可可和巧克力市场规模,& COVID-19分享Impact Analysis, By Type (Cocoa Ingredients (Butter, Liquor, Powder) and Chocolate (Dark, Milk, White, and Filled)), By Application (Food & Beverage, Cosmetics, Pharmaceuticals, and Others), and Regional Forecast, 2022-2029

全球可可和巧克力市场规模是瓦尔ued at USD 46.61 billion in 2021. The market is projected to grow from USD 48.29 billion in 2022 to USD 67.88 billion by 2029, exhibiting a CAGR of 4.98% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -2.75% in 2020 as compared to 2019.

The market is showcasing progressive growth owing to the robust growth trajectory of the globalchocolate confectioneryindustry. There has been a significant rise in the origin share of global grindings, which has boosted the overall consumption of cocoa-based ingredients. New product developments in different food industry sectors are also facilitating the cocoa and chocolate market growth. Chocolate has remained the leading flavor in the new launches in beverage, bakery, and confectionery items. It has also remained one of the widely used ingredients in the sweets and beverages sector. This industry trend is set to fuel market growth in the foreseeable future.

COVID-19 IMPACT

Disruption in Supply Chain of Cocoa and Closure of Hospitality Sector amid COVID-19 Lockdown Restrictions

The COVID-19 pandemic has considerably affected the food & beverage processing industry. The socioeconomic situation has affected the consumption patterns of particular products negatively. The restrictions imposed due to COVID-19 caused loss to farmers growing cocoa in small yet relevant cocoa-producing countries as the production surpassed the demand in the initial months of the onset of the pandemic. This led to a significant decline in cocoa prices (USD/tonne). According to the International Cocoa Organization (ICCO), in New York, nearby cocoa contract prices averaged USD 2,528 per tonne in January 2021, a 6% decrease from the previous crop year's average of USD 2,675 per tonne.

The Barry Callebaut Group, the world's leading premium chocolate and cocoa product manufacturer, reported a slowdown in the first six months of the year due to the coronavirus pandemic, with volumes declining by –14.3% in the third quarter (ended 31 May 2020). The COVID-19-related lockdowns effectively closed down several important distribution destinations for the cocoa and chocolate-producing companies, such as restaurants, hotels, and otherfood servicejoints, leading to decreased sales of chocolate across the application sectors.

During COVID-19, the chocolate market witnessed an inclination toward darker varieties of chocolate as consumers preferred them over other types due to better health benefits and lower calorie content. The trend of consuming low-sugar and sugar-free products to maintain overall health in the current pandemic is anticipated to create enormous opportunities for manufacturers.

LATEST TRENDS

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Proliferating Demand for Certified and Single Origin Chocolate to Augment Growth

Increased belief of consumers on the superiority (ingredient quality) of single-origin and bean to bar chocolates is expected to encourage market players to invest in the trend to gain profits. There has been significant growth in demand for specialty chocolate products and premiumized offerings in the past few years due to rising emphasis on the bean-to-bar concept. The single-origin cocoa trend continues to propel innovations and new product developments. This has also contributed to the greater demand for high-quality cocoa powder, cocoa liquor, and cocoa butter.

In addition, consumers' increased demand for certified and traceable cocoa and chocolate products is encouraging chocolate manufacturers to opt for cocoa sustainability programs. In April 2021, Olam Food Ingredients announced its partnership with Mondelez International to build the world's largest sustainable commercial cocoa processing farm in Indonesia, which will use advanced farming practices and promote biodiversity and carbon capture. UTZ certification, Rainforest Alliance Certification, and Fair Trade U.S. certification are the most prominent certifications for cocoa, and their adoption has increased incredibly in recent years.

DRIVING FACTORS

High Demand for Chocolate Confectionery to Fuel Market Growth

The increasing popularity of chocolate confectionery primarily propels the global market for cocoa and chocolate. The demand for chocolate confectioneries in the emerging economies has showcased a positive trend in recent years, attributed to the rising consumer expenditure on indulgent confectionery products, especially chocolate confectioneries. The growing demand for molded and countline chocolates in developed markets is projected to influence the chocolate confectionery market positively.

The addition of new chocolate types such as dark chocolate & ruby chocolate in the portfolio of key manufacturers is expected to facilitate the growth of this industry. The rising trend of gifting chocolates during festive seasons is also expected to be a major contributor to aiding the development of the chocolate confectionery market during the forecast period.

