Global Cocoa Market, By Nature (Organic and Conventional), By Process (Natural and Dutch), By Product Type (Cocoa Beans Powder, Cocoa Beans Butter, Cocoa Beans Liquor), By Application (Confectionery, Functional Food, Bakery Items, Beverages, Cosmetics, and Pharmaceuticals), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) ) is estimated to be valued at US$ 14.00 Bn in 2023, and is expected to exhibit a compound annual growth rate (CAGR) of 4.7% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Cocoa beans is a fully dried and fermented bean that is further processed for use in food, pharmaceutical, and cosmetics applications. Cocoa beans powder is mostly used in the production of chocolate confectionaries and cocoa beans paste. Cocoa beans butter is widely used in the pharmaceutical and cosmetic industries. Consumption of cocoa beans -rich products provides various health benefits, such as reduce hypertension, lowering the risk of cardiovascular disease, and preventing chronic fatigue syndrome.
Global Cocoa Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The lockdown measures have led to a slowdown in demand of cocoa beans due to a strong relationship between economic growth and chocolate consumption. The spread of the COVID-19 pandemic has led to lockdowns in Europe and other international markets. Mainstream chocolate consumption was stable, but the craft chocolate segment faced difficulties. In cocoa beans -producing countries, lockdowns disrupted the supply chain. Local initiatives made the cocoa beans sector stronger.
Global Cocoa Market: Recent Developments
- In October 2022, Barry Callebaut, a manufacturer of high-quality chocolate and cocoa beans products, launched second generation of chocolate. This new product design is a testament to nature's flavors and the mindfully living consumer, as it puts cocoa beans first, sugar last.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Cocoa market”- Forecast to 2031, Global Cocoa Market, By Nature (Organic and Conventional), By Process (Natural and Dutch), By Product Type (Cocoa beans Powder, Cocoa beans Butter, Cocoa beans Liquor), By Application (Confectionery, Functional Food, Bakery Items, Beverages, Cosmetics, Pharmaceuticals), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link - https://www.coherentmarketinsights.com/market-insight/cocoa-market-1056
Key Takeaways of the Global Cocoa Market
- Global cocoa market was valued at US$ 14,00 Bn in 2023, and is forecast to reach a value of US$ 18.50 Bn by 2031, exhibiting a CAGR of 4.7% between 2024 and 2031
- On the basis of region, Europe region is estimated to dominate the global cocoa market in 2023 with 43.0% of market share in terms of value, followed by North America and Asia Pacific respectively
- Major players operating in the global cocoa market is The Barry Callebaut Group, The Hershey Company, Nestlé S.A., Cargill Incorporated, Puratos Group, Cémoi, Mars, Incorporated, Blommer Chocolate Company, Meiji Holdings Company, Ltd., Carlyle Cocoa beans, Jindal Cocoa beans, and United Cocoa beans Processor
