The cocoa liquor market is forecast to expand at 6% CAGR through 2033, as per FMI’s analysis. The industry’s size is predicted to reach a valuation of US$ 7,021 million in 2023.
The market for cocoa liquor is expected to expand at a steady rate in the following years. Chocolate manufacturers extensively use cocoa liquor in their production processes. Even in emerging economies, deep penetration of cocoa-infused confectioneries is feeding the market’s growth.
Consumers are seeking variety in the taste of food and beverages and showing a special preference for chocolate flavor. Thus, the growing demand for chocolaty sweets and food is pushing the sales of cocoa liquor among multiple end users.
The market is backed by escalating demand for specialty or artisan chocolates. These premium chocolates are mostly used for gifting purposes. Low-calorie dark chocolate is also gaining widespread prominence across the globe, as reflected by the uptake of cocoa liquor-infused goods. To meet the high demand for chocolates, the production of cocoa liquor is increasing. Manufacturers are investing and building their units in different geographies to spread their operations wide.
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Companies are also focusing on adopting sustainable practices in the production of cocoa liquor. This is credited to the growing knowledge regarding dreadful environmental situations, which is fueling customers to make eco-conscious decisions while purchasing.
Businesses are also aligning their production activity to profit from the running trend of organic chocolate goods and clean-label products. Additionally, increasing cognizance of the health benefits associated with cocoa liquor is expected to boost its demand among end users.
Top Highlights from the FMI’s Analysis of Cocoa Liquor Market:
- The United States holds the dominant status in the cocoa liquor industry globally. In 2022, the market held 21.8% value share.
- The United States market is closely followed by Germany, which acquired 20.6% market share in 2022.
- The Japan cocoa liquor industry gained a 3.5% value share, and the Australia cocoa liquor industry gained a 2.1% value share.
- From 2023 to 2033, India is expected to proceed with a 7.6% CAGR.
- The Chinese cocoa liquor industry is projected to expand at a CAGR of 6.7%.
- The United Kingdom cocoa liquor industry is expected to unfold at a CAGR of 6% in the years to follow.
- On the basis of product type, Dutch cocoa liquor assumed a market share of 57% in 2022.
- Based on cocoa variety, the forastero segment gained a maximum market share of 80% in 2022.
- Under the category of form, the wafers segment accounted for 41% in 2022.
- Based on application, the chocolate and confectionery segment acquired 35.1% market share in 2022.
“Rising global demand for premium chocolate signifies a growing niche market, prompting industry leaders like Mars and Ferrero to diversify offerings with cocoa liquor integration, a strategic move capturing the evolving consumer preferences.”—opines our key research consultant.
Market Update: Key Innovations Taking Place in the Market
- Hershey India revealed two new flavors in October 2021 under the ‘Hershey’s Exotic Dark’ category of premium chocolates. The latest flavors have ‘Guava & Mexican Chili’ and ‘Blackberry Granules’ composed of whole roasted California Almonds. These flavors are aimed at next-gen consumers who have constantly changing palates.
- Nestle introduced a new range of ‘Icona’ bars, which is a distinct product that employs cocoa fruit pulp as an eco-friendly and healthy sugar substitute. As per the company’s reports, the ‘Icona’ bar is soon going to be launched in the Netherlands, France, and other countries in Europe. By incorporating cocoa fruit pulp, sugar usage in chocolate can be drastically reduced, along with product wastage during chocolate manufacturing.
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Cocoa Liquor Market by Category
By Product Type:
- Dutch
- Natural
By Cocoa Variety:
- Forastero
- Criollo
- Trinitario
- Other Cocoa Varieties
By Form:
- Wafers
- Blocks
- Chips
- Liquid
By Application:
- Chocolate and Confectionery
- Ice Cream
- Food and Beverage Coatings
- Beverages
- Bakery
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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