Cocoa and Chocolate Market to Reach USD 67.88 Billion by 2029; Robust Demand for Specialty Chocolate Products to Drive the Market Growth

The cocoa and chocolate market size is predicted to reach USD 67.88 billion by 2029 and exhibit a CAGR of 4.98% during the forecast period. Fortune Business Insights^TM in its report titled “Cocoa and Chocolate Market Size, Share & COVID-19 Impact Analysis, By Type (Cocoa Ingredients (Butter, Liquor, Powder) and Chocolate (Dark, Milk, White, and Filled)), By Application (Food & Beverage, Cosmetics, Pharmaceuticals, and Others), and Regional Forecast, 2022-2029”, observes that the market size stood at USD 46.61 billion in 2021 and USD 48.29 billion in 2022.

Barry Callebaut Announced the Expansion of its Factory

In March 2022, Barry Callebaut announced the expansion of its Campbellfield, Melbourne, Australia, factory. By producing safe, high-quality products, the new factory broadens the company's geographic footprint in Asia Pacific. The facility will be able to serve the entire Australian food industry, from global and local food manufacturers to artisanal and proficient chocolate users.

High Demand for Chocolate Confectionery will Boost the Market Growth

The growing popularity of chocolate confectionery drives the global market. The demand for these confectioneries in emerging economies has shown a positive trend in recent years, owing to rising consumer expenditure on indulgent confectionery products, particularly chocolate confectioneries. The rising demand for molded and countline chocolates in developed markets is expected to positively impact the market. However, increased demand for cocoa substitutes negatively impacts the cocoa and chocolate market growth.

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Key Players to Focus on Expanding Base and Developing Premium Products

The major industry players are actively considering new product launches and base expansion. To strengthen their market presence, these manufacturers are working hard to broaden their consumer outreach. A leading player, Barry Callebaut AG, is focused on expanding its product portfolio by introducing cocoa and chocolate products that meet modern consumer demand.

Notable Industry Development-

• August 2021: Cargill has announced the acquisition of Aalst, a major Asian chocolate supplier. Cargill is expanding its Asia Pacific cocoa and chocolate offerings to better serve its industrial and foodservice customers.

List of Key Market Players:

• Barry Callebaut, AG (Switzerland)
• Cargill, Inc. (U.S.)
• Olam International (Singapore)
• Fuji Oil Company Ltd. (Japan)
• ECOM Agroindustrial Corporation Ltd. (Switzerland)
• Cocoa Processing Co. Ltd. (Ghana)
• Touton S.A. (France)
• Niche Cocoa Industry Ltd. (Ghana)
• BD Associates Ghana Ltd. (Ghana)
• PLOT Enterprise Ghana Limited (Ghana)

Further Report Findings-

In 2021, Europe dominated the cocoa and chocolate market share, with a value of USD 19.95 billion. Many global industrial producers are based in Belgium, the Netherlands, Germany, and Switzerland, making Europe a hub for industrial chocolate production. The region is a major producer as well as a major consumer of chocolate and its related products. To meet the requirements of the industry, buyers in Europe source beans of various qualities and origins from around the world.

Table of Segmentation