Cocoa Beans Market Research Report Information By Bean Type (Forastero, Trinitario, and Criollo), By Application (Food and Beverages, Pharmaceuticals, Cosmetics, and Personal Care), By Nature (Organic, and Conventional), By Sales Channel (B2B, and B2C), By Product Type (Cocoa Powder, Cocoa butter, and Paste/Liquor), By Voluntary Sustainability Standard (UTZ Certified, Rainforest Alliance, and Fairtrade International), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032

Global Cocoa Beans Market Overview

Cocoa Beans Market Size was valued at USD 13.9 Billion in 2022. The Cocoa Beans Market industry is projected to grow from USD 14.9 Billion in 2023 to USD 26.20 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2024 - 2032). The growing awareness of the health benefits of consuming cocoa-rich beans and Increased demand for chocolate and related beans such as milk chocolate, sweet chocolate, and dark chocolate, as well as aggressive advertising by manufacturers to increase brand recognition, are expected to be a significant market driver for the market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cocoa Beans Market Trends

• Increasing consumer demand for premium and sustainable chocolate products is driving market growth.

Market CAGR for Cocoa Beans is being driven by the Increasing consumer demand for premium and sustainable chocolate products. There is a growing consumer demand for premium and sustainable chocolate products. In fiscal year 2022, India's estimated import value of cocoa and cocoa preparations from the world was approximately 180 million U.S. dollars, compared to 273 million U.S. dollars in fiscal year 2021. As consumers become more discerning, they seek high-quality chocolates with unique flavors, single-origin cocoa, and ethical sourcing practices. This trend has spurred the emergence of artisanal and craft chocolate brands, fostering innovation and diversification in the cocoa derivatives industry. With evolving consumer lifestyles and dietary preferences, the market is witnessing the introduction of innovative cocoa derivatives for various applications. These include dairy-free and vegan chocolate alternatives, as well as cocoa-infused products in the health and wellness sector, such as cocoa-based supplements and beverages. In 2021, an Indian brand named 'MilkinOats' introduced vegan milk chocolate made with oat milk under their premium range called Chalet Chokolad, featuring varieties like Chalet Velvety and Chalet Almond Crunch, crafted in Swiss chalets.

Consumers are increasingly looking to reduce their consumption of perceived unhealthy food products in their daily diets. This growing awareness, coupled with improving economic conditions, has prompted regional consumers to seek out organic and sustainable food options in the market. According to The Associated Chambers of Commerce and Industry of India, the value of the Indian organic food market was USD 528 million in 2017, projected to reach USD 1,586 million by 2020. The rising consumer preference for organic cocoa products has spurred manufacturers to seize the lucrative opportunities in the market. They are achieving this by introducing innovative indulgent products. Furthermore, the trend towards premiumization, along with the appeal of healthy and organic dark chocolate, is expected to further drive growth in the regional market. As a result, it is anticipated that throughout the projection period, demand for the market will increase due to the Increasing consumer demand for premium and sustainable chocolate products. Thus, driving the Cocoa Beans Market revenue.

Cocoa Beans Market Segment Insights

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  Cocoa Beans Market Bean Type Insights

  
  

The Cocoa Beans Market segmentation, based on Bean type, includes Forastero, Trinitario, and Criollo. The Trinitario segment dominated the market, accounting for 58% of market revenue. Originating from Trinidad, the Trinitario variety is a crossbreed of Criollo and Forastero Cocoa beans. It boasts superior quality compared to Forastero, yielding higher quantities and demonstrating greater resilience against diseases than Criollo. Flavor serves as a critical criterion for Cocoa bean product manufacturers, encompassing the intensity of Cocoa or chocolate flavor, along with any accompanying flavor nuances, while also ensuring the absence of flavor defects. The introduction of Trinitario trees has led to an improvement in average flavor quality when replacing Criollos. Similarly, the cultivation of Trinitario seedlings in Southeast Asia and other regions aims to supply mainstream Cocoa with a West African flavor profile.

Figure 1: Cocoa Beans Market, by Bean type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cocoa Beans Market Application Insights

The Cocoa Beans Market segmentation, based on Application, includes Food and Beverages, Pharmaceuticals, Cosmetics, and Personal Care. The Food and Beverages segment dominated the market, accounting for 58% of market revenue. Although chocolate has long been associated with indulgence, there's a notable shift towards healthier alternatives boasting higher cocoa content. Dark chocolate, in particular, is witnessing increased popularity owing to its antioxidant properties and perceived health advantages. By 2022, a substantial portion of Indians (44%) expressed a willingness to invest in premium chocolates, primarily driven by their health benefits. This growing preference for health-conscious options is markedly driving up the demand for cocoa beans in the food and beverages segment.

