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1 Market Overview
1.1 Definition and presentation
Cocoa is a substance that is extracted from the seeds of certain plants of the genus Theobroma, from tropical America The fruit of this plant is shaped like a large almond and contains up to 40 seeds arranged in 5 rows. Cocoa powder is obtained by grinding the previously dried seeds; it is used in chocolate making and chocolate preparation. Cocoa butter, on the other hand, is a yellowish-white fatty substance that is extracted from the cocoa beans. In addition to chocolate making, cocoa butter is used in cosmetics and pharmaceuticals.
The size of the global cocoa market was about $26.709 billion in 2023. The market is expected to grow further at a compound annual growth rate (CAGR) of 4.71 percent between 2024 and 2032, reaching a value of $40.42 billion by 2032. This represents an increase of 51.31% over the period. It has the potential to grow due to a combination of economic, social, technological and environmental factors that are driving increased demand and improving production and distribution.
The size of the cocoa and chocolate market in Europe is projected to reach a value of $14.50 billion in 2024 and grow at a compound annual growth rate (CAGR) of 4.89% from 2024 to 2029, reaching $18.41 billion by 2029.
In Italyin recent years, the turnover of Italian cocoa, chocolate, candy, and confectionery manufacturing companies has decreased significantly by 18.8%. The same is true for the value of production sold, down 38.6 percent, but the last two years bode well, indicating a positive trend toward recovery, as well as the value of production made and sold in quantity.
As for our market, it is in full consolidation, as the number of active enterprises in recent years has decreased by 9.3 percent while the number of employees has increased by 4.6 percent. This reflects a number of economic and strategic dynamics, although it presents some challenges, especially for small businesses, it also offers opportunities for innovation, sustainability and professional growth.
1.2 The global market
The size of the global cocoa market was about $**.*** billion in ****. The market is expected to grow further at a compound annual growth rate (***) of *.** percent between **** and ****, reaching a value of $**.** billion by ****. This represents an increase of **.**% over the period.
Global Cocoa Market Value World, ****-****, in US$ ...
1.3 The European market
The size of the cocoa and chocolate market in Europe is projected to reach a value of $**.** billion in **** and grow at a compound annual growth rate (***) of *.**% from **** to ****, reaching $**.** billion by ****. This represents an increase of **.**% in six years.
European Cocoa Market Value Europe, ****-****, in US$ billion ...
1.4 The Italian market
In ****, the turnover of Italian cocoa, chocolate, candy and confectionery companies was *.** billion euros, rising to *.** billion euros in **** and peaking at *.** billion euros in ****. In ****, turnover dropped to *.** billion euros, with a slight recovery in ****, with turnover reaching *.** billion euros; **** saw a significant decrease to *.** billion euros, marking an overall ...
1.5 Imports and Exports
Between **** and ****, Italian cocoa bean exports increased from $*.* million to $*.** million, marking an increase of **.** percent. Imports, on the other hand, rose from $*** million to $***.* million, an increase of **.** percent. Despite the growth in exports, the coverage rate remains low, although it improved from *.*** in **** to *.*** in ****. This indicates that Italy ...
1.6 Inflation suffered by the sector
In Italy, the cocoa market has dealt with inflation through various strategies. Rising raw material, energy and transportation costs have pushed confectionery companies to increase product prices, reducing consumer demand. To mitigate the impact, companies have improved production efficiency, adopted advanced technologies and diversified cocoa supply sources. In addition, the government ...
2 Demand analysis
2.1 Overview of demand
from **** to ****, the average monthly household expenditure on cocoa and chocolate powder in Italy showed a slight fluctuation. In **** it was €*.**, growing slightly to €*.** in ****. However, in **** it dropped to *.** €, continuing to decline to *.** € in ****. In ****, spending rose again to *.** €. Overall, there is a * percent reduction from the initial expenditure in ...
2.2 Distribution of demand
The average household expenditure on cocoa and chocolate powder in Italy varies significantly across geographic areas. In the South and Islands, spending is the highest at €*.**. In the Center it drops to €*.**, while in the Northeast and Northwest it stands at €*.**. These data indicate a greater propensity to spend on these ...
2.3 Trends in cocoa demand
The trend of online cocoa searches in Italy between **** and **** shows considerable variability. In June ****, the index was ** and peaked in March **** with **, representing an increase of ***.* percent. Between June and December ****, searches showed an increasing trend, culminating in a high of **.** in November. After a decline in early ****, interest rose ...
