Cocoa Beans Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 17.24 Billion |
| Market Size (2029) | USD 23.97 Billion |
| CAGR (2024 - 2029) | 6.81 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Cocoa Beans Market Analysis
The Cocoa Beans Market size is estimated at USD 17.24 billion in 2024, and is expected to reach USD 23.97 billion by 2029, growing at a CAGR of 6.81% during the forecast period (2024-2029).
- Cocoa beans are a well-known and profitable cash crop. Cocoa beans have been utilized for ages in a variety of applications and have a strong market demand. These beans have a variety of health benefits and other advantages. As a result, cocoa beans are in great demand as they are widely used in the food and beverage, confectionery, and cosmetic industries. The product finds application in industries such as functional food and beverage, confectionery, pharmaceuticals, and cosmetics. There has been a rising demand for chocolate variants, such as milk chocolate, brownies, and dark chocolate, across the world.
- The world's largest cocoa producer, Cote d'Ivoire produces around 2.2 million metric ton of cocoa beans annually, followed by Ghana, Indonesia, and Nigeria, and accounts 38% of all cocoa bean production worldwide. The national economy is heavily dependent on cocoa prices, and a major amount of the export earnings come from the export of cocoa beans.
- The major producer and exporters of chocolate are in Europe. Because European consumers source cocoa beans of various quality and origins to meet the need of the cocoa and chocolate industries, the European cocoa market is quite diverse. In Europe, 5.0 kilograms of chocolate are consumed on average each person. The coating is becoming increasingly important in processing vegetables, fruits, and cereals for increased flavor, which is expected to drive product demand.
Cocoa Beans Market Trends
This section covers the major market trends shaping the Cocoa Beans Market according to our research experts:
Wide Application of Cocoa in Different End-user Industries
Cocoa beans have been used for centuries in a variety of applications and have a high market demand.These beans exhibit several health benefits and other properties. Thus, high demand is reported for cocoa beans as they are used on a large scale in the food and beverage, confectionery, and cosmetics industries. Germany, Belgium, Italy, and Poland are the top four producers of chocolate in the world. These four countries account for more than 40% of global chocolate exports.
Cocoa is used in a variety of industries, including confectionery and baking, as a flavoring and coloring agent.The chocolate industry currently represents the biggest end-user of cocoa. The enormous consumption and production of chocolates explain the increasing appetite for cocoa, making cocoa the most widely consumed flavor in the food and beverage industry.
As sales of chocolate in its various forms continue to soar, it will increase the demand for cocoa-processed products, such as cocoa butter and cocoa liquor, significantly. The top four countries that make the world's best chocolate are Belgium, Switzerland, Ecuador, and the United Kingdom. The launch of premium chocolates and the use of chocolate as a flavor in cereals, candies, bars, baked products, syrups, coatings and fillings, and beverages are expected to bode well for the global cocoa market.
Cote D'lvoire leads the Export of Cocoa Beans
High demand for cocoa beans from the chocolate industry (inclusive of both white and dark chocolate) and the surge in demand for premium/super-premium, single-origin, and certified chocolate boost the market for cocoa beans worldwide.
Additionally, with the ongoing consumer inclination toward sustainably sourced food and beverage products worldwide, chocolate consumers actively seek sustainably produced and sourced chocolate. Chocolate manufacturers, such as Mondelez, Nestle, and Hershey's, gain an advantage by getting their chocolates/cocoa-derived ingredients certified by agencies like Cocoa Horizons and the Rain Forest Alliance (e.g., Nestle). These chocolate manufacturers offer a wide range of luxury handmade chocolates to create a sensory experience in fine chocolate by combining classic and unusual flavors with premium and fine-flavor single-origin cocoa.
Cote D'lvoire was the leading cocoa bean exporter in 2021, with an export value of $4,727.3 million and a 42.9% share.This is followed by Ghana, Cameroon, and Nigeria, which share 16.1%, 5.6%, and 5.1%, respectively, of the global cocoa exports.
The demand for fine-flavor cocoa has increased significantly.Ultra- and high-end cocoa beans are used for gourmet and regular chocolates, while low-fine cocoa beans are used for regular premium chocolates, especially in countries like the Netherlands, the United Kingdom, Brazil, the United States, China, and Canada. Switzerland is the largest consumer of chocolate in the world. The average per capita is 19.4 pounds, followed by Germany, Ireland, the United Kingdom, and Sweden.
The Netherlands, the United States, and Germany are the key destinations for cocoa, together holding about 41% of the global import. In 2021, the Netherlands imported a total value of USD 1.9 billion (712,261 thousand metric ton) from the world in cocoa and cocoa preparations. Cote d'Ivoire is the country's leading supplier. In 2021, Cote d'Ivoire supplied 275.7 thousand metric tons of cocoa and cocoa preparations.
