Pune, India — Global sales for industrial cocoa and chocolate are expected to witness exponential growth driven by increasing demand for specialty and premium products in developing economies, according to Fortune Business Insights Pvt. Ltd.
The market is anticipated to grow 5.7 percent, compounded annually, by 2025, Fortune Business Insights reports. Overall sales are expected to reach $67.2 billion by the end of the forecast period.
Additionally, the focus on producing high-quality cocoa beans with sustainable growing techniques will pushing the sector, according to the market research company. Suppliers are also leveraging premium cocoa to meet consumer interest in single-origin and single-estate chocolates, which will further drive the market.
North America is anticipated to remain a dominate player because of the regional presence of large cocoa processing plants, Fortune Business Insights reports. Europe is also expected to see significant growth during the period on the back of premium product demands.
Further, increasing chocolate consumption in India and China along with growing disposable incomes are expected to move the Asia-Pacific market during the period, according to the market research company.