Cocoa, known most closely for its presence in confectionery items, is predicted to increase in value over the next decade significantly.
In 2022, the global cocoa market value was $48.3 billion U.S. dollars and is projected to increase at a compound annual growth rate of 5 percent between now and 2032, with the value of the cocoa industry equalling $79 billion U.S. dollars.
While cocoa is popularly associated with chocolate, the product is used significantly within various industries, including nutraceutical, pharmaceutical, healthcare and cosmetic industries, as a colouring or flavour agent.
However, cocoa is also used to manufacture toiletry products due to its flavour and aroma appeal. The increase in its use as an enhancing ingredient across various industries is predicated only to increase sales opportunities for the cocoa market.
Cocoa’s value increase is due to its popularisation as a confectionery ingredient. This popularisation has allowed for the developing of new products in various food industry sectors, which will likely create and facilitate further growth opportunities for cocoa suppliers.
The uses of cocoa in chocolate goods remain its most excellent selling point, its form as powder increasing in popularity across the globe for its versatility of benefits, including for chocolate mix, milk, and varying food and beverage products.
The consumption rate of cocoa powder is also due to the health benefits with which it is associated. Containing antioxidants and proven to benefit brain and heart health, combined with its hydration properties on cosmetic products, the projection of its growth potential will only increase globally.
While the annual compound growth rate of five percent worldwide, the compound growth rate in North America through to 2023 is expected to expand at 6.7 percent.
The growth of the cocoa industry will increase competition within the cocoa market as emerging, and existing market players leverage various business strategies to gain a competitive edge. Methods include acquisition, collaboration, novel product launches, portfolio expansion, agreements, and partnerships.