Robust Demand for Specialty Chocolate Products to Support Innovation & Development

The rapid escalation in demand for premium or specialty chocolates, especially in developed markets, such as the United States, France, Belgium, and Germany, has been observed in recent years. An upward trend is expected in the coming years. Increased consumer preference for knowing the origin of all the ingredients used in chocolates is a significant primary driver. It occurs for several reasons, such as allergy to particular components, includinglactoseand vegan preferences. Also, there is a high demand for products made from specialty cocoa beans. These factors are set to foster the growth of specialty chocolates.

The emerging trend of clean-label and organic products to maintain overall health & wellness has increased the demand for dark & sugar-free chocolates. The increasing awareness regarding labor welfare is further expected to fuel the demand for fair traded cocoa in the foreseeable years.

RESTRAINING FACTORS

Increasing Demand for Chocolate Substitutes & Equivalents to Impede Growth

The increased demand for cocoa ingredients substitutes and cocoa ingredient equivalents such as palm oil,soybean oil, shea, rapeseed oil, and others can negatively impact the cocoa butter market due to the easy availability and cost-efficiency of the products mentioned above. The improved fat stability and fat composition profile of finished chocolate products achieved by using cocoa butter alternatives are driving their growth rate.

Realizing the strong demand for cocoa ingredients substitutes due to increasing price of cocoa ingredients, major market players such as Olam International, Wilmar International, Cargill Inc., Danisco, and others are offering a wide range of cocoa butter equivalent blends to meet the market requirements, which is also confining to the growth of the cocoa ingredients market.

SEGMENTATION

By Type Analysis

Chocolate Segment Holds Major Share Attributed to Rising Popularity of Chocolate Confectioneries

The growing popularity of chocolate confectionery has primarily contributed to the higher sales performance of the chocolate segment. Filled chocolate holds a larger market share among other chocolate types due to the emerging trend of premiumized chocolate. Filled chocolates are gaining popularity as indulgent gifts on festive occasions. The trend of trying various flavors in chocolate confectioneries is expected to further fuel the segment's growth.

The cocoa ingredients segment is expected to grow faster due to their emerging applications in a variety of products such as ice cream, confectionery,non-alcoholic beverages, indulgent baked commodities, and nutritional drinks. According to the International Cocoa Organization (ICCO) forecasts, there will be a 10% increase in world cocoa production in the next decade. New product developments in various sectors of the food industry also assist in the growth of the cocoa segment.

By Application Analysis

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Food & Beverage Sector Exhibits Promising Growth Owing to Wide Application Array

The food & beverage sector is flourishing worldwide, providing many opportunities for this industry. Chocolate has remained a leading flavor in the new launches in beverages, bakery, and confectionery items. It has also remained one of the widely used ingredients in the sweets and beverages sector. This trend is set to fuel the demand for cocoa butter and cocoa powder in the foreseeable future. The global foodservice industry is aiding in the growing gourmet & specialty cocoa-based offerings. The foodservice giants demand greater customization, value-added, and multifunctional solutions that are further projected to flourish in the market.

因为可可脂有广泛的应用metics industry; the all-natural trend in the skin care products market is set to boost the demand for cocoa butter. In the pharmaceutical industry, cocoa butter is used for its physical properties, as cocoa beans are highly antioxidant as they contain large amounts of polyphenols and flavonoid antioxidants. It also strengthens the immune system, improves heart health, and relieves constipation.

REGIONAL INSIGHTS

Europe Cocoa and Chocolate Market Size, 2021 (USD billion)

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The market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa in terms of geography.

Europe dominated the world market and stood at USD 19.95 billion in 2021. Europe is considered a hub for industrial chocolate production as many global major industrial chocolate producers are based in Belgium, Netherlands, Germany, and Switzerland. The region is a prominent producer and the largest consumer of chocolate and chocolate products. The European cocoa market is highly diverse, as European buyers source cocoa beans of various qualities and origins to meet the demand of the cocoa and chocolate industries.

Europe is the largest importer of cocoa beans worldwide, with 61% of global imports. According to the Center for the Promotion of Imports from developing countries (CBI), total imports of cocoa beans by Europe amounted to an estimated 2.3 million tonnes in 2020. European imports directly sourced from cocoa-producing countries increased by 1.4% between 2016 and 2020. Furthermore, the increased consumer awareness about sustainable cocoa production has increased the demand for sustainably produced chocolate. The sustainability platforms of the region are collaborating more closely to enhance transparency.

The North America market is likely to exhibit significant growth as it is a major importer of cocoa to meet the domesticconfectionery制造业。据政府of Canada, the U.S. imported approximately USD 5.2 billion in cocoa and cocoa preparation such as blocks, liquids, paste, granules, and powders from across the world. In addition, industrial chocolates with higher content of cocoa extracts are emerging as a popular and preferable indulgence. There is a significant consumer-level awareness surrounding cocoa's health benefits, which is driving the consumption of dark chocolate in the North American chocolate confectionery market.

