Cocoa Market Forecast Indicates over 5% Growth by 2031, Global Revenue to Reach US$15.5 Billion | Fairfield Market Research

Key Market Segments Like Dark Chocolate, Cocoa Powder, and Cocoa Butter are Projected to Drive Expansion, Backed by Rising Consumer Preferences for Rich Flavours and Health Benefits. Emerging Markets Offer New Avenues for Growth, Especially in Regions Like Asia Pacific.

London, April 18, 2024 (GLOBE NEWSWIRE) — Global cocoa market is expected to reach US$15.5 Bn by 2031-end, growing at a CAGR of 5.02% from 2024 to 2031. Key drivers include increasing chocolate consumption, demand for premium and natural cocoa products, and growing applications beyond confectionery.

The global cocoa market is on an upward trajectory, driven by various factors such as the increasing popularity of chocolate products, heightened demand for premium and natural cocoa products, and the expansion of cocoa applications beyond confectionery into areas such as cosmetics and pharmaceuticals.

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Report Attributes Details
Base Year 2022  
Forecast Year 2024 – 2031
Market Size in 2024 US$11 Bn
Estimated Market Size in 2031 US$15.5 Bn
CAGR 5.02%  
Growth Drivers
  • Increasing Demand for Chocolate and Derived Products
  • Rising Consumption of Cocoa by Non-Food Industries
  • Popularity of Premium Cocoa Products
  • By Nature (Organic, Conventional)
  • By Type (Cocoa Extract, Natural Cocoa Flavour, Natural Cocoa Flavour WONF, Natural Identical Cocoa Flavour)
  • By Form (Powder, Liquid)
  • End Use (Food and Beverages, Bakery, Confectionery, Beverage, Foodservice, Retail/Household)
Regional Coverage
  • North America (US, Canada)
  • Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
  • Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)

“The market is experiencing a surge in premium and specialty cocoa products, driven by consumer interest in high-quality ingredients and unique flavours. There is also growing interest in cocoa products that offer health benefits, such as antioxidants, and flavonoids. While this will provide a thrust to market growth, the market is also exploring the potential of cocoa-derived ingredients in various applications, including skincare, and pharmaceuticals,” explains a research analyst at Fairfield Market Research.

The cocoa market’s expansion into emerging markets such as Asia Pacific is expected to drive future growth. Companies are exploring new product formulations, and strategic partnerships to capitalise on these opportunities. Cocoa sales are poised to see steady growth over the next decade, fueled by rapidly growing consumer demand for premium and natural products, and a surge in innovation and diversification.

“The global cocoa market is poised for substantial growth due to evolving consumer preferences for premium products and the emergence of functional cocoa offerings. Companies are adapting to this trend by focusing on innovation and diversification across regions,” explains an analyst at Fairfield Market Research.

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Key Research Insights

  • Dark chocolate dominates the market due to its rich flavour profile, and perceived health benefits.
  • Cocoa powder remains favoured for its versatile application in F&B in baking, confectionery, and functional beverages.
  • Sales of cocoa butter are rising due to its applications in food, cosmetics, and pharma offering smooth texture and moisturisation properties.

Insights into Segmentation Analysis

Dark Chocolate Bestseller

Growing demand for premium dark chocolate products fueled by its rich flavour and health benefits such as antioxidants and flavonoids.

Consumers seek out dark chocolate for its potential heart health and mood-boosting properties.

The segment is experiencing innovation in flavours, textures, and formulations, catering to evolving tastes.

Cocoa Powder Wins Preference on the Back of Convenience

Cocoa powder is key in baking, beverages, and culinary preparations due to its flavour and aroma.

The segment is driven by increased interest in artisanal chocolates, gourmet desserts, and health-conscious consumers using cocoa powder in smoothies and shakes.

Cocoa powder’s long shelf-life and convenient packaging add to its popularity.

Cocoa Butter Spans the Highest Number of Application Areas

Cocoa butter’s applications span food, cosmetics, and pharmaceuticals, attributed to its smooth texture and aroma.

In food, it provides mouthfeel and stability, particularly in chocolates.

Cocoa butter is also valued for its natural moisturizing properties in skincare and personal care products.

The demand for clean label formulations further boosts its growth.

Key Research Highlights

  • Growing affliction for chocolate globally, especially in emerging markets, is fueling demand for cocoa.
  • Consumers seek high-quality, ethically sourced cocoa, driving growth in organic and fair-trade products.
  • Cocoa use expands into cosmetics, pharmaceuticals, and beverages due to its flavour, aroma, and potential health benefits.
  • Demand rises for specialty cocoa with unique flavours and health-focused products with added vitamins and minerals.

Insights into Regional Analysis

Europe Remains the Enduring Chocolate Capital

A deeply ingrained culture of chocolate appreciation, supported by historic confectionery powerhouses like Switzerland, and Belgium.

High per capita cocoa consumption driven by a preference for premium chocolates with rich flavours, and textures.

Stringent regulations ensure food safety and promote ethical sourcing practices within the cocoa industry.

North America Represents a Market in Transformation

Home to major chocolate manufacturers like Hershey’s, Mars, and Mondelez, the region is witnessing a shift towards premium and dark chocolates due to health-conscious consumers.

Growing popularity of cocoa-infused beverages and bakery products, creating a more diverse market landscape.

Asia Pacific on the Rise

Rapid economic growth, rising disposable incomes, and increasing urbanisation are fueling a surge in demand for cocoa products.

Growing consumer awareness of chocolate’s potential health benefits is creating a new wave of chocolate enthusiasts.

A vast region with diverse cultures and taste profiles, requiring tailored product offerings to capture market share.

Key Market Companies in Cocoa Industry

  • Olam International Limited
  • Nestlé S.A.
  • Symrise AG
  • Cargill, Inc.
  • Barry Callebaut AG

Global Cocoa Industry Analysis, Size, Share, Growth, Trends and Forecast 2024-2031 – (By Nature Coverage ,By Type Coverage ,By Form Coverage, by End User ,By Geographic Coverage and By Company):

About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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