Global Cocoa & Chocolate Market size was valued at USD 50.9 Bn in 2023 and is expected to reach USD 77.0 Bn by 2032, at a CAGR of 4.7%.
Pune, 18, June 2024: The Global Cocoa & Chocolate Market was valued at USD 2.1 billion in 2023 and is expected to reach USD 16.22 billion by 2032, with a CAGR of 25.5 %. Cocoa, derived from cocoa tree kernels, is a versatile and versatile ingredient used in various products such as beverages, confections, and ice creams. Its silkiness and opulence are attributed to cocoa butter, which is extracted from cocoa pods. Cocoa powder, a by-product of cocoa-based manufacturing processes, is used in beverages, confections, and ice creams. The industry's growth is driven by increased holiday sales, chocolate usage as a functional food, and the popularity of dark and ruby chocolate. The global chocolate confectionery industry's growth trajectory and new product developments in various sectors contribute to the market's expansion. The flavor of chocolate remains a popular ingredient in the confectionery and beverage industries, with this trend expected to continue in the future.
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BD Associates Ghana Ltd. (Ghana) and other major players.
Cocoa & Chocolate Market Dynamics
The global chocolate confectionery market is primarily driven by rising demand, particularly in emerging economies. Consumer spending on indulgent confectionery products is driving this growth. The industry is expected to benefit from the addition of new chocolate varieties, such as dark and ruby chocolate, and the increasing practice of gifting chocolates during the holiday season. This growth is expected to significantly contribute to the industry's expansion.
The demand for premium or specialty chocolates has increased significantly in developed countries like the US, France, Belgium, and Germany. This trend is driven by consumers' desire to know the origins of ingredients, such as vegan preferences and lactose intolerance. Organic cocoa seeds are also in high demand, promoting the expansion of specialty chocolates. The growing preference for organic and clean-label products, as well as labor welfare consciousness, is expected to further drive demand for fair-traded cocoa.
Europe is Expected to Dominate the Market Over the Forecast Period. The European chocolate market is experiencing growth due to increasing consumer preference for chocolates, health-conscious consumption, and niche chocolates. The availability of diverse cocoa yields in Europe has encouraged chocolate manufacturers to enter the premium chocolate sector and develop specialized products. The market is expected to be dominated by North America, as the increasing demand for chocolate in the region propels the expansion of cocoa, as cocoa serves as the primary raw material in chocolate manufacturing. The growing demand for chocolate also generates a need for cocoa butter, providing a delectable texture to the chocolate.
Cocoa & Chocolate Market Segment Analysis
By Product:
Traditional
Artificial
the traditional segment is expected to dominate the market during the forecast period. The traditional chocolate market is expected to dominate the forecast period, with white, milk and dark chocolates dominating. The rise in popularity of cocoa over carob, the raw material used in artificial chocolate, is attributed to its accessibility and market penetration. Milk chocolate is the most popular variety among traditional chocolates. Artificial chocolate is expected to have the highest CAGR due to its caffeine-free nature and high calcium content, making it suitable for caffeine-sensitive individuals and women, and those with calcium deficiencies.
Introspective Market Research, a prominent Food and Beverages Industry research firm, has released the following reports:
Global Chocolate Flavors Market: Chocolate Flavors Market Size Was Valued at USD 411.58 million in 2023 and is Projected to Reach USD 627.63 million by 2032, Growing at a CAGR of 4.8% From 2024-2032.
Global Sweet Dark Chocolate Market: The Global Sweet Dark Chocolate Market size was reasonably estimated to be approximately USD 8.12 Billion in 2023 and is poised to generate revenue over USD 13.52 Billion by the end of 2032, projecting a CAGR of around 5.82% from 2024 to 2032.
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