Cocoa Products Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Cocoa Beans, Cocoa Butter, Cocoa Paste and Liquor, Cocoa Powder and Cake, Chocolate & Others), By Application (Confectionary, Food and Beverages, Cosmetics, Pharmaceuticals & Others), By Distribution Channel (Offline, Online), and Region Forecast 2019-2030

Cocoa Products Market size was valued at US$ 14,692.6 million in 2023 and is projected to reach a value of US$ 20,812.2 million by 2030, growing at a CAGR of 5.1% from 2024-2030.

Cocoa, highly concentrated powder made from chocolate liquor is a paste prepared from cocoa beans, the fruit of the cacao and used in beverages and as a flavouring ingredient. Cocoa is the key ingredient in chocolate and chocolate confections. the growth factors of market are expansion of premiumization and artisanal products, rising chocolate consumption, rising beauty and skincare industry. However, some restraints of the market are high entry barriers for small farmers, adverse impact of supply chain complexity, price volatility of cocoa. Additionally, the emerging opportunities of the market are rising food and supplements industry, improved knowledge of healthcare well-being, growing preference for clean-label product. The key trends of the market are growing preference for organic and sustainably sourced cocoa products, innovative product offerings.

Key Players

The leading companies highlighted in the cocoa products market report include such as The Barry Callebaut Group has brands like Callebaut, Bensdorp, Carma ; Cargill Incorporated supplying cocoa powder, cocoa liquor, and cocoa butter and others are Ciranda, Inc., Nestle S.A, Mars, Inc. (Kind LLC), Meiji Holdings Co., Ltd., Olam International Limited, The Hershey Company, Archer Daniels Midland Company. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

• Europe market is expected to generate the largest share over the forecast years 2024 - 2030.
• The North America market is expected to grow significantly from 2024 to 2030.
• Based on product type, the cocoa beans segment dominated the market in 2023.
• Based on application, the confectionary segment has accounted to have largest market share in 2023.
• Based on distribution channel, the offline segment is expected to dominate the market in coming forecast years.

Facts & Figures

• In 2024, Cadbury introduced a special Fast Start edition for Christmas, offering a unique twist on their classic chocolate.
• In 2023, Manam Chocolate Karkhana brings Indian-origin cocoa to the forefront with a focus on accessibility, transparency, and Indian craft.
• In 2021, Nestle & Starbucks expanded their At-Home range with the launch of Starbucks Signature Chocolate. This product includes two varieties, a 42% cocoa blend and a salted caramel version. These hot chocolate products are available in the UK?.

Key Developments

In May 2023, Ferrero launched new products and seasonal treats, such as Kinder Joy chocolate in North America, it also launched new toys along with it to attract the customers.  

Cocoa Products Market Segmentation

By Product: Among all the products the cocoa beans sector is expected to hold the highest market share in terms of revenue in 2024. The main factor driving sales of cocoa beans is the growing demand for them in a variety of foods and drinks. Cocoa beans are used to taste and coat a wide range of pastries and confections. It's an excellent source of quick energy because it's high in carbs and contains traces of the stimulating alkaloids theobromine and caffeine.

By Application: In application segment, confectionery is the most widely used segment in the market due to several key factors like flavour profile and versatility, massive consumer demand for chocolate, innovations and product variety, affordability and accessibility. This makes it the most utilized category in the cocoa industry.

By Distribution channel: The offline (supermarkets/hypermarkets) sub-segment held the highest market share in 2023. The need for supermarkets and hypermarkets has increased due to the availability of a wide range of items and discounts on them, providing customers with a unique shopping experience. Chocolate bars, spread, nibs, and other products are frequently preferred by customers over smaller quantities, which may be accomplished more easily in supermarkets and hypermarkets.