New York, United States , March 29, 2023 (GLOBE NEWSWIRE) -- The Global Cocoa and Chocolate Market Size to grow from USD 47.1 billion in 2023 to USD 68.2 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.37% during the forecast period. Seasonal and festive chocolate product sales have a significant impact on the market because this segment consumes a large portion of chocolate products. Consumers' increasing preference for chocolate confectioneries for celebrations, as well as rising demand for cocoa ingredients to develop premium-quality products, are expected to drive market growth during the forecast period.
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Cocoa is the plant material obtained by fermenting, drying, and processing cocoa beans. Chocolate is a solid food that is created by combining cocoa liquor, cocoa butter, and sugar. Chocolate is available in many different flavours, including raw, semi-sweet, sweet, dark, milk, white, and compound. Because of the robust growth trajectory of the global chocolate confectionery industry, the market is exhibiting progressive growth. The origin share of global grindings has increased significantly, increasing overall consumption of cocoa-based ingredients. Increased usage of chocolate as functional food, increased seasonal and festive sales, and increased consumption of dark and ruby chocolate are driving the growth of the Cocoa and Chocolate Market. The emergence of new techniques and chocolate development, as well as increasing chocolate consumption, are expected to drive the uptake of cocoa and chocolate products and support market growth during the projected period. However, the market growth can be stifled by changing consumer preferences and the availability of various substitute products. People have begun to substitute cocoa ingredients, which may have an adverse effect on market growth because cocoa ingredients are generally expensive due to their properties.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Cocoa and Chocolate Market Size, Share, and COVID-19 Impact Analysis, By Type (Dark Chocolate, Milk Chocolate, Filled Chocolate, White Chocolate), By Application (Food & Beverage, Cosmetics, Pharmaceuticals, Others), By Cocoa Ingredients (Butter, Liquor, Powder), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The filled segment is expected to grow the fastest during the forecast period.
Based on the type, the global cocoa and chocolate market is segmented into dark chocolate, milk chocolate, filled chocolate, and white chocolate. The filled segment is expected to be the fastest growing segment during the forecast period. Key demographics' increased indulgence in multi-flavoured chocolate consumption, as well as market players experimenting with developing novel types of filled chocolates such as truffles and bon-bon, are expected to cater to the surge in demand for filled chocolate and drive the segment's growth.
The food & Beverage sector is expected to hold a significant revenue share during the predicted period.
Based on the application, the global cocoa and chocolate market is segmented into food & beverage, cosmetics, pharmaceuticals, and others. Among these, the food and beverage industry is expected to have a significant revenue share during the forecast period. Consumption of bakery products such as chocolate-infused cookies, doughnuts, cupcakes, rolls, sweet rolls, cakes, pies, and coffee cakes, as well as rising consumer health consciousness, are expected to drive demand for cocoa and chocolate.
In 2021, butter held the largest market share.
On the basis of cocoa ingredients, the global cocoa and chocolate market is differentiated into butter, liquor, and powder. The increasing use of cocoa butter in the cosmetic industry for the development of skin care and food products, as well as the growing demand for natural cosmetics among key consumers, are the factors driving the cocoa butter market.
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Europe holds the largest market share over the forecast period.
Europe had the largest market share in the cocoa and chocolate market, and this is expected to continue throughout the projected period. Because many of the major industrial chocolate producers are based in Switzerland, Belgium, the Netherlands, and Germany, Europe has become a hub for industrial chocolate production. The European cocoa market is extremely diverse, with European buyers sourcing cocoa beans of varying qualities and origins to meet the demands of the cocoa and chocolate industries. North America is expected to grow the fastest during the forecast period, owing to rising demand for chocolate-based confectioneries and the increasing adoption of chocolate ingredients in food products such as indulgent snacks, chocolate-flavoured ice creams, and cocoa bars, among others.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cocoa and Chocolate Market include Olam International, Fuji Oil Company Ltd., ECOM Agroindustrial Corporation Ltd., Niche Cocoa Industry Ltd., BD Associates Ghana Ltd., PLOT Enterprise Ghana Limited, arry Callebaut, AG, Cargill, Inc., Cocoa Processing Co. Ltd., Touton S.A., Mars Wrigley, Nestlé, Mondelez International.
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Recent Developments
In February 2023, Mars Wrigley India has announced the launch and local production of GALAXY FUSIONS Dark chocolate with 70% cocoa. Mars Wrigley India hopes to strengthen its position in the moulded chocolates category by adding dark chocolate to the GALAXY brand portfolio of indulgent variants.
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