Cocoa Beans Market Nature Insights

The Cocoa Beans Market segmentation, based on Nature, includes Organic and Conventional. The Organic segment dominated the market, accounting for 60% of market revenue. Organic cocoa contains essential nutritional compounds such as fiber, magnesium, iron, copper, and various minerals. Moreover, it is rich in antioxidants, which have been shown to reduce blood pressure, enhance blood circulation, and provide protective benefits for the skin. According to the findings of FiBL & IFOAM’s The World of Organic Agriculture 2022 report, the worldwide cultivation area dedicated to organic cocoa reached 3.1% in 2020.

Cocoa Beans Market Sales Channel Insights

The Cocoa Beans Market segmentation, based on Sales Channels, includes B2B and B2C. The B2C segment dominated the market, accounting for 60% of market revenue. With the proliferation of e-commerce platforms, consumers now have easier access to a diverse range of cocoa beans and chocolate products directly from producers or specialized retailers. This direct-to-consumer approach facilitates transparent communication regarding product origin, quality, and sustainability practices, resonating particularly well with environmentally and socially conscious consumers.

Cocoa Beans Market Product Type Insights

The Cocoa Beans Market segmentation, based on Product Type, includes Cocoa Powder, Cocoa butter, and Paste/Liquor. The Cocoa Powder segment dominated the market, accounting for 60% of market revenue. The cocoa powder market exhibits a distinctive pattern due to variations in the availability of raw cocoa, the rising adoption of sustainable cocoa farming practices, and the expanding utilization of processed cocoa products in the food and beverage industry. Consumer preferences play a significant role, urging food and beverage manufacturers to incorporate more cocoa powder into their products to intensify the chocolate flavor.

Cocoa Beans Market Voluntary Sustainability Standard Insights

The Cocoa Beans Market segmentation, based on Voluntary Sustainability standards, includes UTZ Certified, Rainforest Alliance, and Fairtrade International. The UTZ Certified segment dominated the market, accounting for 60% of market revenue. The UTZ label can be found on over 10,000 product packages across 116 countries, making it the world's largest program for sustainable coffee and cocoa farming. UTZ operates under the umbrella of the Rainforest Alliance, an international non-profit dedicated to improving the well-being of both people and nature. The program's objective is to establish a global standard where sustainable farming practices are commonplace, empowering farmers to adopt responsible agricultural methods that prioritize both profitability and environmental and social considerations. UTZ-certified cocoa beans may command premium prices in the market due to their perceived higher quality, ethical production methods, and environmental sustainability. This can provide an incentive for cocoa bean producers to obtain UTZ certification, thereby driving the adoption of sustainable farming practices within the industry.

Cocoa Beans Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The United States holds a significant market share in North America, displaying a robust appetite for chocolate and cocoa-based products. It features a well-established chocolate industry operating within a highly competitive market. In 2023, chocolate consumption in the United States surged to approximately USD 25,767 million, marking a notable 10.1% growth compared to 2021. On average, individuals consumed 6.4 kg of chocolate per person or 160 bars per person annually in 2023. Major chocolate manufacturers and premium chocolate brands dominate the region, propelling the demand for cocoa beans, cocoa butter, and cocoa powder. The growing preference for premium and artisanal chocolates, coupled with increased awareness among health-conscious consumers, has fueled the utilization of higher-quality cocoa derivatives across various applications.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea.

Figure 2: Cocoa Beans Market Share By Region 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe cocoa Beans Market accounts for the second-largest market share. The European cocoa bean import landscape presents an intriguing pattern for smaller suppliers in cocoa-producing countries. For instance, supplies from DR Congo, an emerging source of organic cocoa to the European market, saw a notable 14% increase between 2017 and 2021, reaching 11 thousand tonnes in 2021. The Netherlands stands out as the world's largest importer of cocoa beans, with total imports amounting to 804 thousand tonnes in 2021. Similarly, German imports in 2021 totaled 445 thousand tonnes, with an estimated 73% directly sourced from cocoa-producing countries, equivalent to 324 thousand tonnes. Further, the German Cocoa Beans Market held the largest market share, and the UK Cocoa Beans Market was the fastest-growing market in the European region.

The Asia-Pacific Cocoa Beans Market is expected to grow at the fastest CAGR from 2023 to 2032. Over time, the incorporation of international flavors and recipes in cocoa products has captured the interest of numerous young consumers in the region. Moreover, appealing packaging and advertisements have been instrumental in driving up the demand for cocoa products. Additionally, the evolving consumer lifestyle has led to a rise in cocoa-grinding activities. In 2020, China imported a total of 100,000 tons of cocoa beans and related products, comprising 46,000 tons of cocoa powder, 28,000 tons of cocoa beans, 17,000 tons of cocoa liquor, and 14,000 tons of cocoa butter. Moreover, China’s Cocoa Beans Market held the largest market share, and the Indian Cocoa Beans Market was the fastest-growing market in the Asia-Pacific region.

