Global Cocoa and Chocolate Market Size Estimated to be Worth USD 69.1 Billion By 2030, at 4.6% CAGR: Report by Polaris Market Research

NEW YORK, Jan. 23, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Cocoa and Chocolate Market Share, Size, Trends, Industry Analysis Report, By Chocolate Type (Dark, Milk, White, and Filled); By Cocoa Ingredients; By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030" published by Polaris Market Research in its research repository.

According to the research report, the global cocoa and chocolate market size & share was valued at USD 46.4 billion in 2021 and is projected to hit USD 69.1 Billion by 2030, growing at a CAGR of 4.6% during the forecast period.

What is the Expected Size & Share of Cocoa and Chocolate Market?

• Report Overview

Cocoa and chocolate are made from the cacao tree and its beans. But the processes of extracting both products are not the same. Also, they contain different components. The cacao beans are harvested, roasted, and turned into powder which can be turned into powdered or made into chocolate. In cocoa making process, cocoa butter is removed, while in chocolate, it is not. Cocoa is rated as a healthy product as it contains fewer calories, fat, and sugar. Meanwhile, chocolate is high in fat and sugar.

Dutch-processed and natural are the two classifications of cocoa powder. However, chocolate comes in various forms, such as powder, liquid, small balls, bars, etc. Factors such as the increasing preference of consumers in choosing chocolate confectioneries for various celebrations and rising demand for cocoa components to develop premium-grade products are anticipated to propel the cocoa and chocolate market sales.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Are:

• Barry Callebaut
• Cargill
• Olam
• ECOM Agro-industrial Corporation
• Cocoa Processing
• Touton
• Niche Cocoa
• BD Associates Ghana
• PLOT Enterprise Ghana
• Nestlé
• Mondelez International
• Meiji Holdings

To know an additional revised list of top market players, request a sample report, 2022 - 2030: https://www.polarismarketresearch.com/industry-analysis/cocoa-and-chocolate-market/request-for-sample

Growth Driving Factors

• Changing consumer preferences for chocolate-based products flourish the market growth

The rise in new methods and chocolate development and the growing demand for chocolate consumption in developed countries are the key factors projected to fuel the demand for cocoa and chocolate products over the forecast period, supporting the cocoa and chocolate market size. For instance, according to a study by Barry Callebaut, 75% of global consumers selected chocolate-based products to celebrate in celebratory ceremonies and related activities.

Moreover, the surge in the use of cocoa products as a health supplement is expected to boost the demand for chocolate and cocoa ingredients, thereby accelerating the growth of the cocoa and chocolate market. Also, rising consumer shifts towards non-animal-based food ingredients such as cocoa products is further expected to positively influence the cocoa and chocolate industry expansion. Another factor driving the market growth is the growing consumer preference for single-bean chocolates coupled with the increased commercialization of these products by significant market players.

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Recent Developments

• In November 2022, the Niche Cocoa Industry announced that it is expanding its manufacturing facility in the U.S. located in Franklin, Wisconsin. The development will also improve the company's direct presence in the U.S. by strengthening its global market presence.

Segmental Analysis

• A filled segment is anticipated to account for the fastest growth

Based on chocolate type, a filled category is expected to grow at the fastest rate owing to the increasing consumption of various filled chocolates such as truffles and bonbons. Rising demand for multi-flavored chocolates and the growing development of novel types of filled chocolates such as truffles and bonbons by key players is projected to bolster the segment growth of the cocoa and chocolate market. For instance, in October 2022, Frankford Candy and Dunkin' teamed up to launch their limited-edition chocolate sweets and bombs inspired by Dunkin's beverages and donuts. The new product contains 12 individually wrapped donut-shaped chocolates with assorted fillings

• Butter dominated the highest greatest revenue share in 2021

By cocoa ingredients, the butter segment held the highest cocoa and chocolate market share due to the rising use of cocoa butter for the development of skin care and food products in the cosmetic industry. The segment growth is also driven by the surging demand for cosmetics made from natural ingredients among major consumers. In addition, leading market players are continuously developing personal care products to fulfill the requirements of consumers looking for natural alternatives to traditional cosmetics. This factor is then anticipated to accelerate segmental growth.

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Cocoa and Chocolate Market: Global Report Scope

Geographic Overview

• The demand in Europe is expected to register significant growth

Based on geography, cocoa and chocolate market demand in Europe is likely to witness the highest market share as it is known as one of the world's largest manufacturers of chocolate. More demand for chocolates than other delicacies among consumers for celebrations and health-based consumption is majorly driving the market growth in the region. Also, chocolate manufacturers are heavily entering the premium chocolate industry and producing specialized products because there is a presence of diversity in cocoa yield in Europe. This factor is further expected to flourish the regional market expansion.

Moreover, North America is projected to grow over the foreseen period due to the rising demand for chocolate-based confectioneries coupled with the increasing adoption of chocolate components to introduce food products like indulgent snacks, cocoa bars, and chocolate-flavored ice creams. In addition, rising awareness of the health benefits of cocoa and chocolate consumption is likely to fuel the intake of cocoa products. Thus, the regional market is booming.

Browse the Detail Report "Cocoa and Chocolate Market Share, Size, Trends, Industry Analysis Report, By Chocolate Type (Dark, Milk, White, and Filled); By Cocoa Ingredients; By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/cocoa-and-chocolate-market        

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Polaris Market Research has segmented the cocoa and chocolate market report based on chocolate type, cocoa ingredients, application, distribution channel, and region:

By Chocolate Type Outlook

• Dark
• Milk
• White
• Filled

By Cocoa Ingredients Outlook

• Butter
• Liquor
• Powder

By Application Outlook

• Food & Beverage
• Cosmetics
• Pharmaceuticals
• Others

By Distribution Channel Outlook

• Offline
• E-commerce

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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