Rising consumer awareness of the health benefits of cocoa beans is expected to drive Cocoa Beans market expansion shortly at a CAGR of 7.30% during the forecast period 2024 to 2032.

Market Research Future (MRFR) has published on the “Global Cocoa Beans Market”.

The Cocoa Beans Market is estimated to register a CAGR of 7.30% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Cocoa Beans Market— Mars Inc, Barry Callebaut AG, Cargill, Archer-Daniels-Midland (ADM), Blommer Chocolate Company, Olam International, JB Foods Ltd (JB Cocoa), BT Cocoa, Ecom Agroindustrial Corp. Ltd.

Market Highlights

The global Cocoa Beans Market is accounted to register a CAGR of 7.30% during the forecast period and is estimated to reach USD 26.20 billion by 2032.

The burgeoning chocolate industry in emerging economies like China and India is anticipated to drive up the demand for cocoa beans as essential intermediates. Additionally, the increasing significance of coatings in enhancing the flavor of vegetables, fruits, and cereals during processing is expected to further bolster the demand for cocoa beans.

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Segment Analysis

Based on the Application, the Cocoa Beans Market has been segmented into Food and Beverages, Pharmaceuticals, Cosmetics, and Personal Care. The Food and Beverages segment was expected to hold the largest market share in 2023. Chocolate remains the predominant end-use product of cocoa beans, with global demand steadily increasing. This growth is fueled by various factors, including rising disposable incomes, evolving consumer preferences, and heightened awareness of the health advantages associated with dark chocolate.

Based on Nature, the Cocoa Beans Market has been segmented into Organic and Conventional. The Organic segment was expected to hold the largest market share in 2023. Premium chocolate brands primarily utilize organic cocoa in chocolate production. Additionally, organic cocoa finds applications in personal care products due to its nutrient-rich composition, including minerals, vitamins, antioxidants, and other beneficial compounds that contribute to healthy skin maintenance. In 2022, the production value of organic cocoa in Mexico saw a rise, reaching 243.5 thousand Mexican pesos, compared to over 239.9 thousand pesos recorded in 2021.

Based on the Sales Channel, the Cocoa Beans Market has been segmented into B2B and B2C. The B2C segment was expected to hold the largest market share in 2023. The rise in demand for artisanal and premium chocolate brands, which prioritize sourcing top-tier cocoa beans and highlight the bean-to-bar process, has led to an expansion of the B2C segment. These brands often reach individual consumers through their stores, online platforms, or specialty shops, further fueling the growth of direct-to-consumer channels.

Based on the Product Type, the Cocoa Beans Market has been segmented into Cocoa Powder, Cocoa butter, and Paste/Liquor. The Cocoa Powder segment was expected to hold the largest market share in 2023. Cocoa powder is a residual mixture obtained after the extraction of cocoa butter from cocoa beans. Nowadays, it stands as a crucial ingredient in various chocolate confections, syrups, and chocolates. Its versatility extends to its application as a coloring agent, with a growing demand for enhancing flavor, color, and texture in food products.

Based on the Voluntary Sustainability standard, the Cocoa Beans Market has been segmented into UTZ Certified, Rainforest Alliance, and Fairtrade International. The UTZ Certified segment was expected to hold the largest market share in 2023. The Cocoa Beans category, renowned for its reduced calorie content, has become increasingly popular among individuals mindful of their caloric intake, including men actively pursuing diet and fitness goals. This trend is in harmony with the overarching health and wellness movements.

Regional Analysis

The global Cocoa Beans Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Cocoa Beans Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cocoa Beans Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cocoa Beans Market comprises the Middle East, Africa, and Latin America.

The largest market share for the Cocoa Beans Market was maintained by the North American regional sector. As consumers shift towards alternative snack options, the cocoa industry faces challenges. According to the Global Cocoa Agenda 2, which serves as an internationally agreed-upon roadmap for achieving sustainability in the global cocoa economy, there is an imperative to enhance cocoa quality. This entails better communication of industry requirements, improved quality assessment, and post-harvest processing. Additionally, there's a call to boost food safety by implementing Good Agricultural Practices and promoting them more widely. In 2023, the United States recorded all-time high exports of chocolate and cocoa products totaling $1.9 billion, along with $838 million in confectionery products, amounting to a combined $2.7 billion.

Moreover, the Europe market has been persistently growing over the forecast period. Europe stands as the leading global manufacturer and export market for chocolate. Its cocoa market exhibits considerable diversity, with European buyers sourcing cocoa beans of various qualities and origins to meet the demands of the cocoa and chocolate industry. As the largest importer of cocoa beans worldwide, Europe commands 56% of global imports. Additionally, Europe holds the largest share of cocoa grinding activities globally, accounting for nearly 36% of global grindings in the 2020/2021 period. While this share in global grinding has remained stable over the past three years, European grinding activities saw a 4.4% increase in volume in 2021, reaching 1,782 thousand tonnes of cocoa beans.

The Asia Pacific market is anticipated to experience a positive upturn due to a growing target population base, coupled with increased health awareness and evolving consumer preferences. According to the Cocoa and Chocolate Association, chocolate consumption in Japan has been steadily rising. From 2.52 million tons in 2015, it climbed to around 2.76 million tons in 2018, accompanied by a rise in per capita consumption from 1.98 kg to 2.19 kg during the same period. This surge in consumption is linked to the prevailing belief that chocolates with higher cocoa content offer health benefits such as anti-aging properties and stress relief. Additionally, India has exported 34,249.85 metric tons of cocoa products globally, valued at Rs. 1,242.13 crores or 154.54 USD million during the 2022-23 fiscal year.

Furthermore, the rest of the world's Cocoa Beans Market is divided into the Middle East, Africa, and Latin America. The cocoa market in Latin America is primarily dominated by multinational corporations and local brands, deeply entrenched in the region's cultural heritage, thus sustaining the demand for cocoa products. In 2022, Brazil exported $2.65 million worth of Cocoa Beans, ranking as the 41st largest exporter globally. Furthermore, Cocoa Beans stood as the 799th most exported product from Brazil during the same period. Japan, France, Switzerland, the Netherlands, and Belgium were the main destinations for Brazil's Cocoa Beans exports, totaling $1.6 million, $413,000, $408,000, $87,000, and $70.4 thousand respectively. Additionally, companies are striving to establish themselves as leaders in both quality and quantity within the cocoa industry. Moreover, International Cocoa Organizations are collaborating with governments to bolster sustainable cocoa production efforts.

Key Findings of the Study

• The global Cocoa Beans Market is expected to reach USD 26.20 billion by 2032, at a CAGR of 7.30% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because of Growing demand from confectionery, cosmetics, and pharmaceuticals sectors.


• 
  Based on Bean Type, the Trinitario segment was attributed to holding the largest market in 2023.
  


• Mars Inc, Barry Callebaut AG, Cargill, Archer-Daniels-Midland (ADM), Blommer Chocolate Company, Olam International, JB Foods Ltd (JB Cocoa), BT Cocoa, and Ecom Agroindustrial Corp. Ltd are the key market players.