Chocolate Market to Reach USD 61.34 Billion by 2027 | Chocolate Industry Share, In-depth Analysis, Revenue, Opportunity and Forecast Report by Fortune Business Insights™
November 25, 2021
Companies covered in the chocolate market are Nestle S.A. – (Vevey, Switzerland) Cargill, Incorporated – (Minnesota, U.S.) Olam International – (Singapore) Barry Callebaut AG – (Zürich, Switzerland) Fuji Oil Company, Ltd. – (Osaka, Japan) ECOM Agroindustrial Corporation Ltd. – (Pully, Switzerland) Touton S.A. – (Bordeaux, France) B D Associates Ghana Ltd – (Tema, Ghana) PLOT Enterprise Ghana Limited – (Takoradi, Ghana) Niche Cocoa Industry, and more players profiled
/EIN News/ -- Pune, India, Nov. 25, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global chocolate market size is expected to witness exponential growth owing to increasing demand for specialty and premium chocolates in the developed economies. It observes that the market is likely to reach USD 61.34 billion by 2027 while exhibiting a CAGR of 4.4% between 2020 and 2027.
Chocolates are the two by-products of the cocoa tree, Theobroma cacao. Cocoa beans are extracted and then roasted, fermented, grounded, and turned into finite paste, which is later on used to manufacture chocolates or cocoa. Natural cocoa is darker in color and tastes bitter owing to the process where the cocoa butter is removed from it during processing. On the other hand, chocolates undergo the same processing as that of cocoa. However, cocoa butter is not removed. Owing to the cocoa butter, the chocolates retain their rich and smooth consistency, while the high sugar and fat content render it with a sweet taste.
List of the Companies Operating in the Chocolate Market:
- Barry Callebaut AG
- Cargill, Inc.
- Olam International
- Fuji Oil Company Ltd. (Blommer)
- ECOM Agroindustrial Corporation Ltd.
- Cocoa Processing Company Limited
- Touton S.A
- Niche Cocoa Industry Ltd.
- BD Associates Ghana Ltd.
- PLOT Enterprise Ghana Ltd.
- Other Players
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What does the Report Include?
The market report includes a detailed assessment of the various Chocolate market opportunities and restraints, challenges that the market will face during the projected horizon. The Chocolate Market report provides In-depth Analysis research into the regional developments of the chocolate industry, affecting the chocolate market Revenue during the forecast period. In addition to this, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as introduction of new products, partnerships, merger and acquisition, and collaboration adopted by the companies to maintain market stronghold between 2020 and 2027.
Growing Consumer Demand for Premium & Specialty Products to Promote Growth
The increasing focus of the manufacturers to produce high-quality cocoa beans through sustainable methods is propelling the demand for high-end cocoa and chocolate products. The companies operating in the global chocolates market are manufacturing premium products such as single-origin chocolates owing to high demand from the consumers. For instance, Albert Heijin’s private brand, Delicata, is known to offer single origin premium chocolate products sourced from countries such as Peru, Tanzania, Uganda, and Costa Rica. In addition to this, increasing demand for single-estate chocolates that are produced from a particular farm is expected to boost the market growth during the forecast period.
Presence of Large Cocoa Processing Base in North America to Augur Growth
Among all the regions, the market in North America is expected to remain dominant and hold high global chocolate market share during the forecast period. This is ascribable to factors such as the presence of large cocoa processing manufacturing plants such as ADM Cocoa in countries such as the USA in the region. On the other hand, Europe is likely to witness significant growth owing to increasing demand for premium and specialty chocolate products in the forthcoming years.
The market in Asia-Pacific is anticipated to witness steady growth during the forecast period. This is attributable to factors such as increasing consumption of chocolates in countries such as India and China. Additionally, high disposable income among the working population in the region is likely to contribute to market growth between 2020 and 2027.
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Cargill Invests 3.5 Million Euros in its Kalmthout Site
In June 2020, Cargill, Inc. announced its plan to invest 3.5 million Euros to increase the production capacity of the gourmet chocolate at its Kalmthout site located in Belgium. According to the company, the investment is expected to provide flexibility in the production of chocolates, while locally adding 12 new jobs for the local community. The company aims to tap the increasing demand for gourmet chocolates and consolidate and gain major chocolate market share.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Overview on Global Cocoa Production
- Overview on Asia Pacific Cocoa Production
- Cocoa Trade Analysis and Import Tax System
- Recent Industry Developments
- Cocoa Price & Trade Analysis
Asia Pacific Chocolate Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
- Cocoa Ingredients
Market Analysis, Insights and Forecast – By Application
- Food & Beverage (Confectionery, Dairy, Bakery)
- Other Applications
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