Cocoa beans were known to be the valuable cash crops of Southern America. It had an important role in many ancient South American cultures. The Mayans in the early days used cocoa to make a ritual beverage that was shared among the people during marriage ceremonies and betrothal. Cocoa beans have been used since centuries and have gained high demand in the market today. Cocoa beans are widely used for various applications in the end-user industries. Due to its beneficial properties and health benefits it is been used on a large scale in manufacturing chocolates, confectionary and food & beverage industry. Therefore, high demand is reported for cocoa beans in the market worldwide.
Cocoa beans are of different varieties such as Criollo, forestero and Trinitario. Among these, criollo is the known to be of high quality and expensive in comparison to other two types. Hence, high demand is experienced for criollo in the market. Growing demand for criollo from the chocolate industry is the major driving factor boosting growth of global cocoa beans in the market. In addition, increasing demand for forestero and trinitario from the cosmetic and food industry is also expected to fuel growth of global cocoa beans in the near future. The products extracted from cocoa beans include cocoa butter, cocoa powder and cocoa liquor. Cocoa beans when fermented, dried and separated undergo a process in which the cocoa butter and cocoa powder are extracted. Among these cocoa butter accounted for major share of market as about 58% of cocoa bean residue is cocoa butter and it is widely used in the chocolate industry. Chocolate industry dominated the application segment of global cocoa beans market in 2020 and is expected to retain its position in the near future. Cocoa bean is the major raw material to manufacture chocolate and hence, chocolate industry is the major consumer of cocoa beans in the market. Hence, high demand is reported for cocoa beans from the chocolate industry worldwide and is anticipated to increase during the forecast period.
Cocoa beans market is expected to reach over US$ 19.36 Bn by 2029, growing at a CAGR of more than 3.0% during the forecast period 2021-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Cocoa Beans Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global cocoa beans market.
Target Audience
USP and Key Offerings
The report titled “Global Cocoa Beans Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global cocoa beans market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on applications, functions and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading cocoa beans vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global cocoa beans market, of growth, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.
Based on product types, the cocoa beans market is segmented into cocoa butter, cocoa powder and cocoa liquor. Among these, cocoa butter accounted for major share of global cocoa beans market in 2020 and is anticipated to retain its position in the near future. Cocoa butter is extracted from whole cocoa beans which are fermented, roasted and further separated from their hulls. The cocoa beans consist of about 58% of cocoa butter residue. Cocoa butter is widely used in the chocolate, cosmetics and personal care products and the food industry. Hence, high demand is reported for cocoa butter from these industries, thereby boosting market growth of cocoa beans in the market. Cocoa powder accounted as the second largest market for cocoa beans in 2020. Cocoa powder is extracted from cocoa beans after cocoa butter is extracted from the cocoa beans. The cocoa press cake is broken down into small pieces which are then pulverized to form cocoa powder. Cocoa powder is widely used in the food & beverages industry and also in the pharmaceutical industry to give flavor to the products. Therefore, growing demand for cocoa powder from these industries are expected to fuel growth of global cocoa beans market. Cocoa liquor which is also known as chocolate liquor is an end-product of cocoa beans. It is produced from dried, fermented, roasted cocoa beans which are separated from skins. The beans are then ground into cocoa mass which is melted to form cocoa liquor. Chocolate and food & beverage industry are the major consumers of cocoa beans and are projected to boost market demand for cocoa beans during the forecast period.
Cocoa is a perennial cash crop and is grown in the tropical regions. The cocoa tree is cultivated mainly for its beans from which cocoa butter and cocoa powder are extracted. Cocoa is grown as an agricultural crop all year round in various countries worldwide. Cocoa beans which are extracted from the cocoa tree are highly used due to its aroma and nutrients present in them such as magnesium, phosphorus, iron, zinc, copper, phosphorus and vitamin B2 and B3 among others. Hence, cocoa trees are widely cultivated as high demand is reported for cocoa beans in the market. Based on type, the global cocoa market is segmented into Criollo, Forastero and Trinitario. Among these, Criollo accounted for major share of global cocoa seeds market in 2020 and is expected to increase in the near future. Criollo is the most sought and expensive bean among other types of beans cultivated and it turn red to red-orange color when mature. Criollo is mainly cultivated in Central America and the Caribbean. It is also known to be of best quality and aroma and hence, is used by wide range of end-user industries. Forestero is commonly grown but its flavor and aroma is said to be satisfactory as compared to Criollo. Trinitario is a hybrid of Criollo and forestero and is known to be second largest market for global cocoa beans market. Growing demand from the chocolate industries is driving the growth of cocoa beans in the market. Other industry such as food & beverages and confectionary products industry is also expected to boost high demand for cocoa beans in the market and is expected to rise in the near future.
Based on applications, the global cocoa beans market was segmented into chocolate, confectionary, food & beverages, pharmaceuticals and cosmetics. Among these, chocolate accounted for major share of global cocoa beans market in 2020 and is anticipated to retain its position in the near future as cocoa bean is the basic raw material used for making chocolate. Raw chocolate consists of magnesium, and other essential minerals which include zinc, copper, iron, calcium, manganese and sulfur. It also consists of vitamins such gas B1, B2, B3, B5, B9 and E. All these nutrients are obtained from the cocoa bean which consists of carbohydrates, proteins, minerals, polyphenols and cocoa butter. Cocoa beans are a nutrient source which is used in a wide range of applications in the end-user industry. Among the end-user industries chocolate industry is the major consumer of cocoa beans. Therefore, high growth of cocoa beans is expected from the chocolate industry. Confectionary is the second largest application segment of cocoa beans and is expected to boost high demand for cocoa beans in the market. Variety of confectionary items such as cakes, ice-creams, etc makes use of cocoa beans for flavor and taste. Therefore, confectionary industry is also expected to contribute to the growth of global cocoa market in the near future. Cosmetics and personal care products industry is the third largest application segment of cocoa beans market and is expected to fuel high growth for cocoa beans during the forecast period. Other applications such as food & beverage and pharmaceuticals are also projected to boost high demand for cocoa beans during the forecast period from 2021 to 2029.
Europe accounted for major share of global cocoa beans market in 2020 and is expected to increase in the near future. Europe is the major consumer of cocoa beans in the world due to growing demand from the chocolate and cosmetics and personal care products industry. Cocoa beans are widely used in most of the end-user industries for various applications. It is used in the food industry as a flavoring agent and in the cosmetic industry due to its beneficial properties. Therefore, Europe dominated the global cocoa beans market in 2020 and is anticipated to retain its position in the near future. Growing demand for cocoa beans from the confectionary and food & beverage industry is anticipated to boost strong growth for cocoa beans in North America. North America followed Europe in terms of demand for cocoa beans and is expected to increase in the near future. Asia Pacific accounted as the third largest market for cocoa beans market and is anticipated to contribute to the growth of global cocoa beans market. Rising demand for cocoa beans from the food and pharmaceuticals industry in the regions is expected to drive the demand for cocoa beans in the region. Other regions such as Latin America and Africa are the major producers of cocoa beans and expected to boost market growth of cocoa beans during the forecast period from 2021 to 2029.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cocoa Beans market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
