltd.
  • PLOT Enterprise Ghana Ltd.
  • Other Players

KEY INDUSTRY DEVELOPMENTS

  • In June 2019, Oils and fats supplier and a Swedish-Danish company, AAK launched COBAO Pure, a new cocoa butter product that delivers “bloom-retarding” effects in chocolate.
  • In May 2019, Barry Callebaut debuted ruby—artisanal pink chocolate made from pure cocoa beans, also known as the “fourth type” of chocolate in the United States and Canada.
  • In February 2019, Cargill Cocoa & Chocolate launched a new cocoa powder, Gerkens CT70, to its cocoa powder brand Gerkens.

Cocoa & Chocolate Market Size, Share and Global Industry Trend Forecast till 2026
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