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Global Cocoa and Chocolate Market: Market Segments: By Cocoa Type (Cocoa Butter, Powder & Liquor); By Chocolate Type (Dark, White, Milk, and Filled); By Application (Confectionery, Food & Beverage, Cosmetics, & Pharmaceuticals); By and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Cocoa beans are harvested, dried and fermented from Theobroma cocoa and further processed for the manufacture of powdered cocoa, oil, liquor, butter and other cocoa products. In the manufacture of chocolates, cocoa is commonly used. Owing to the high content of flavonoids, they have multiple health benefits that decrease the risk of cardiovascular disease. Chocolates and cocoa are the two by-products of Theobroma cacao, the cocoa tree. Cocoa beans are extracted and then roasted, fermented, grounded and converted into a finite paste, which is then used for the production of cocoa or chocolates. Due to the process where the cocoa butter is extracted from it during processing, natural cocoa is darker in color and tastes bitter. Chocolates, on the other hand, undergo the same processing as chocolate.
Global Cocoa and Chocolate Market to surpass USD 70.21 billion by 2030 from USD 49 billion in 2018 at a CAGR of 5.62% throughout the forecast period, i.e., 2019-30. The rising consumer awareness of the health benefits of cocoa is largely driving the market. The market has also been driven by the rising demand for chocolate around the world among all age groups. The main growth driver of the global cocoa market is expected to be the extensive use of cocoa due to its antioxidant content and health benefits. The rising consumption of chocolate is closely linked to the high demand for cocoa and chocolate in confectionery, food & beverages, cosmetics, pharmaceuticals and other industries.
Global Cocoa and Chocolate Market are segmented by Cocoa and Chocolate Type into Cocoa Butter, Cocoa Powder and Cocoa Liquor. Based on Cocoa Type, the cocoa liquor segment has a revenue share of XX% in 2018 while the cocoa butter segment is expected to grow at a CAGR of 3.8%. Wheat, Based on Chocolate Type, the milk & white chocolate segment is estimated to grow at the highest CAGR of 2.51% over the forecast period. The cocoa products on the market are cacao liquor, cocoa butter, and cocoa powder, while chocolate products are available in the form of dark, white, milk, filled chocolates. In the preparation of hot chocolate drinks, cookies, and other bakery items, cocoa powder is used. On the other side, chocolate is valued both as a special drink and as a medicine.
Global Cocoa and Chocolate Market is segmented by Application into Confectionery, Food & Beverage, Cosmetics, & Pharmaceuticals.Based on application, the confectionery segment has a revenue share of 31.7% in 2018 in terms of value, followed by food and beverages segment respectively.From the perspectives of confectionery manufacturers, the cocoa & chocolate market is a rewarding market. It is likely that product developments will play a key role in growing the share of market players. This is due to people around the world's growing affinity for packaged food and confectionery. In addition, the increase in disposable income coupled with regular customer snacking behaviors around the world has helped improve the confectionery market. The category of cosmetics, however, is projected to rise over the forecast period at the fastest CAGR. This is due to the health benefits that cocoa powder offers.
Drivers
The growing demand for dark and premium chocolates around the globe
The increasing demand for dark and premium chocolates around the world is mainly fueling the industry's cocoa growth. For instance, 70% of dark chocolate made entirely from cocoa fruit was launched by Nestle in July 2019. The substance is made of cocoa beans and pulp as the only ingredients, offering natural sweetness and subtle acidity without the addition of refined sugar. Due to the distinct health benefits associated with them, dark and premium chocolates are gaining considerable demand. In the near future, the growing demand for cocoa beans from the pharmaceutical sector is expected to provide the industry with substantial growth opportunities in near future.
The demand for cocoa in the food and chocolate confectionery market will continue to surpass throughout the forecast period, despite the negative impact of the economic downturn seen, especially in developed markets. In the cosmetic and pharmaceutical industry, the newly discovered application will also hold the rate of gains strong for the market in the near future. The market for high-end cocoa and chocolate products is being driven by rising producers' emphasis on processing high-quality cocoa beans through sustainable methods. Due to various strong customer demand companies operating in the global cocoa and chocolate industry produce quality goods such as single-origin chocolates thus boosting the market.
The lack of knowledge of advanced farming techniques among farmers in developing regions, together with the challenges associated with cocoa sales, is projected to hinder market development. Moreover, due to insufficient pest and crop disease control practices, about 30 percent-40 percent of the crop is lost in major growing regions. On the contrary, the global chocolate industry is going through a perception crisis with increasing demand for healthier goods, and rising cocoa prices may be a few of the key constraints on the growth of this sector in the coming years.
Global Cocoa and Chocolate Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Global Cocoa and Chocolate Market in Europe held the largest market share in the year 2018 and growing with a CAGR of 2.6% over the forecast period. This is because Europe is a developed market where, over the years, the retail infrastructure has remained very stable. This is due to the growing consumption of consumer products and drinks, as the purchasing power of the citizens living in the region increases. Over the last few years, however, the overall cocoa & chocolate market in the European region has become saturated. Some of the important advances in the North American cocoa & chocolate industry have contributed to consumer awareness of health benefits.
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Competitive Landscape:
Global Cocoa and Chocolate market, which is highly competitive, consists of several major players such as Cargill (U.S.), Barry Callebaut (Switzerland), who hold a substantial market share in the Global Cocoa and Chocolate market. Other players analyzed in this report are Wilbur Chocolate Company Inc., Kraft Foods Inc., Petra Foods Limited, Belcolade NV, Dutch Cocoa B.V, Cargill Cocoa & Chocolate, Blommer Chocolate Company, Ferrero S.P.A., Guan Chong Cocoa Manufacturer Sdn. Bhd., Organic Commodity Products Inc., among others.
Recently, various developments have been taking place in the market. For instance,In March 2020, Nestlé Australia has introduced a plant-based version of its cocoa malt beverage, Milo. The new Milo replaces milk powder with soy and oats and the core ingredients are the same as the original Milo – malt, barley, and cocoa.
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