September, 2022 /Research Report on Cocoa Chocolate Market Research Report.
Since its discovery over two millenniums back by the Olmecs, cocoa chocolate has never lost its market appeal. In Mexico, Olmecs started growing it and then with Spanish conquistadors its popularity spread across the globe. And now it’s a household name. The global cocoa market is expecting to touch a valuation of USD 16.61 billion and the chocolate market can reach USD 143.77 billion by the end of the forecast period (2018-2025), Market Research Future (MRFR) in their extensively studied report includes chief drivers and detailed study of segments to deliver reliable prediction about the market future. Among the drivers, its health benefits such as anti-oxidative, anti-inflammatory, and anti-depressant properties are creating much traction. Furthermore, it is getting considerable momentum from the demands generated by sectors such as confectionery and food & beverage, pharmaceuticals, and cosmetics.
However, the availability of substitutes and the dwindling price of the raw materials can affect the cocoa and chocolate market growth significantly during the forecast period.
People opting for healthy components in food have given rise to organic chocolate that comes without chemicals and zero artificial ingredients. At the same time, several countries and key players are getting involved in the setting up of regulatory boards that are easing the entire process starting from cultivation to consumption.
Organic chocolates are getting trendy as more and more people are relying on products with zero chemical and no artificial ingredients. People with increasing health-awareness are banking on products that would cause no adverse effect. Organic cocoa chocolate scores full in that respect.
The global cocoa chocolate market can be segmented by application.
Segmentation of the cocoa market includes confectionery, food & beverages, cosmetics, and pharmaceuticals. The cocoa market can witness a rise by CAGR 3.25% during the forecast period with food & beverages reigning supreme. However, confectionery can register the fastest CAGR during the review period.
The chocolate market, on the hand, can grow with 2.12% CAGR during the forecast period with food & beverage holding the maximum share and confectionery registering the fastest CAGR.
The global cocoa chocolate market covers North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Considering consumption, the cocoa market can grow with a 4.48% CAGR with Europe leading from the front both in terms of value and volume with an estimated USD 7.29 billion valuation and 2,372.5 kilotons production respectively. Whereas, the APAC would register the fastest CAGR in both the cases; 5.22% and 4.01% respectively.
The chocolate market can grow substantially with Europe’s market leading from the front with an expected valuation of USD 54.71 billion and 3,159.3 kilotons production during the forecast period. The APAC region would record the fastest CAGR, both volume-wise and value-wise; 2.76% and 3.04% respectively.
Strategic implementations such as investment, merger, regulations, research & development, acquisition, product launch, expansion, and joint-ventures are proving vital for important market influencers. Of these, joint-ventures are holding a market share of 42% which gives them the laurel of being appreciated as the most trusted tactical move.
Key competitors influencing the global cocoa chocolate market are Cemoi Chocolatier (France), Republica del Cacao (Ecuador), Nestlé S.A. (Switzerland), Mars Incorporated (U.S.), Irca S.p.A. (Italy), Fuji Oil Holdings Inc. (Japan), Guittard Chocolate Co. (U.S.), Ghirardelli Chocolate Co. (U.S.), Varihona Inc. (France), Barry Callebaut AG (Switzerland), Alpezzi Chocolate SA De CV (Mexico), Kerry Group Plc (Ireland), Olam International Ltd. (Singapore), Tcho Ventures Inc. (U.S.), The Hershey Company (U.S.), Cargill, Incorporated (U.S.), Foley's Candies LP (Canada), Puratos Group Nv (Belgium), Ferrero International S.A. (Italy), and others.