The Cocoa Market study analyzes each market player encompassed in the market study as per its market share, production footprint, current launches, agreements, ongoing R&D projects, and market strategies. SWOT analysis has been performed in the market study to investigate the strengths, weaknesses, opportunities and threats of each player.
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Global demand for cocoa is set to increase at over 12% in 2024, despite logistics and import-export challenges, according to a latest analysis by Fact.MR. The study estimates cocoa market size to surpass US$ 20.4 billion in 2024.
Rising popularity of cocoa based products such as cocoa drinks, chocolate, cocoa butter and cocoa liquor is boosting the growth of the global cocoa market.
Over the recent years, demand for cocoa products, especially chocolate has surged in emerging countries such as India and China. Moreover, introduction of cocoa based health drinks and a range of new chocolate confectionary items is also driving the global consumption of cocoa.
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On the other hand, high cost of production and inadequate supply of cocoa are posing a major challenge to the market. Weather plays a key part in determining the quality and quantity of cocoa beans that are cultivated each year, hence unfavorable weather conditions can lead to low yield, which remains a major concern for the overall cocoa market.
For the last decade or so, a large number of consumers particularly in Westerns countries are opting for healthier alternatives over chocolate, many of them even quitting chocolate completely. This, in turn, is compelling manufacturers to replace chocolate with healthier ingredients in their indulgent products.
Key Takeaways
- Cocoa butter will continue to be the top selling cocoa product, surpassing cocoa powder sales and cocoa liquor demand
- Forastero remains the largest product in cocoa market, and the category is set to reach US$ 17.26 billion by 2024
- Demand for Dutch cocoa is higher than natural cocoa, however, growing consumer awareness is likely to drive demand for latter
- Europe is the largest cocoa market globally, with sales set to reach US$ 9.39 billion in 2024
Competition Tracking
Some of the leading cocoa companies include Barry Callebaut, Nestlé S.A, The Cocoa Processing Company Limited, ADM, Cemoi, Puratos Group, Mars, Inc., Bloomer Chocolate, Cargill, Inc. and United Cocoa Processor, Inc. Many of these players are emphasizing on product innovation and trying to develop low calorie and low fact cocoa products. Companies have ramped up their investments in scientific research programs dedicated to development of healthier food items.
The Fact.MR report provides comprehensive analysis on global cocoa industry, growth of the cocoa market, cocoa price forecas
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Key findings of the report:
- Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the market.
- In-depth analysis of important market segments, market potential, impacting trends, and challenges.
- Critical examination of the strengths, weaknesses, opportunities and threats of each player.
- Extensive investigation of the effects of the growth of relevant industries.
- Accurate data regarding the future prospects of the during the forecast period.
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