According to the report “Cocoa And Chocolate Market By Chocolate Type (Dark Chocolate, Milk Chocolate, White Chocolate And Filled Chocolate) By Cocoa Type (Cocoa Butter, Cocoa Liquor And Cocoa Powder) By Application (Cosmetics, Pharmaceuticals, Food And Beverage And Confectionery), And By Region – Global Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)” published by Market Data Forecast, the Global Cocoa and Chocolate Market was worth $123.32 billion in 2016 and estimated to be growing at a CAGR of 2.28%, to reach $138.03 billion by 2021.
The market is showcasing huge potential in the mentioned forecasting period. Chocolate is mainly classified by the amount of cocoa it contains. Chocolate is considered as “dark chocolate” if it contains more than 60% cocoa. Milk chocolates account for about 50% of all chocolate consumption but they, in general, contain as little as 10% cocoa.
The cocoa and chocolate market has been growing at a steady pace. The constant strong demand from North America is propelling the cocoa and chocolate market in the region. Cocoa provides texture, flavour, and colour to products. Furthermore, it has anti-inflammatory, anti-oxidative, and anti-depressant properties. The market for these ingredients is observing growth in developing economies such as India and China. Dark chocolate contains high amounts of antioxidants, which are believed to delay or prevent certain types of diseases like cardiac arrest. These health benefits, perceived by people and doctors, are one of the main reasons behind strong growth for products with high quantities of cocoa.
Powerful local and global growth in demand is unevenly matched against an unpredictable and unstable supply. But chocolate consumers happen to be quite pricing insensitive. Except in very rare circumstances consumers are willing to purchase cocoa product at any given prices. The huge demand for chocolate and cocoa in confectionery and food and beverage industries majorly drives the market. The health benefits of cocoa and chocolate in pharmaceuticals and cosmetics has enough evidence to back manufacturers to consider using such ingredients.
The Global cocoa and chocolate market is categorized by Chocolate Type (Dark Chocolate, Milk Chocolate, White Chocolate and Filled Chocolate), by Cocoa type (Cocoa Butter, Cocoa Liquor and Cocoa Powder). Based on Application, the market is further segmented into Cosmetics, Pharmaceuticals, Food and Beverage and Confectionery. The milk and white chocolate segment is expected to grow at the highest rate from 2016 to 2021. The cocoa liquor segment dominated the cocoa market in 2016. Europe is the leading consumer of cocoa, followed by North America. Also, Europe is a major processor of cocoa in the global market and is forecasted to grow at the highest rate. However, the overall cocoa and chocolate industry in the European region has become stagnant and saturated over the last few years. Consumer awareness pertaining to health benefits of cocoa has led to some of the important innovations in the North American cocoa and chocolate industry.
Some of the major companies dominating the market are:
- Barry Callebaut
- Blommer and JB Foods Limited
- Plot Ghana
- Dutch Cocoa
- Cocoa Processing Company Limited.
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