Global Chocolate Ingredient Market to Reach $16.8 Billion in 2024
The increasing popularity of chocolates as gifts has spurred the demand for healthier ingredients and innovative packaging solutions. This trend, coupled with the widespread use of chocolate in bakery and confectionery applications, is driving steady growth in the market. Cocoa ingredients, renowned for their flavor and health benefits, are also being used in pharmaceuticals to treat heart health and digestive issues, as well as in toiletries for their appealing scent.
The global demand for cocoa-based products is on the rise, which is expected to sustain growth in the cocoa industry over the next decade. Key regional markets such as North America, East Asia, and Europe are anticipated to play significant roles in this expansion. The global cocoa ingredients market is forecasted to grow at a steady CAGR of 3.5% from 2024 to 2034, reaching a value of US$ 23.69 billion by 2034.
Key insights from the report include:
- The United States market is projected to grow to US$ 2.71 billion by 2034.
- Japan is expected to hold a 29.4% market share in East Asia in 2024.
- The food & beverage segment is estimated to reach a market value of US$ 11.76 billion in 2024.
- The pharmaceutical segment is projected to attain a market value of US$ 1.02 billion by 2034.
A Fact.MR analyst commented, "The growing number of health-conscious consumers is positively influencing demand for cocoa ingredients, particularly those with health benefits."
