Cocoa Powder Market Opportunities in Food Industry

The global cocoa powder market was worth around US$ 2,387.4 million in 2019 and it expanded with a CAGR of 2.1% between 2019 and 2023. In the present time (2024), the cocoa powder industry has become capable of generating US$ 2,667.5 million in revenues. The global uptake of processed cocoa in powder form is all set to witness a CAGR of 2.9% over the next ten years. As per the predictions, the net revenue generated from cocoa powder could be around US$ 3,441.1 million by 2034.

As chocolate consumption is rising across the globe the industrial demand for cocoa powder has emerged as the prominent source of revenue generation for cocoa processing market players. Besides confectioneries and baked goods, a growing taste for chocolate-based items, such as hot chocolate and chocolate-flavored drinks, has resulted in a significant increase in demand for alkalized cocoa powder. Its Long shelf life of unsweetened cocoa powder appeals to both chefs and household buyers using it as a versatile ingredient for preparing sweet dishes.

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Key Takeaways from the Cocoa Powder Market Study Report

• The overall market is supposed to experience an absolute growth opportunity of roughly US$ 800 million over the next ten years.
• The United States cocoa powder market expansion rate has reduced to a moderate level of 2.8% for the time period from 2024 and 2034.
• Germany is currently the leading supplier of cocoa powder in Europe and by following an anticipated CAGR of 2.3% its future looks promising.
• China is currently witnessing a substantial increase in its cocoa production that could aid in the growth of its cocoa powder industry by 3.5% CAGR till 2034.
• India is currently emerging as the most lucrative market for cocoa powder sellers with an anticipated CAGR of 5.4%for the next ten years.

Competitive Landscape for the Cocoa Powder Market Players

The overall market is gradually diversifying with an increase in cocoa production areas owing to modern farming methods and cultivation technologies. Moreover, the growing appeal of chocolate-flavored meals and food items has encouraged global players to expand their product portfolio as well as supply networks.

“Successful branding and marketing initiatives by popular brands have increased awareness of the product resulting in better market penetration opportunities. Globalization of food supply chains, especially through the proliferation of e-commerce platforms, has created new avenues of progress for cocoa processing industries that were yet confined in tropical regions,” – says a lead analyst at FMI

Recent Developments by the Cocoa Powder Industry Participants

• In May 2021, Van Houten, based in the Netherlands, introduced a ruby chocolate powdered drink that was made available to the hospitality industry, especially baristas and coffee shops. Almost 200 years after the breakthrough creation of the cacao press, the firm achieved another step, proving its standing as a pioneer. Van Houten, established by the Dutch Van Houten family was the first to launch ruby chocolate in powdered form.
• In July 2022, Lil’Goodness, a health-conscious food and snacking company based in India, launched its zero-sugar Prebiotic Cocoa Powder for the retail market. The product is made from natural prebiotic fibers and 100% antioxidant-rich real cocoa. The gut and heart-health-friendly Prebiotic Cocoa Powder has been developed to make popular homemade chocolate recipes healthier for families, especially children.

Key Players Profiled in the Cocoa Powder Market Report

• Olam Cocoa
• Cargill
• Barry Callebaut
• Plot Ghana
• Dutch Cocoa
• Cocoa Processing Company Limited
• Indcresa
• Blommer