Cocoa Beans Market Size, Share & Trends Analysis Report By Product (Cocoa Butter, Cocoa Powder, Cocoa Liquor), By Application, By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Cocoa Beans Market Size & Trends

The global cocoa beans market size was valued at USD 13.54 billion in 2023 and is projected to grow at a CAGR of 8.4% from 2024 to 2030. The rising awareness and knowledge about the positive health effects of cocoa-rich beans is leading to the growth of the market. Cocoa helps reduce high blood pressure, manage chronic fatigue syndrome, provide protection from sunburn, and offer additional health advantages to the body. Cocoa is rich in polyphenols, which help safeguard the body's tissues from oxidative stress and diseases such as cancer and inflammation.

As consumer preferences shift towards indulgent treats, the global chocolate market has seen significant expansion. This trend is particularly pronounced in emerging economies, where rising disposable incomes enable consumers to purchase premium chocolate products. The growing popularity of dark chocolate, which contains higher cocoa content, further fuels this demand as health-conscious consumers seek out products perceived to have health benefits.

Governments, non-governmental organizations, and private companies are investing in infrastructure projects that improve the efficiency of cocoa transport and trade. These investments help reduce costs and increase supply reliability, making the cocoa market more attractive to global buyers. Additionally, efforts to combat issues such as cocoa supply chain disruptions and price volatility contribute to a more stable and predictable market environment. For instance, the government of India, in its Union Budget 2022-2023, proposed decreasing the custom duty on cocoa beans, which has been reduced to 15% from 30%.

Product Insights

The cocoa butter segment dominated the market and accounted for a market revenue share of 55.6% in 2023. The rising consumer preference for natural and organic ingredients in food products proliferates the market. As health consciousness among consumers continues to grow, there is a shift towards products perceived as healthier alternatives to synthetic or heavily processed ingredients. Cocoa butter, a natural fat derived from cocoa beans, is widely used in various food applications, including chocolates, baked goods, and confectionery items. It serves as a flavor enhancer and a textural agent that improves mouthfeel.

The cocoa powder segment is anticipated to register the fastest CAGR of 9.0% during the forecast period.  The demand for cocoa powder has surged with the growing consumption of chocolate products across various age groups and demographics. Manufacturers in the chocolate and confectionery sector are constantly seeking high-quality cocoa powder to meet the escalating demand for their products, thereby contributing to the expansion of the cocoa powder market.

Application Insights

The confectionery segment dominated the market and accounted for the largest market revenue share in 2023. The increasing consumer demand for premium and artisanal chocolates has led to a surge in the use of high-quality cocoa beans. As consumers become more discerning about their chocolate choices, they are willing to pay a premium for products made with superior cocoa beans. This trend has prompted manufacturers to invest in high-quality cocoa sources and sustainable practices to cater to this growing market segment, thereby driving the overall demand for cocoa beans.

The pharmaceuticals segment is expected to register the fastest CAGR during the forecast period. With a rising trend towards holistic and preventative healthcare, there is a strong interest in natural products that complement traditional medicine. Cocoa beans, known for their potential to support heart health, manage blood pressure, and improve mood, align well with this trend. Pharmaceutical companies are leveraging these properties to develop supplements and medications that appeal to health-conscious consumers, further stimulating the demand for cocoa beans in the pharmaceutical sector.

Distribution Channel Insights

Hypermarket/supermarket accounted for the largest market revenue share in 2023. As lifestyles become busier, consumers seek one-stop shopping experiences to purchase various products, including cocoa-based goods such as chocolate, snacks, and baking ingredients. Hypermarkets and supermarkets cater to this need by offering a wide range of cocoa products under one roof, making it easier for consumers to find what they need without visiting multiple stores.

The online distribution channel is expected to register the fastest CAGR during the forecast period. The rise of online marketplaces and specialty e-commerce platforms dedicated to cocoa and chocolate products has expanded suppliers' market reach and visibility. Companies increasingly leverage digital platforms to showcase their products, offer detailed product information, and engage with a global audience. This digital presence helps suppliers capture a larger market share, reaching both niche and mainstream customers who prefer the convenience of online shopping.

Regional Insights

North America cocoa beans market dominated the market and accounted for the largest market revenue share of 29.3% in 2023. North American consumers increasingly seek high-quality, gourmet chocolates featuring exotic and unique cocoa bean varieties. This trend towards premiumization is fueled by a growing appreciation for sophisticated flavors and a willingness to pay a premium for luxury chocolate experiences. As a result, manufacturers focus on sourcing high-quality cocoa beans to meet this demand, thereby driving regional market growth.