Cocoa Beans Market News
- October 2022: The European Union and its partners have collectively planned to raise 450 million euros (USD442 million) to support Ivory Coast's push to tackle child labor and deforestation linked to cocoa production.
- February 2022: The government of India in its Union Budget 2022-2023 proposed to decrease the custom duty on cocoa beans which has been reduced to 15 percent from 30 percent.
- June 2021: Ivory Coast is working on a biomass plant that runs on cocoa waste with support from the US Trade and Development Agency located in Divo, a town that produces a large share of the country's cocoa. In the biomass plant, cocoa plant matter left over after cocoa production will be burned to turn a turbine and generate electricity, much like a conventional fossil-fuel power plant.
Cocoa Beans Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Value Chain Analysis
5. MARKET SEGMENTATION
- 5.1 Geography (Import Analysis by Volume and Value and Export Analysis by Volume and Value)
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5.2 North America
- 5.2.1 United States
- 5.2.2 Canada
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5.3 Europe
- 5.3.1 Germany
- 5.3.2 Netherland
- 5.3.3 United Kingdom
- 5.3.4 France
- 5.3.5 Belgium
- 5.3.6 Russia
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5.4 Asia-Pacific
- 5.4.1 India
- 5.4.2 Malaysia
- 5.4.3 Indonesia
- 5.4.4 Singapore
- 5.4.5 Japan
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5.5 South America
- 5.5.1 Brazil
- 5.5.2 Ecuador
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5.6 Africa
- 5.6.1 Ghana
- 5.6.2 Ivory Coast
- 5.6.3 Nigeria
- 5.6.4 Cote D'lvoire
- 5.6.5 Cameroon
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityCocoa Beans Industry Segmentation
The cocoa bean, the seed of the cacao tree (Theobroma cacao), is used to create cocoa and cocoa butter, key ingredients of chocolate. For the purpose of the study, only full beans are considered. The Cocoa Beans Trade Market is segmented by Geography (North America, Europe, Asia- Pacific, South America, and Africa). The report provides an analysis of cocoa beans' import (volume and value) and export (volume and value). The report offers market estimates and forecasts in terms of value(USD million) and volume (metric ton) for all the above segments.
| North America | United States |
| Canada | |
| Europe | Germany |
| Netherland | |
| United Kingdom | |
| France | |
| Belgium | |
| Russia | |
| Asia-Pacific | India |
| Malaysia | |
| Indonesia | |
| Singapore | |
| Japan | |
| South America | Brazil |
| Ecuador | |
| Africa | Ghana |
| Ivory Coast | |
| Nigeria | |
| Cote D'lvoire | |
| Cameroon |
Cocoa Beans Market Research FAQs
How big is the Cocoa Beans Market?
The Cocoa Beans Market size is expected to reach USD 17.24 billion in 2024 and grow at a CAGR of 6.81% to reach USD 23.97 billion by 2029.
What is the current Cocoa Beans Market size?
In 2024, the Cocoa Beans Market size is expected to reach USD 17.24 billion.
Which is the fastest growing region in Cocoa Beans Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cocoa Beans Market?
In 2024, the North America accounts for the largest market share in Cocoa Beans Market.
What years does this Cocoa Beans Market cover, and what was the market size in 2023?
In 2023, the Cocoa Beans Market size was estimated at USD 16.14 billion. The report covers the Cocoa Beans Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cocoa Beans Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the ethical and sustainability concerns in the Cocoa Bean Industry?
The ethical and sustainability concerns in the Cocoa Bean Industry are a) Child labor b) Deforestation c) Fair trade concerns
Cocoa Nibs Industry Report
The global cocoa beans market, pivotal for the chocolate industry and cocoa-based products, is witnessing significant growth, fueled by demand in emerging economies for chocolate variants and applications beyond confectionery in functional foods, pharmaceuticals, and cosmetics. This growth is attributed to cocoa beans' health benefits, such as antioxidant properties. The market, segmented by product types like cocoa butter, powder, and liquor, caters to diverse industry needs, with distribution channels evolving from offline to rapidly growing online sales through e-commerce platforms. Despite challenges like pests and climate conditions impacting cocoa bean production, the market thrives, supported by a shift towards sustainably sourced food products. Major cocoa-producing regions in Africa, Asia Pacific, and the Americas play a crucial role in the dynamic market environment, shaping the cocoa bean size and production landscape. For detailed insights, Mordor Intelligence™ offers a comprehensive analysis, including statistics on cocoa nibs market share, size, revenue growth rate, and a forecast outlook, available as a free report PDF download.
