PUBLISHER: SkyQuest | PRODUCT CODE: 1220837
PUBLISHER: SkyQuest | PRODUCT CODE: 1220837
Global Cocoa and Chocolate Market was valued at USD 42.7 billion in 2021, and it is expected to reach a value of USD 69.6 billion by 2028, at a CAGR of more than 6.1% over the forecast period (2022-2028).
All age groups consume chocolates on a daily basis all around the world. It is a quality of chocolate to increase memory function in people. Chocolates are eaten as treats and are used in celebrations of many joyous occasions around the world. Cocoa beans are needed to manufacture chocolates.
The toffees and chocolate confections are made with lecithin, sugar, and vanilla.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global cocoa and chocolate market and various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Cocoa and Chocolate Market is segmented based on the Nature, Distribution Channel, type, application, and region. Based on the Nature, the market is segmented as Traditional and Organic. Based on the Distribution Channel, the market is segmented as Offline and Online Retail. By Type, the market is segmented into Cocoa Ingredients (Butter, Liquor, Powder) and Chocolate (Dark, Milk, White, and Filled), By Application, the market is segmented into Food & Beverage, Cosmetics, Pharmaceuticals, and Others. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Profits from exercise, the variety of uses, and sales during special occasions are the main drivers of the industry's expansion. The main drawbacks acknowledged are the cost of raw materials and the industrial firms' reliance on unstable economies for cocoa supply. Pressures on the sector include rising fake market activity and a wide range of consumer preferences. Events like the usage of chocolate as a functional food, biological and fair trade chocolate, and the idea of inferiority in emerging economies have the power to alter the underlying currents of this sector.
Threats to the production of cocoa in many countries include ageing plantations, poor farm management, damaged soil, and increasing insect and disease pressure. To increase production and meet demand, cocoa growers usually rely on clearing more forest land. Both biodiversity loss and climate change are accelerated by deforestation. Additionally, incorrect or excessive use of pesticides and chemical fertilisers contaminates soils, further reduces biodiversity in many cocoa fields, and has a negative impact on the quality of adjacent water supplies.
The market for cocoa and chocolate is expanding as consumers become more aware of the health benefits of ingesting goods with high cocoa content. Other health benefits of cocoa include protection against sunburn, a reduction in hypertension, and assistance with chronic fatigue syndrome. Additionally, cocoa includes polyphenols, which shield the body's tissues against oxidative stress and its associated conditions including cancer and inflammation. The cocoa and chocolate markets are also growing as a result of these factors.