U.S. Cocoa Beans Market Trends

The U.S. cocoa beans market is anticipated to grow significantly over the forecast period. The U.S. market relies heavily on imports to meet the growing consumer preference for various cocoa varieties and formulations. American consumers seek premium and exotic chocolate experiences, so U.S. companies import cocoa beans from key producing countries such as Ivory Coast, Ghana, and Indonesia. This demand for high-quality and diverse cocoa inputs supports market growth by encouraging robust import activities. According to the U.S. Department of Agriculture (USDA), the country's import value of cocoa beans averaged more than USD 1.1 billion annually.

Europe Cocoa Beans Market Trends

Europe cocoa beans market was identified as a lucrative region in 2023. The European market is known for its innovative approach to confectionery and food products, including developing new cocoa-based ingredients and formulations. Innovations such as reduced-sugar chocolates, cocoa-infused beverages, and health-oriented products are gaining popularity. This continuous product development creates new opportunities for cocoa beans as manufacturers seek diverse, high-quality varieties to meet evolving consumer preferences and dietary trends.

The UK cocoa beans market is expected to grow rapidly in the coming years. The UK boasts one of the highest per capita chocolate consumption rates globally, with an average of approximately 8.1 kg per person annually. With approximately 56% of British adults consuming chocolate more than once a week, manufacturers are motivated to source high-quality cocoa beans to meet consumer preferences for diverse chocolate products ranging from bars to gourmet confections.

Asia Pacific Cocoa Beans Market Trends

Asia Pacific cocoa beans market is anticipated to register the fastest CAGR over the forecast period. The rising population and the increasing disposable income levels in many Asian countries have made premium cocoa-based products more affordable and accessible to a more extensive consumer base. Consumers spend more on high-quality chocolates with superior taste, texture, and convenience. Furthermore, there is a rise in online stores in the region selling cocoa-based products, simplifying the process for customers to purchase them from their residences.

India cocoa beans market is anticipated to grow rapidly over the forecast period. India is making strides in cultivating its cocoa beans, with government initiatives and support to boost local production. India aims to reduce import dependence and strengthen the local supply chain by enhancing domestic cocoa cultivation. This focus on domestic production helps stabilize supply and encourages investment in better farming practices and technologies. As local cocoa production grows, it contributes to the overall expansion of the cocoa beans market in India.

Key Cocoa Beans Company Insights

Some of the key companies in the cocoa beans market include Cemoi Chocolatier, Republica del Cacao, Nestlé S.A., Mars Incorporated, and others. Organizations are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.

• Cemoi Chocolatier emphasizes sustainability and ethical sourcing practices, ensuring that their cocoa beans are obtained from farms that adhere to fair trade principles. The company's product range includes a variety of chocolate types, including dark, milk, and white chocolate, all crafted using premium cocoa beans that enhance flavor profiles and texture.

• Nestle S.A. offers various cocoa-based products catering to consumer preferences and market demands. The company’s offerings include premium chocolate brands such as KitKat and Aero and baking products like cocoa powder and chocolate chips used by home bakers and professional chefs.

Recent Developments

• In April 2024, Nestlé S.A. partnered with Cargill, Incorporated, to achieve net-zero emissions by 2050 through an innovative agroforestry scheme focused on cocoa communities. This collaboration is part of a broader commitment to enhance environmental practices within the cocoa supply chain, addressing climate change and cocoa farmers' socio-economic challenges.

• In November 2022, Barry Callebaut announced the expansion of their business through the launch of a new chocolate factory in Rajasthan, India. This strategic move is part of the company's broader initiative to expand its production capabilities and meet the region's growing demand for chocolate products. Cocoa beans are the primary raw material used in chocolate production, and their sourcing and processing are critical components of the chocolate manufacturing process.

Cocoa Beans Market Report Scope

Global Cocoa Beans Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global cocoa beans market report based on product, application, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Cocoa Butter

  • Cocoa Powder

  • Cocoa Liquor

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Confectionery

  • Functional Foods & Beverages

  • Pharmaceuticals

  • Cosmetics

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Hypermarkets & Supermarkets

  • Convenience Stores

  • Specialty Stores

  • Online

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • South Africa