Cocoa Market Share, Demand, Consumption, Product Specifications, Research Methodology, and Forecast to 2030

Posted by Pearl Smith on February 7th, 2023

Cocoa is the dried and fully fermented seed of Theobroma cacao, from which cocoa solids and cocoa butter can be extracted. Cocoa beans are widely used in the food, pharmaceutical, and cosmetics industry. Consumption of cocoa-rich products provide various health benefits such as lower risk of chronic fatigue syndrome and cardiovascular disease, and reduce hypertension. Cocoa powder is rich in theobromine, which helps to reduce inflammation and can protect from diseases such as diabetes, cancer, and heart disease.

Long regarded as a food treat, cocoa is now used by some people as medicine. Cocoa seed is used for infectious intestinal diseases and diarrhea, asthma, bronchitis, and as an expectorant for lung congestion. The seed coat is used for kidney, bladder, and liver ailments, for diabetes as a tonic, and as a general remedy.

Major players operating in the global cocoa market are United Cocoa Processor, Jindal Cocoa, Carlyle Cocoa, Meiji Holdings Company, Ltd., The Hershey Company, Mars, Cémoi, Puratos Group, Cargill Incorporated, Nestlé, Blommer Chocolate Company, and The Barry Callebaut Group, among others.

Key Market Drivers:

➢ Growing demand for chocolates or increasing consumption of chocolates across the globe is expected to fuel growth of the cocoa market during the forecast period. For instance, as per the Ministry of Foreign Affairs (Europe), the world's average chocolate consumption amounts to an estimated 0.9 kilograms per capita per year, and the largest chocolate consumers in the world are the Germans with a per capita consumption of 11 kilograms per year.

➢ Moreover, increasing production of cocoa around the world is expected to boost the growth of the cocoa market during the forecast period. For instance, in April 2022, Mars Incorporated announced a new effort to improve the livelihoods of smallholder cocoa farmers. The program will aim to support 14,000 smallholder farmers in Côte d’Ivoire and Indonesia on a path to a sustainable living income in the next eight years (by 2030).

The demand for cocoa refers to the amount of cocoa that consumers are willing and able to purchase at various prices. The demand for cocoa is driven by factors such as population growth, income levels, taste preferences, and cultural attitudes towards chocolate and cocoa-based products. The demand for cocoa can be influenced by a number of factors including economic conditions, changes in consumer behavior, and advancements in technology and production processes. Cocoa is widely used in the production of chocolate and other confectionery products, and is therefore highly dependent on the performance of these industries. The demand for cocoa is generally considered to be inelastic, meaning that changes in price have a relatively small effect on the quantity demanded.