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 |
| Market Concentration | Low |
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, at a CAGR of 6.81% during the forecast period (2024-2029).
- Cocoa beans, a lucrative cash crop, have been in demand for ages due to their diverse applications and health benefits. Their widespread use spans the food and beverage, confectionery, and cosmetic industries. Globally, there's a surging appetite for chocolate variants, including milk chocolate, brownies, and dark chocolate. Moreover, consumers are gravitating toward premium chocolates crafted from high-quality cocoa. The rising preference for single-origin, organic, and artisanal chocolates is boosting the demand for specialty cocoa beans, particularly from Latin America and Africa. In Europe and North America, the demand for organic cocoa is surging, with consumers showing a willingness to pay a premium for organic-certified products. For instance, according to Research Institute of Organic Agriculture, FiBL, Germany is Europe’s largest organic market. In 2022, German retail sales of organic products including organic cocoa beans reached a 6.30% market share.
- Cocoa beans thrive mainly in tropical regions, with West Africa dominating global production. Ivory Coast (Côte d’Ivoire) is the world's leading cocoa producer, responsible for roughly 40% of the global output. For instance, according to FAOSTAT, Ivory Coast produced 2,228,459 metric tons of cocoa beans in 2022, slightly increasing to 2,230,000 metric tons in 2023. Cocoa plays a pivotal role in the Ivorian economy, supporting millions of farmers. Ghana follows as the second-largest producer, contributing about 20% to the global cocoa supply.
- In addition, The Netherlands is one of the world's largest cocoa bean importers. Recent data from the Centre for the Promotion of Imports (CBI) reveals that 98% of the cocoa beans imported by the Netherlands were sourced directly from producing nations. As African cocoa bean production rises, so do the Netherlands' import volumes, solidifying its status as a key cocoa trade hub in Europe. Notably, the Amsterdam port stands out as the primary center for re-exporting cocoa beans and semi-finished cocoa products to various European destinations.
Cocoa Beans Market Trends
Global Demand for Chocolate and Confectionery Products
Global demand for chocolate and confectionery products is driving cocoa bean production worldwide. As consumers increasingly turn to chocolate, not just in traditional markets like Europe and North America but also in emerging economies across Asia and Latin America, the demand for cocoa as a raw material has surged. This surge is fueled by factors such as a growing middle class, heightened interest in premium and dark chocolate, and a trend toward organic and sustainable products. According to FAOSTAT, global cocoa bean production increased from 5.8 million metric tons in 2021 to 5.9 million metric tons in 2022.
Cocoa finds its application in various industries, notably in confectionery and baking, serving as both a flavoring and coloring agent. Currently, the chocolate industry stands as the largest end-user of cocoa. Given the vast consumption and production of chocolate, it's no surprise that cocoa has become the most widely consumed flavor in the food and beverage industry, propelling cocoa bean production.
With chocolate sales continuing to rise, the demand for cocoa-processed products, including cocoa butter and cocoa liquor, is set to see a significant uptick. The world's premier chocolate producers are Belgium, Switzerland, Ecuador, and the United Kingdom. The introduction of premium chocolates and the incorporation of chocolate as a flavor in cereals, candies, bars, baked goods, syrups, coatings, fillings, and beverages are poised to boost cocoa bean production in these countries.
Confectionery companies are innovating by integrating chocolate into diverse products like snack bars, cookies, and beverages, broadening the market for cocoa beans. Chocolate manufacturers are expanding their product lines with distinct flavors, fillings, and formats, encompassing dark, milk, and white chocolate, alongside vegan and low-sugar alternatives. This diverse offering appeals to a wider consumer base, further driving up the demand for cocoa beans. Moreover, peak seasons for chocolate sales, such as Valentine's Day, Easter, Halloween, and Christmas, play a pivotal role in shaping production planning and influencing the supply chain demand for cocoa beans.
Africa Dominates the Global Cocoa Bean Market
Africa stands as the world's top region for cocoa production, as per FAOSTAT, with the Ivory Coast and Ghana together contributing approximately 60% of the global cocoa bean supply. According to FAOSTAT, the Ivory Coast produced 2,228,459 metric tons of cocoa beans in 2022, slightly rising to 2,230,000 metric tons in 2023. Cocoa serves as a vital export for numerous African nations, particularly in the Ivory Coast and Ghana, where it plays a pivotal role in GDP and employment. Millions of smallholder farmers in these nations rely on cocoa for their livelihoods. African cocoa primarily finds its way to Europe and North America, where it's transformed into chocolate and various other products. Major importers of African cocoa include the European Union, the United States, and Asia.
Furthermore, in 2019, the governments of the Ivory Coast and Ghana rolled out initiatives such as the Living Income Differential (LID). This initiative seeks to ensure fairer prices for cocoa farmers, promoting sustainable incomes and enhanced production practices.
The climate in Africa, particularly in West African nations like the Ivory Coast, Ghana, Nigeria, and Cameroon, is ideally suited for cocoa cultivation. Cocoa trees thrive in consistently warm conditions, ideally between 20-32°C (68-89°F). The tropical climate of West Africa offers the warmth essential for cocoa tree growth. Unlike regions with pronounced seasonal climate shifts, West Africa experiences minimal temperature changes. This consistency not only ensures a stable growing season but also bolsters reliable yields, cementing Africa's dominance in the global cocoa market.
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.
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
4.2.1 High Global Demand for Chocolate
4.2.2 Growth in Premium Cocoa Based Products
4.2.3 Government Initiatives Across the Regions
4.3 Market Restraints
4.3.1 Child Labor and Ethical Issues
4.3.2 Deforestation and Environmental Concerns
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Import Analysis by Volume and Value and Export Analysis by Volume and Value)
5.2 North America
5.2.1 United States
5.2.2 Canada
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
5.4 Asia-Pacific
5.4.1 India
5.4.2 Malaysia
5.4.3 Indonesia
5.4.4 Singapore
5.4.5 Japan
5.5 South America
5.5.1 Brazil
5.5.2 Ecuador
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
Cocoa Beans Industry Segmentation
The cocoa beans, the seed of the cacao tree (Theobroma cacao), are used to create cocoa and cocoa butter, key ingredients of chocolate. For 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 includes Production analysis (Volume), Consumption analysis (Value and Volume), Export analysis (Value and Volume), Import analysis (Value and Volume), and Price trend analysis. The report offers market estimates and forecasts in terms of value(USD) 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 16.07 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
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 Beans 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.
