Global Cocoa & Chocolate Market Overview
Cocoa and chocolate add taste, flavor and texture to food. Cocoa beans are the fermented seeds of the cocoa tree. Commercial chocolate and its products contain high amounts of sugar, fat and additives, which are far from being healthy. Cocoa liquor, cocoa butter, and cocoa powders are the cocoa products in the market, whereas chocolate products are presented in the form of dark, white, milk, filled chocolates. Cocoa and chocolate products have applications in the confectionery, food & beverage, cosmetics, pharmaceutical, and other industries. The global Cocoa & Chocolate market generated revenue of $49,757m in 2017 and is estimated to surpass $61,602.9m by 2022, growing at a CAGR of 4.4%. The market is majorly driven by the rising consumer awareness about the health benefits of cocoa. The increasing demand for chocolate across the globe among all age groups has also driven the market.
Global Cocoa & Chocolate Market Outlook
Cocoa products are obtained from the manufacturing operations of raw cocoa beans that are distributed to the confectionery industries domestically and internationally. Fine-flavored cocoa accounts for around 5% of the world’s cocoa production, and is growing at a faster rate due to the expansion of premium chocolate products. Cocoa powder is used in the preparation of hot chocolate drinks, cakes, and other bakery products. Chocolate, on the other hand, is valued as a special drink as well as taken as a medicine. Drinkable chocolate has been in use for years to treat sicknesses and illnesses.
Cocoa contains antioxidants that offer many health benefits – they lower blood pressure, improve heart health, improve blood flow, improve cholesterol levels, and help fight obesity, constipation, bronchial asthma, cancer, chronic fatigue syndrome, and various neurodegenerative diseases. The antioxidant concentration in hot cocoa is approximately two times stronger than red wine, two to three times stronger than green tea, and four to five times stronger than black tea. Chocolate bar has strong antioxidant properties, but its health benefits are outweighed due to the presence of saturated fats.
Global Cocoa & Chocolate Market Growth Drivers
The cocoa & chocolate market is estimated to report strong growth over the course of the forecast period. The market is driven by the increasing demand for chocolate and cocoa. The extensive use of cocoa due to its antioxidant content and health benefits is projected to be the chief growth driver of the global cocoa market. The increasing consumption of chocolate in confectionary, food & beverages, cosmetics, pharmaceuticals and other industries is strongly linked to the high demand of cocoa and chocolate. According to the American Association for the Advancement of Science, drinking hot chocolate can also help people think better. Thus, various health concern drives the market for cocoa and chocolate.
Global Cocoa & Chocolate Market Challenges
The global market for cocoa & chocolate is growing exponentially; and thus, the lack of sufficient quantity of cocoa beans is about to hinder the growth of the cocoa & chocolate market in the coming years.
Farmers are giving up on cocoa crop production owing to the less benefits, which is a major challenge for the cocoa & chocolate market.
The presence of saturated fats in chocolates and the related adverse health effects is shifting the interest of consumers towards other alternatives such as snacks, thus restraining the growth of chocolate market.
Global Cocoa & chocolate Market Research Scope
The base year of the study is 2017, with forecast done up to 2022. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the global cocoa & chocolate market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cocoa & chocolate, and their specific applications in different industries.
Global Cocoa & chocolate Market Report: Industry Coverage
Global Cocoa & Chocolate Market – By Type: Cocoa and Chocolate
Global Cocoa & Chocolate Market – By Application: Confectionary, Food and Beverages, Cosmetics, Pharmaceuticals, and Others
Global Cocoa & Chocolate Market – By Distribution channel: Sales Channel, Distributors, Traders, and Dealers
The global Cocoa & Chocolate market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Argentina, Colombia, and Rest of South America
- Europe: U.K., Germany, France, and Rest of Europe
- Asia-Pacific: China, Japan, South Korea, India, and Rest of Asia-Pacific
- Middle East and Africa: UAE, Egypt, Nigeria, South Africa, Rest of Middle East and Africa
Global Coco & Chocolate Market Key Players
Barry Callebaut, encourages the sale of sustainable HORIZONS cocoa and chocolate products to help and improve the incomes of cocoa farmers and their communities. The Cocoa Horizons Foundation gives a new platform to the chocolate industries and distributes funds to invest in sustainable cocoa.
Some of the other key players mentioned in this report are Cargill, Incorporated, Nestle S.A., and Mars Incorporated.
Global Cocoa & Chocolate Market Trends
- The global chocolate market is expected to continue its upward trend during the forecast period owing to the huge rise in consumption of dark, organic, sugar-free chocolates due to increased health awareness among consumers.
- One of the recent advancements in the chocolate market is the change in the packaging shapes and color.
- According to Cargill, Incorporated, only healthy, premium and sustainable chocolates will witness huge growth in the market, and regular confectionery will be replaced by healthy options in the near future. In order to stay ahead of competitors, companies need to come up with innovative ideas.
- Due to increasing awareness about cocoa’s anti-ageing and medicinal properties, the global cocoa market is experiencing huge demand.
- The demand for chocolate syrup has increased worldwide. As chocolate syrup is manufactured from cocoa beans, the market for cocoa is forecast to grow.