The market in Asia Pacific is rapidly increasing as the demand for chocolate confectioneries in emerging economies, such as China and India, has showcased an upward trend in recent years. The rise is attributed to increasing consumer expenditure on indulgent chocolate confectionery products. According to the International Cocoa Organization, the per capita consumption of chocolate confectionery in India is between 100 grams to 200 grams, accounting for nearly 10% of the global average in 2018. Furthermore, the organic and natural product trend is increasingly becoming popular across South Korea. The chocolate manufacturers procure specialty labeled raw materials such as organic and kosher cocoa to cater to the ongoing industry trends.

In developed countries, such as Japan and Australia, the industry is currently being driven by the knowledge of perceived health benefits of cocoa, such as its polyphenol content and its role in healthy aging.

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The Middle East & Africa is expected to witness the fastest growth, owing to the inclination toward convenience, value, and luxury of chocolate offerings, which have uptick the utilization of cocoa butter in the Middle East. Filled chocolate offering more lavish indulgence and a richer mouthfeel is popular among affluent consumers in the Middle East. Dark chocolate's unique packaging formats and health claims have also emerged as attractive buying options, especially among the younger generation.

KEY INDUSTRY PLAYERS

Increasing Focus on Base Expansion and Development of Premium Products to Fuel Market Growth

The key global cocoa and chocolate market players are actively pondering upon new product launches and base expansion. These manufacturers are extensively working toward expanding their outreach to the consumers as a strategy to strengthen their market presence. Barry Callebaut AG, a leading player, is focused on investing in expanding its product portfolio by introducing new cocoa and chocolate products that appeal to the modern consumer demand. For instance, in February 2020, the company introduced a completely dairy-free chocolate in its plant crafts range. The overall market exhibits a highly consolidated structure. The key players such as Olam International, Cargill, Inc., Nestle S.A., and Barry Callebaut AG focus on strategic mergers, acquisitions, and partnerships to further consolidate the market.

LIST OF KEY COMPANIES PROFILED:

• Barry Callebaut, AG (Switzerland)


• Cargill, Inc.(U.S.)


• Olam International(Singapore)


• Fuji Oil Company Ltd. (Japan)


• ECOM Agroindustrial Corporation Ltd. (Switzerland)


• Cocoa Processing Co. Ltd. (Ghana)


• Touton S.A.(France)


• Niche Cocoa Industry Ltd. (Ghana)


• BD Associates Ghana Ltd. (Ghana)


• PLOT Enterprise Ghana Limited (Ghana)

关键行业的发展:

• March 2022 -Barry Callebaut announced the expansion of its factory in Campbellfield, Melbourne, Australia. The new factory expands the company's geographical footprint in Asia Pacific by creating safe, high-quality products. The facility can serve the whole food sector in Australia, from global and local food manufacturers to artisanal and professional chocolate users.


• January 2022 -Blommer Chocolate Company, a subsidiary of Fuji Oil Co., Ltd., announced the opening of an R&D applications lab in downtown Chicago. The new space represents an expansion of R&D capabilities, with new and improved ways to support the business.

REPORT COVERAGE

An Infographic Representation of Cocoa and Chocolate Market

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The research report provides a detailed analysis of the chocolate industry and focuses on key aspects such as leading companies, product types, and application industry for the product. Besides this, the report offers insights into the cocoa and chocolate market trends, and competitive landscape, and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope and Segmentation

ATTRIBUTE	DETAILS
Study Period	2018-2029
Base Year	2021
Estimated Year	2022
Forecast Period	2022-2029
Historical Period	2018-2020
Unit	Value (USD billion)
By Type	Cocoa Ingredients Cocoa Butter Cocoa Liquor Cocoa Powder Chocolate Dark Milk White Filled
By Application	Food & Beverage Confectionery Dairy Bakery Others Cosmetics Pharmaceuticals Others
By Geography	North America (By Type, Application, and Country) U.S. (By Application) Canada (By Application) Mexico (By Application) Europe (By Type, Application, and Country) U.K. (By Application) Germany (By Application) France (By Application) Italy (By Application) Spain (By Application) Belgium (By Application) Russia (By Application) Rest of Europe (By Application) Asia Pacific (By Type, Application, and Country) Japan (By Application) China (By Application) India (By Application) South Korea (By Application) Australia (By Application) Rest of Asia Pacific (By Application) South America (By Type, Application, and Country) Brazil (By Application) Argentina (By Application) Rest of South America (By Application) Middle East & Africa(By Type, Application, and Country) South Africa (By Application) UAE (By Application) Rest of ME&A (By Application)