2.4 New Demand Trends
New trends in the cocoa and chocolate market are influenced by various factors that reflect changes in consumer preferences and global market dynamics. Here are some of the key emerging trends:
Sustainability and Transparency: Consumers are increasingly concerned about the origin of cocoa and the environmental impact of chocolate production. There ...
3 Market structure
3.1 Italian market structure
The number of enterprises active in cocoa and chocolate production in Italy decreased from *** in **** to *** in ****. This represents an overall decrease of *.* percent over the period. After a significant decline between **** and ****, the number of companies remained relatively stable with slight fluctuations in subsequent years, showing a slight recovery in ...
3.2 Value Chain
From farmer to end consumer
Between the cocoa bean farmers, mainly in Ghana and Côte d'Ivoire (***), and the end customers, the consumers of chocolate and chocolate products, there are different types of actors along the global value chain.
Source: ****
In fact, once harvested, the beans must undergo sorting and cleaning ...
3.3 Leading international manufacturers and distributors
The main ones are as follows:
Cargill: It is an agribusiness giant with more than *** years of history, operating in more than ** countries with a deep commitment to innovation and sustainability. Founded in ****, the company has grown tremendously, now employing about ***,*** people worldwide. One of the key aspects of operations is ...
3.4 The main players in the Italian market
In Italy, with ateco code **.**, production of cocoa, chocolate, candy and confectionery, there are *** companies including *** corporations, the total turnover of these enterprises is €*,***,***,***.
These are the main ones:
Ferrero Industriale Italia Srl: part of the Ferrero Group, is a company based in Alba, Cuneo, founded in ****. Specializing in the production ...
4 Supply analysis
4.1 The cultivation of cocoa
Cocoa is traditionally grown by smallholders, who account for ** to ** percent of world production. They usually cultivate small plots of land, usually between * and * hectares in Africa and parts of Asia. The trees grow exclusively in tropical areas, where they can benefit from the shade of plants such as banana, plantain ...
4.2 Processing of cocoa beans
The supply of cocoa in the global market is a fascinating and complex issue, influenced by a number of interconnected factors.
Geographic Production: Cocoa grows best in tropical regions near the equator, where the warm, humid climate is ideal. The world's leading producers are Côte d'Ivoire and Ghana, which together ...
4.3 Cocoa prices
The International Cocoa Organization(***) calculates the world cocoa price daily in different currencies, including the euro. Over the past * years, the monthly price changes have been as follows:
Average cocoa price World, ****-****, in current € per tonne ICCO
The average world cocoa price between **** and **** showed a significant upward trend. In ...
4.4 Supply trends
In recent years, cocoa supply has seen the emergence of new trends that are transforming the industry. Here are some of the major trends that are shaping the cocoa supply in the global market:
Sustainability and Ethical Certifications: Sustainability has become a growing priority for producers and consumers. Certifications such as ...
5 Regulations
5.1 General Regulations
On July **, ****, after years of troubled legislative processes that began in ****, the European Parliament finally approved Directive ****/**/EC*, which harmonizes chocolate legislation and extends it to all fifteen member countries (***). The goal of the Directive is to ensure a greater degree of protection for the consumer, who must be fully aware ...
6 Positioning of players
6.1 Market segmentation
- Elah Dufour Novi
- Lindt & Sprungli
- Nestlè Italia (Perugina)
- Ferrero
- Irca
- Icam
- Nutkao Srl
- Dolfin Srl
- Cargill
- Olam Group
- The Hershey Company
- Ecom Agroindustrial Company
- Touton
List of charts presented in this market study
- Number of enterprises active in the production of cocoa, chocolate, candies and sugared almonds [1082]
- Legal form of enterprises engaged in the production of cocoa, chocolate, candies and sugared almonds
- Number of employees working in the production of cocoa, chocolate, candies and sugared almonds
- Industrial production index of cocoa, chocolate, candy and confectionery - base 2021=100
- Average price of cocoa
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Latest news
Lindt & Sprüngli reopens its flagship in the Opéra district - 15/03/2023
- Thirty stores in France averaging 200 m2 (500 worldwide).
- 2.6% growth in France last year
- 8% of total group sales generated in France
- Sales up 10.8% to 4.9 billion Swiss francs
- 15.7% sales growth in the United States.
- French sales growth target of 6-8% for 2023
- Number one in hyper-super chocolate bars in France
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the cocoa market | Italy
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