World Class Research Report Of Cocoa Market 2023-2032: Nestle S.A., Meiji Holding Co. Ltd., Ferrero International, Olam Group, Barry Callebaut, Cargill Incorporated

The global cocoa market is projected to reach USD 26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market is projected to reach USD 160.9 billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027.

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Increasing sales of chocolate confectionery products to be consumed as comfort food is responsible for making it a regular grocery items in households. Chocolate is considered a traditional gift on special occasions and festivals such as Christmas, Easter, Halloween, and Valentine's Day in American and European countries, a trend which is now adopted in some Asian countries such as India, China, and Japan.

Chocolates have a long history of being used as a health food. In the 18th century, a chocolaty drink was used in England to prevent and cure stomach aches. Today, ORAC (Oxygen Radical Absorbance Capacity) is used to compare the antioxidant capacity of different foods. Chocolates, along with apples and blueberries, are considered to be one of the best ORAC rating foods.

High Raw Material Prices
Chocolate prices are highly dependent on raw materials. Cocoa and sugar are the most important raw materials in chocolate manufacturing and constitute over 80% of the raw material cost for chocolate production. Hence, the rising cost of raw material will impact the market for chocolate. According to the International Cocoa Organization, the world largest supplier of cocoa is Africa, which accounts for 72% of the global production of cocoa.

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Low Penetration Rate in Developing Countries
Developing countries such as India and China offer a great opportunity for growth to major chocolate companies due to low penetration rates in these markets. In these countries, chocolate is mostly used for confectionery. The market for premium chocolates is almost undeveloped in such countries. However, the scenario is about to change, with major companies such as Kraft Foods, Ferrero, and Mars launching their premium products in Asian countries.

Large Number of Applications
Chocolate is used in several applications, including confectionery, beverages, and baking. Chocolate is setting its foot rapidly in the baking industry, with lots of chocolates being looked upon as a flavor for biscuits, cakes, and pastries. In the global flavor industry, several new product types are being developed, such as energy drinks, yogurt, and dairy beverages. Additionally, chocolate liquor is generally used for applications in the production of bittersweet chocolate and baking applications.

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List of Leading Companies
Mars, Inc. (US)
Mondelez International (US)
Nestle S.A. (Switzerland)
Meiji Holding Co. Ltd. (Japan)
Ferrero International (Italy)
Olam Group (Singapore)
Barry Callebaut (Switzerland)
Cargill Incorporated (US)
Cocoa Processing Company (Ghana)
Archer Daniel Midland (ADM) Company (U.S.)
Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
Pladis Global(UK).

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This release was published on openPR.