Cocoa Market - Demand And Industry Outlook
The global Cocoa Market size is expected to reach $15.5 billion by 2027 at a CAGR of 4.3% from 2021 to 2027.Cocoa is extracted from Theobroma tree or cacao tree. The cocoa or cocoa beans are dried and fermented to produce cocoa liquor and by processing the cocoa liquor, cocoa butter and cocoa powder is extracted. The growing demand for chocolate is the key factor propelling the global cocoa market. Cocoa liquor is the major ingredient used to manufacture chocolate.
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The players operating in the global cocoa market have adopted various developmental strategies to expand their market share, exploit the cocoa market opportunity, and increase in profitability in the market. The key players profiled in this report include Cargill, Inc., Olam International Ltd., Toutan S.A., Barry Callebaut AG, The Hershey Company, Guan Chong Cocoa Manufacturer SDN. BHD, Ciranda, Inc., United Cocoa Processor, Inc., Bloomer Chocolate Company, and VJ Jindal Cocoa Private Limited.
Key findings of the study
The cocoa market was valued at $12,874.0 million in 2019, and is estimated to reach $15,501.1 million by 2027, growing at a CAGR of 4.3% during the forecast period.
By product type, the cocoa liquor segment is estimated to witness the fastest growth, registering a CAGR of 4.4% during the forecast period.
In 2019, depending on the process, the Dutch process segment was valued at $9,675.2 million, accounting for 75.1% of the global cocoa market share.
In 2019, the Netherlands was the most prominent market in Europe, and is projected to reach $1,636.5 million by 2027, growing at a CAGR of 4.5% during the forecast period.
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