Cocoa Beans Market Size, Share, Trends, Growth and Forecast 2032

Cocoa Beans Industry Prospective:

The global cocoa beans market size was evaluated at $13 billion in 2023 and is slated to hit $26 billion by the end of 2032 with a CAGR of nearly 7% between 2024 and 2032.

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Cocoa Beans Market: Overview

Cocoa beans, which are extracted from the cacao tree, are seeds found in the fruit of the tree, mainly cultivated in tropical regions near equator. These products are oval seeds and brown in color. They are available in criollo and forastero flavors and are rich in fats, caffeine, carbohydrates, and proteins.

Key Insights

• As per the analysis shared by our research analyst, the global cocoa beans market is projected to expand annually at the annual growth rate of around 7% over the forecast timespan (2024-2032)
• In terms of revenue, the global cocoa beans market size was evaluated at nearly $13 billion in 2023 and is expected to reach $26 billion by 2032.
• The global cocoa beans market is anticipated to grow rapidly over the forecast timeline owing to escalating demand for specialty chocolates and the health benefits of cocoa.
• In terms of bean type, the forastero segment is slated to register the highest CAGR over the forecast period.
• Based on nature, the organic segment is predicted to contribute majorly towards global industry surge in the ensuing years.
• On the application, the food & beverages segment is likely to maintain segmental domination in the forthcoming years.
• Based on the distribution channel, the wholesale segment is predicted to record highest gains in the forecast period.
• Region-wise, the Latin American cocoa beans industry is projected to register the fastest CAGR during the assessment timespan.

Cocoa Beans Market: Growth Factors

Huge demand for special cocoa products due to health advantages to boost the global market trends

Escalating demand for specialty chocolates and the health benefits of cocoa will steer the expansion of the global cocoa beans market. Swift expansion of the bakery & cosmetics sectors is likely to foster the expansion of the global market. Furthermore, technological breakthroughs and government investments in infrastructural ventures will embellish the growth of the market space across the globe.

In addition, flourishing e-commerce businesses and new product development are some of the major growth drivers of the market globally. Escalating use of cocoa in the food & beverage sectors will propel the growth of the market globally.

Cocoa Beans Market: Restraints

Fluctuating product prices to restrict the global industry expansion over the forecast period

Volatile costs of the product and supply chain disruptions can hinder the growth of the global cocoa beans industry. Apart from this, instability in the prices can further hinder the growth of the industry globally.

Cocoa Beans Market: Opportunities

Growing environmental issues and sustainability will generate new growth facets for the global market

High focus on sustainability and product innovations are a few of the major growth drivers of the global cocoa beans market. Furthermore, sourcing sustainable cocoa beans and surging awareness among customers pertaining to environmental & ethical issues can open new avenues of growth for the global market.

Cocoa Beans Market: Challenges

Focus on traditional farming can further challenge the growth of the global industry over 2024-2032

Swift seasonal fluctuations and the growing risk of pests & diseases to cocoa trees can challenge the global cocoa beans industry expansion. A large number of farmers depend on traditional farming procedures, which lead to lesser yields. Reportedly, less access to advanced farming methods and low availability of high-quality seeds in developing nations can deter the growth of the industry globally.

Cocoa Beans Market: Report Scope

Cocoa Beans Market: Segmentation

The global cocoa beans market is divided into bean type, nature, application, distributional channel, and region.             

In terms of bean type, the cocoa beans market across the globe is segmented into forastero, trinitario, and criollo segments. Apparently, the forastero segment, which garnered nearly half of the global market revenue in 2023, is projected to record the fastest CAGR in the next couple of years as a result of the high yield & robust nature of forastero cocoa beans. Moreover, they are inexpensive in comparison to other varieties.    

Based on nature, the global cocoa beans industry is sectored into conventional and organic segments. Furthermore, the organic segment, which accounted for the major size of the global industry in 2023, is likely to contribute substantively towards the global industry elevation over 2024-2032. This can be due to rising customer inclination towards organic cocoa beans. Apart from this, customers are willing to pay higher prices for high-quality cocoa beans.

On the basis of application, the global cocoa beans market is segregated into food & beverages, pharmaceuticals, and cosmetics & personal care segments. Moreover, the food & beverages segment, which led the segmental surge in 2023, is predicted to retain a segmental leadership position in the forecasting timeline owing to the rise in the use of products in developing various food & beverages along with a wide intake of foods & beverages with cocoa flavors.

Based on the distribution channel, the cocoa beans industry globally is bifurcated into direct sales, retail, and wholesale segments. Moreover, the wholesale segment, which led the segmental expansion in 2023, is projected to register the highest gains over 2024-2032, subject to the ability of wholesale channels to provide cocoa beans in bulk along with the availability of products at lower costs when purchased in wholesale.  

Cocoa Beans Market: Regional Insights

Middle East & Africa is projected to maintain leading position in the global market over the projected timespan

The Middle East & Africa, which accounted for about 72% of the global cocoa beans market size in 2023, is expected to establish a leadership post in the global market during the forecasting timespan. In addition to this, the regional market elevation in the coming eight years can be credited to the presence of key players in the countries such as Ghana and Ivory Coast. Reportedly, West Africa has been a dominating region in cocoa bean production across the globe.

The Latin American cocoa beans industry is set to record the highest CAGR in the predicted timeframe. The swift elevation of the industry in LATAM can be attributed to the huge focus of firms on manufacturing high-quality as well as flavored cocoa beans, which fulfills the demand for premium chocolates & special cocoa items. Sustainable farming practices and government aid will drive industry growth in the region.

Cocoa Beans Market: Competitive Space

The global cocoa beans market profiles key players such as:

• Archer-Daniels-Midland (ADM)
• JB Foods Ltd.
• Barry Callebaut AG
• Blommer Chocolate Company
• Ecom Agroindustrial Corp. Ltd.
• Mars Inc.
• Cargill Inc.
• Archer-Daniels-Midland Inc.
• Olam International
• BT Cocoa

The global cocoa beans market is segmented as follows:

By Bean Type

• Forastero
• Trinitario
• Criollo

By Nature

• Conventional
•  Organic

By Application

• Food & Beverages
• Pharmaceuticals
• Cosmetics & Personal Care

By Distribution Channel

• Direct Sales
• Retail
• Wholesale

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa