Northbrook, IL 60062 -- (SBWIRE) -- 11/08/2023 -- The cocoa and chocolate market is set to achieve significant growth, with the global cocoa market projected to reach USD 26.3 billion and the chocolate market to reach USD 160.9 billion by 2027, demonstrating a CAGR of 4.5% and 4.7% respectively. Increasing consumer focus on health, along with a surge in demand for dark chocolate, underscores the significance of cocoa as a primary raw material for chocolate production. Africa leads in cocoa production, but challenges such as fair trade discrepancies, environmental concerns, and labor shortages are driving the need for strategic interventions, including the implementation of the National Cocoa Development Plan (NCDP) in ICCO member countries, to bolster cocoa production.

Download PDF Brochure

Rising Demand for Milk Chocolate and Organic Cocoa:

The milk chocolate segment is poised for the fastest growth in the chocolate market, driven by its sweeter profile and lower cocoa content. Conversely, the organic cocoa segment is projected to exhibit significant growth, fueled by heightened consumer awareness of health benefits and environmental sustainability. Although conventional cocoa products dominate the market due to their accessibility and affordability, the demand for organic cocoa is surging owing to its perceived health benefits and eco-friendliness.

Asia Pacific Emerges as a High-Growth Region:

The Asia Pacific region is experiencing the highest growth rate in the chocolate market, with China leading the surge in demand for chocolate products. Notably, Germany, the United Kingdom, and Belgium top the list of high chocolate-consuming countries in Europe, while the United States remains the largest market for chocolate, driven by the consumption of confectionery and bakery items. The region's growth is attributed to factors such as population expansion, rising per capita income, urbanization, and the growing awareness of the nutritional benefits associated with chocolate consumption.

Make an Inquiry

Key Market Players and Market Dynamics:

Key market players such as Mars, Inc. (US), Mondelez International (US), and Nestle S.A. (Switzerland) are focusing on strategic expansions and product innovation to maintain their market presence. The market is witnessing a surge in demand for organic and environmentally friendly products, as well as the integration of cocoa in industries such as cosmetics and pharmaceuticals, contributing to the overall growth of the cocoa and chocolate market.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441