Cocoa Beans Market

• Increasing consumer demand for premium and sustainable chocolate products is driving market growth.

Market CAGR for Cocoa Beans is being driven by the Increasing consumer demand for premium and sustainable chocolate products. There is a growing consumer demand for premium and sustainable chocolate products. In fiscal year 2022, India's estimated import value of cocoa and cocoa preparations from the world was approximately 180 million U.S. dollars, compared to 273 million U.S. dollars in fiscal year 2021. As consumers become more discerning, they seek high-quality chocolates with unique flavors, single-origin cocoa, and ethical sourcing practices.

This trend has spurred the emergence of artisanal and craft chocolate brands, fostering innovation and diversification in the cocoa derivatives industry. With evolving consumer lifestyles and dietary preferences, the market is witnessing the introduction of innovative cocoa derivatives for various applications. These include dairy-free and vegan chocolate alternatives, as well as cocoa-infused products in the health and wellness sector, such as cocoa-based supplements and beverages. In 2021, an Indian brand named 'MilkinOats' introduced vegan milk chocolate made with oat milk under their premium range called Chalet Chokolad, featuring varieties like Chalet Velvety and Chalet Almond Crunch, crafted in Swiss chalets.

Consumers are increasingly looking to reduce their consumption of perceived unhealthy food products in their daily diets. This growing awareness, coupled with improving economic conditions, has prompted regional consumers to seek out organic and sustainable food options in the market. According to The Associated Chambers of Commerce and Industry of India, the value of the Indian organic food market was USD 528 million in 2017, projected to reach USD 1,586 million by 2020. The rising consumer preference for organic cocoa products has spurred manufacturers to seize the lucrative opportunities in the market.

They are achieving this by introducing innovative indulgent products. Furthermore, the trend towards premiumization, along with the appeal of healthy and organic dark chocolate, is expected to further drive growth in the regional market. As a result, it is anticipated that throughout the projection period, demand for the market will increase due to the Increasing consumer demand for premium and sustainable chocolate products. Thus, driving the Cocoa Beans Market revenue.

The Global Cocoa Beans Market Industry experiences a notable surge in demand for chocolate products, driven by changing consumer preferences towards premium and artisanal chocolates. This trend is particularly evident in regions such as North America and Europe, where consumers increasingly seek high-quality, ethically sourced chocolate. As a result, the market is projected to reach 17.2 USD Billion in 2024, reflecting a robust growth trajectory. This growing inclination towards chocolate consumption is likely to propel the demand for cocoa beans, thereby influencing the overall dynamics of the Global Cocoa Beans Market Industry.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The United States holds a significant market share in North America, displaying a robust appetite for chocolate and cocoa-based products. It features a well-established chocolate industry operating within a highly competitive market. In 2023, chocolate consumption in the United States surged to approximately USD 25,767 million, marking a notable 10.1% growth compared to 2021. On average, individuals consumed 6.4 kg of chocolate per person or 160 bars per person annually in 2023.

Major chocolate manufacturers and premium chocolate brands dominate the region, propelling the demand for cocoa beans, cocoa butter, and cocoa powder. The growing preference for premium and artisanal chocolates, coupled with increased awareness among health-conscious consumers, has fueled the utilization of higher-quality cocoa derivatives across various applications.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea.

Figure 2: Cocoa Beans Market Share By Region 2023 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe cocoa Beans Market accounts for the second-largest market share. The European cocoa bean import landscape presents an intriguing pattern for smaller suppliers in cocoa-producing countries. For instance, supplies from DR Congo, an emerging source of organic cocoa to the European market, saw a notable 14% increase between 2017 and 2021, reaching 11 thousand tonnes in 2021. The Netherlands stands out as the world's largest importer of cocoa beans, with total imports amounting to 804 thousand tonnes in 2021.

Similarly, German imports in 2021 totaled 445 thousand tonnes, with an estimated 73% directly sourced from cocoa-producing countries, equivalent to 324 thousand tonnes. Further, the German Cocoa Beans Market held the largest market share, and the UK Cocoa Beans Market was the fastest-growing market in the European region.

The Asia-Pacific Cocoa Beans Market is expected to grow at the fastest CAGR from 2023 to 2032. Over time, the incorporation of international flavors and recipes in cocoa products has captured the interest of numerous young consumers in the region. Moreover, appealing packaging and advertisements have been instrumental in driving up the demand for cocoa products. Additionally, the evolving consumer lifestyle has led to a rise in cocoa-grinding activities.

In 2020, China imported a total of 100,000 tons of cocoa beans and related products, comprising 46,000 tons of cocoa powder, 28,000 tons of cocoa beans, 17,000 tons of cocoa liquor, and 14,000 tons of cocoa butter. Moreover, China’s Cocoa Beans Market held the largest market share, and the Indian Cocoa Beans Market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Cocoa Beans market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Cocoa Beans industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cocoa Beans industry to benefit clients and increase the market sector. In recent years, the Cocoa Beans industry has offered some of the most significant advantages to the global economy. Major players in the Cocoa Beans Market, including 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 are attempting to increase market demand by investing in research and development operations.

Archer Daniels Midland Co (ADM) is involved in the production, processing, transportation, storage, and trading of agricultural products, commodities, and ingredients. The company manufactures a wide range of food and beverage ingredients as well as other products derived from oilseeds, corn, wheat, and various agricultural commodities. ADM's diverse product portfolio includes natural flavors and colors, health and nutrition products, vegetable oil, corn sweeteners, flour, animal feed, and biofuels. Through its global grain elevator and transportation network, ADM stores clean and transport agricultural commodities such as oilseeds, corn, wheat, milo, oats, barley, and their derivatives.

Additionally, ADM provides services such as farmer assistance, transportation, and logistics. With business operations spanning the Americas, Europe, the Middle East, Africa, and Asia-Pacific, ADM is headquartered in Chicago, Illinois, United States.

Olam International Ltd (Olam), a subsidiary of Temasek Capital (Private) Limited, specializes in processing and distributing agricultural products and food ingredients. The company is actively involved in sourcing, primary processing, packaging, and marketing of various agricultural products and food ingredients. Olam's product range encompasses edible oils, spices, cocoa, coffee, food staples, packaged foods, and infrastructure and logistics services. Additionally, Olam offers commodity financial services and operates a fund management business.

With a global reach, Olam supplies food and industrial raw materials to customers across Asia, West and Central Africa, East Africa, Southern Africa, the Middle East, North Africa, North America, Central America, South America, Europe, and Australia. Headquartered in Singapore City, Singapore, Olam made a significant investment in February 2019, acquiring an 85 percent stake in YTS Holdings Pte Limited for USD$90 million. YTS Holdings Pte Limited owns PT, Indonesia's largest cocoa processor, BT Cocoa, positioning Olam to capitalize on Asia's growing cocoa powder market.

This strategic move addresses increasing customer demand for integrated supply chain solutions in the cocoa industry.