Cocoa Beans Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Cocoa Beans market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Cocoa Beans industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cocoa Beans industry to benefit clients and increase the market sector. In recent years, the Cocoa Beans industry has offered some of the most significant advantages to the global economy. Major players in the Cocoa Beans Market, including Mars Inc, Barry Callebaut AG, Cargill, Archer-Daniels-Midland (ADM), Blommer Chocolate Company, Olam International, JB Foods Ltd (JB Cocoa), BT Cocoa, Ecom Agroindustrial Corp. Ltd are attempting to increase market demand by investing in research and development operations.

Archer Daniels Midland Co (ADM) is involved in the production, processing, transportation, storage, and trading of agricultural products, commodities, and ingredients. The company manufactures a wide range of food and beverage ingredients as well as other products derived from oilseeds, corn, wheat, and various agricultural commodities. ADM's diverse product portfolio includes natural flavors and colors, health and nutrition products, vegetable oil, corn sweeteners, flour, animal feed, and biofuels. Through its global grain elevator and transportation network, ADM stores clean and transport agricultural commodities such as oilseeds, corn, wheat, milo, oats, barley, and their derivatives. Additionally, ADM provides services such as farmer assistance, transportation, and logistics. With business operations spanning the Americas, Europe, the Middle East, Africa, and Asia-Pacific, ADM is headquartered in Chicago, Illinois, United States.

Olam International Ltd (Olam), a subsidiary of Temasek Capital (Private) Limited, specializes in processing and distributing agricultural products and food ingredients. The company is actively involved in sourcing, primary processing, packaging, and marketing of various agricultural products and food ingredients. Olam's product range encompasses edible oils, spices, cocoa, coffee, food staples, packaged foods, and infrastructure and logistics services. Additionally, Olam offers commodity financial services and operates a fund management business. With a global reach, Olam supplies food and industrial raw materials to customers across Asia, West and Central Africa, East Africa, Southern Africa, the Middle East, North Africa, North America, Central America, South America, Europe, and Australia. Headquartered in Singapore City, Singapore, Olam made a significant investment in February 2019, acquiring an 85 percent stake in YTS Holdings Pte Limited for USD$90 million. YTS Holdings Pte Limited owns PT, Indonesia's largest cocoa processor, BT Cocoa, positioning Olam to capitalize on Asia's growing cocoa powder market. This strategic move addresses increasing customer demand for integrated supply chain solutions in the cocoa industry.

Key companies in the Cocoa Beans Market include

• Mars Inc


• Barry Callebaut AG


• Cargill


• Archer-Daniels-Midland (ADM)


• Blommer Chocolate Company


• Olam International


• JB Foods Ltd (JB Cocoa)


• BT Cocoa


• Ecom Agroindustrial Corp. Ltd

Cocoa Beans Industry Developments

In 2024, Barry Callebaut introduced a new range of sustainably sourced cocoa beans as part of their commitment to ethical sourcing. This initiative includes enhanced traceability and support for farmers through their Cocoa Horizons program.

In 2024, Cargill launched an expanded version of their “Cacao Grower Partnership Program,” which focuses on providing high-quality, certified cocoa beans. The program supports farmers with training and resources to improve crop yield and sustainability.

June 2021: Hershey made a strategic move by acquiring Lily's Sweets, a manufacturer specializing in low-sugar chocolate. This acquisition aligns with Hershey's objective of diversifying its product portfolio to include healthier snacking options.

February 2019: Olam International has recently finalized an agreement for the acquisition of BT Cocoa in Indonesia. This deal positions Olam International to leverage the growing market in Asia and establish itself as a leading global supplier of cocoa powder.

Cocoa Beans Market Segmentation

Cocoa Beans Market Bean type Outlook

• Forastero


• Trinitario


• Criollo

Cocoa Beans Market Application Outlook

• Food and Beverages


• Pharmaceuticals


• Cosmetic and Personal Care

Cocoa Beans Market Nature Outlook

• Organic


• Conventional

Cocoa Beans Market Sales Channel Outlook

• B2B


• B2C

Cocoa Beans Market Product Type Outlook

• Cocoa Powder


• Cocoa butter


• Paste/Liquor

Cocoa Beans Market Voluntary Sustainability Standard Outlook

• UTZ Certified


• Rainforest Alliance


• Fairtrade International

Cocoa Beans Market Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  •  Japan
  
  
  •  India
  
  
  • South Korea
  
  
  • Australia
  
  
  •  Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America