The cocoa industry is expected to see significant growth in the coming years, with a projected valuation of $79 billion (€74.55 billion) by 2032, up from $48.3 billion (€45.6 billion) in 2022, new data from Fact.MR has found.
This represents a compound annual growth rate of 5% between 2022 and 2032.
The North American market for cocoa is expected to outperform the global average, expanding at a CAGR of 6.7% through 2032, driven by acquisitions, collaborative partnerships and new product launches, it added.
The cocoa industry is expanding beyond baking and chocolate confectionery and is expected to see significant growth in the coming years, driven by increasing demand across various industry verticals, Fact.MR said.
Outside of food, cocoa is also being used 'at a significant rate' in the nutraceutical, pharmaceutical, healthcare, and cosmetics industries, as well as in the manufacturing of toiletries.
'Thus, increasing use of cocoa across various industry verticals is likely to serve as a noticeable factor propelling the sales opportunities in the cocoa market,' the research firm said.
Key players in the cocoa industry include Barry Callebaut AG, Blommer Chocolate Company, Cargill Inc., Olam International Ltd., Dutch Cocoa BV, and JB Foods, several of which are looking to expand their geographical footprints and enhance their R&D capabilities.
For example, Barry Callebaut is expanding its factory in Australia to broaden its presence in the market, while Blommer Chocolate Company has opened an R&D application lab in downtown Chicago to support and expand its R&D capabilities.