Chicago — The cocoa and chocolate market is projected to reach $26.3 billion by 2027, growing at a CAGR of 4.5 percent from 2022 to 2027, according to a new report by MarketsandMarkets. The global chocolate market is projected to reach $160.9 billion by 2027, growing at a CAGR of 4.7 percent from 2022 to 2027.
The increasing awareness on health and a growing number of consumers following specific diets has propelled the demand for dark chocolate with high cocoa and less sugar. According to the International Cocoa Organization (ICCO), which accounts for 72 percent of the global production of cocoa, Côte d’Ivoire and Ghana are the major countries producing cocoa, but they are also facing issues such as fair trade discrepancies, environmental issues, government unrest and reducing labor forces.
Certain measures such as implementation of the National Cocoa Development Plan (NCDP) in the member countries of ICCO are being undertaken to improve the production of cocoa, the report states. Initiatives like these give a promising outlook towards fulfilling the rising demand for cocoa globally.
The cocoa and chocolate market players are showing trends of pursuing both organic as well as inorganic strategies for their expansion, consolidation and sustainability in the market. Developments and new product launches in chocolate and rise in the use of cocoa for cosmetics and pharmaceuticals are driving the market and leading to an increased demand for cocoa, according to MarketsandMarkets research.
Some other key points from the MarketsandMarkets report are: The milk chocolate segment is the fastest growing among the various types of chocolate during the forecast period, the organic nature segment is registering the highest growth and the Asia Pacific region is witnessing the highest growth rate (5.72 percent) within the chocolate market.
The key players in the cocoa and chocolate market include Mars, Inc., Mondelez International, Nestle S.A., Meiji Holding Co. Ltd., Ferrero International, Olam Group, Barry Callebaut, Cargill Inc., Cocoa Processing Co., Archer Daniel Midland (ADM) Co., Chocoladefabriken Lindt & Sprüngli AG and Pladis Global.