By 2028,the Global Cocoa Market Size is Estimated to be USD 19 billion

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cocoa processing plant transforms cocoa beans into three main components: cocoa liquor and cocoa butter and cocoa powder. These components can be used to make different products. Cocoa butter, cocoa liquor, and cocoa powder are some of the major ingredients used to manufacture chocolates. The favorable characteristics of cocoa butter (melting point and contraction) provide a melt-in-the mouth sensation and easy removal of chocolates from the molds.

What are the Health Benefits of Cocoa?
Due to the COVID-19 pandemic, the global Cocoa market size is estimated to be worth US$ 15.5 billion in 2021 and is forecast to a readjusted size of US$ 19 billion by 2028 with a CAGR of 2.48% during the review period.

In consumption market, the global consumption value of Cocoa increases with the 2.36% average growth rate from 2017-2021. Europe is the mainly consumption region due to the bigger demand of downstream applications.

The major raw materials for Cocoa product is cocoa bean. Fluctuations in the price of the upstream product will impact on the production cost of Cocoa & Chocolate. Cocoa are classified as Cocoa Powder, Cocoa Butter and Cocoa Liquor. Cocoa Powder accounted for a major share of 40% of the global Cocoa consumption market 2021 and this product segment is poised to reach 6.4 billion USD by 2028 from 5 billion in 2021. Cocoa Butter due to a higher sales price is poised to reach 7.6 billion USD by 2028 from 6.5 billion USD in 2021.

Cocoa industry is highly mature. Currently, there are many producing companies in the Cocoa & Chocolate industry. The main players are Barry Callebaut, Cargill, Nestle SA, Mars and Hershey. The market can be broadly categorized as open market and captive market. Barry Callebaut is the market leader in open market while for captive market the market is dominated by Nestle SA, Mars and Hershey. Barry Callebaut is the biggest manufacture in the world with 20.25% market share in 2021.

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