The global cocoa market is projected to grow at a CAGR of 3.0% during the forecast period (2021-2027). The major aspect that drives the growth of the market includes the steady growth in the chocolate market across the globe. There has been a growing awareness regarding dark chocolate as a healthier confectionery product. Dark chocolate comprises antioxidants that aids in protecting skin from harmful UV rays and provides other benefits to the body. Besides, a growing number of researches have also depicted that moderate consumption of chocolates also calms the mind as it releases serotonin and acts as anti-depressants for the body. 

Consumption of cocoa or chocolate also suppresses the release of stress hormones, cortisol and aids in relaxing the mind and induce happiness. Thus, attributing to such a wide range of benefits associated with the consumption of chocolate; there is likely to be an increased demand for cocoa. Thus, this contributes to the growth of the market. 

Furthermore, consuming dark chocolates also reduces the risk of cardiovascular diseases owing to the presence of good fats and flavonoids that lowers blood pressure and bad cholesterol level. Thus, this further acts as another major factor driving the market growth during the forecast period. Moreover, the extensive buying of chocolates and confectionery products by the millennials and children is another major factor that drives the growth of the cocoa market during the forecast period. 

Segmental Outlook

The global cocoa market is segmented on the basis of product type and application. Based on the product type, the global cocoa market is segmented as cocoa beans, cocoa butter, cocoa powder & cake, and cocoa paste & liquor. Based on the application, the global cocoa market is segmented as food & beverage, confectionery, personal care & cosmetics, and pharmaceuticals.

Confectionery Segment of the Global Cocoa Market to Hold a Significant Share 

Amongst the application segment of the global cocoa market, the confectionery segment is projected to hold the most lucrative share in the market. The segmental growth of the market is accredited to the rapid evolution in the confectionery market across the globe. The impulsive buying behavior of consumers is likely to boost the segmental growth of the market during the forecast period. Besides, attractive display mechanisms adopted by stores and the market players, rising income levels of consumers, and their changing lifestyle are the key factors increasing the impulsive purchasing of confectionery products across the globe. This further encourages the growth of the global cocoa market during the forecast period. 

Global Cocoa Market, by Application 2020 (%)

Regional Outlook

The global Cocoa market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The European region is projected to hold a significant market share. The UK, Germany, France, Italy, Spain, and the Rest of Europe are the major economies primarily contributing to the growth of the Cocoa market in the region. The regional growth of the market is accredited to the higher demand for cocoa for the manufacturing of chocolates and other confectionery products. Further, Asia-Pacific and the North American region are also estimated to witness a significant value for the market attributing to the major cocoa production in the key countries of the regions. Nearly 17% of cocoa is produced in the Americas followed by 6% produced in Asia and Oceania. Furthermore, the presence of various local and multinational manufacturers in the regions is also likely to drive the growth of the market during the forecast period. 

Global Cocoa Market, by Region 2020 (%)

Market Players Outlook

The prominent players functioning in the global cocoa market include Archer Daniels Midland Co., Cargill Inc., Dutch Cocoa BV, Mars Inc., Meiji Holdings Co. Ltd., Natra SA, Puratos Group, and Toutan SA among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others in order to thrive in a competitive environment. For instance, in July 2019, Nestle SA launched 70% dark chocolate made entirely from cocoa fruit. The newly launched product by the company is manufactured using cocoa beans and pulp as main ingredients. Thus, the launch of dark and premium chocolates gaining traction on the account of various health benefits associated with it. This, thereby, tends to drive the growth of the global cocoa market during the forecast period.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global cocoa market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.