ココアとチョコレート市場 – 2030年までの世界予測

Cocoa and Chocolate Market - Global Forecast to 2030

ココアとチョコレート市場 - ココアの種類(バター、パウダー、リキュール)、チョコレートの種類(ダーク、ミルク、ホワイト、フィリング入り)、性質(従来型、オーガニック)、用途、製品形態、流通チャネル、地域別 - 2030年までの世界予測
Cocoa and Chocolate Market by Cocoa Type (Butter, Powder, Liquor), Chocolate Type (Dark, Milk, White, Filled), Nature (Conventional, Organic), Application, Product Form, Distribution Channel, and Region - Global Forecast to 2030

商品番号 : SMB-19943

出版社MarketsandMarkets
出版年月2025年7月
ページ数309
図表数402
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本調査レポートは、ココアとチョコレート市場を、ココアの種類(ココアバター、ココアパウダー、ココアリカー)、用途(食品・飲料、化粧品、医薬品)、性質(従来型、オーガニック)、チョコレートの種類(ダークチョコレート、ミルクチョコレート、ホワイトチョコレート、フィリング入りチョコレート)、流通チャネル(オフライン、Eコマース)、製品形態(ブロック/スラブ/バー、パウダー、チップ&ドロップ、液体(シロップ/コーティング)、ペースト/スプレッド、豆(生または焙煎)、顆粒/削り)、地域(北米、欧州、アジア太平洋、南米、その他)別に分類しています。レポートは、ココアとチョコレート市場の成長に影響を与える主要な要因(推進要因、制約要因、課題、機会など)に関する詳細な情報を網羅しています。主要業界プレーヤーの詳細な分析を実施し、事業概要、サービス、主要戦略、契約、パートナーシップ、合意、新サービスの開始、合併・買収、そしてココア・チョコレート市場に関連する最近の動向に関する洞察を提供しています。本レポートは、ココア・チョコレート市場エコシステムにおける新興企業の競合分析を網羅しています。さらに、技術分析、エコシステムと市場のマッピング、特許および規制の状況など、業界特有のトレンドについても調査しています。

本レポートは、ココア・チョコレート市場全体および各サブセグメントの収益数値の近似値に関する情報を提供し、市場リーダー企業および新規参入企業にとって役立ちます。また、ステークホルダーが競争環境を理解し、自社のポジショニングを改善し、適切な市場開拓戦略を策定するための洞察を深めるのに役立ちます。さらに、本レポートは、ステークホルダーが市場の動向を把握し、主要な市場牽引要因、制約要因、課題、そして機会に関する情報を提供するのに役立ちます。

ココアとチョコレート市場は、2025年の推定236億9000万米ドルから2030年には282億4000万米ドルに達し、予測期間中に3.6%の年平均成長率(CAGR)を記録すると予測されています。ココアとチョコレートは、菓子、ベーカリー製品、飲料、乳製品、健康関連製品など、世界の消費パターンにおいて重要な役割を果たしています。市場成長の主な原動力は、健康効果と贅沢な体験を組み合わせたものへの需要の高まりと、倫理的な調達への関心の高まりです。さらに、多様なフレーバーやフォーマットへの嗜好も高まっています。

The cocoa and chocolate market is projected to reach USD 28.24 billion by 2030 from an estimated USD 23.69 billion in 2025, registering a CAGR of 3.6% during the forecast period. Cocoa and chocolate play a significant role in global consumption patterns, finding use in confectionery, bakery products, beverages, dairy items, and health applications. The primary driver of market growth is the rising demand for a combination of health benefits and indulgent experiences, along with a focus on ethical sourcing. Additionally, there is a rising preference for diverse flavors and formats.

ココアとチョコレート市場 - 2030年までの世界予測 - chosareport.com
cocoa-chocolate-market

Shifting consumer demographics, coupled with urbanization and the expansion of digital commerce, are making the market more accessible to consumers. Sustainability has become a critical concern, prompting manufacturers to prioritize traceable sourcing and environmentally friendly practices. In response to these trends, companies are increasingly investing in research and development, product customization, and premium offerings to remain competitive.

The growth potential in this industry is particularly strong in emerging economies, where rising disposable incomes and improved retail infrastructure are positively impacting cocoa and chocolate consumption.

“Conventional cocoa is experiencing significant growth due to its cost-efficiency, established supply chains, and sustained demand from mass-market applications.”

Conventional cocoa dominates the global market due to its widespread use in chocolate manufacturing, bakery products, dairy items, and beverages. Its competitive pricing compared to organic or specialty cocoa makes it particularly attractive to large manufacturers focused on low-cost, high-volume sales. The primary cocoa-producing countries, like Côte d’Ivoire, Ghana, and Nigeria, contribute significantly to the supply of conventional cocoa, ensuring a stable and adequate market.

Additionally, strong demand for conventional cocoa arises in emerging economies, where purchasing power and price considerations influence consumer decisions. As major producers, multinational chocolate companies source conventional cocoa for their mainstream products through bulk procurement and long-term contracts. While segments such as organic or fair trade cocoa are gradually gaining acceptance, they remain niche markets compared to the mainstream appeal of conventional cocoa. Overall, the scalability, versatility, and price competitiveness of conventional cocoa make it the primary growth segment in the industry.

“The dark chocolate segment holds a significant share in the chocolate type segment of the cocoa and chocolate market.”

Consumers are increasingly favoring dark chocolates with higher cocoa content. Higher cocoa percentages are often linked to health benefits such as improved heart health, antioxidant properties, and lower sugar levels compared to milk chocolate. This trend aligns with the growing demand for low-sugar and plant-based options. According to the National Confectioners Association (NCA), 61% of consumers surveyed in 2024 expressed a preference for dark chocolate due to its perceived health benefits.

This shift has captured the attention of major chocolate manufacturers in recent years. For example, in March 2023, Lindt & Sprüngli expanded its EXCELLENCE portfolio with a 95% cocoa dark chocolate to cater to the demand for high-intensity cocoa profiles. In April 2024, Nestlé launched its “Mindful Chocolate” range featuring KitKat in Europe, highlighting dark chocolate that offers functional benefits, such as magnesium and chamomile extract.

The trend towards clean-label products further drives growth, as consumers prefer dark chocolate with fewer ingredients, organic certifications, and labels that support ethical sourcing. This preference is notably growing in North America and Europe, making it one of the fastest-growing segments in the chocolate market.

ココアとチョコレート市場 - 2030年までの世界予測 - region
cocoa-chocolate-market-region

Europe holds a significant share of the global cocoa and chocolate market.

Europe holds a significant market share in the global cocoa and chocolate industry due to its long-standing tradition of manufacturing, strong consumer preferences, and robust regulatory frameworks. In countries like Switzerland, Belgium, France, and Germany, major companies such as Lindt & Sprüngli, Barry Callebaut, and Ferrero continuously innovate in product development, ethical sourcing, and high-quality formulations. European consumers are presented with an abundance of premium chocolate options, including dark, organic, and sugar-free varieties, which cater to health-conscious trends.

In January 2025, the Bean-to-Bar Sustainability Line of Lindt & Sprüngli (Switzerland) was inaugurated in Olten, Switzerland, enhancing traceability and ethical sourcing with the help of blockchain validation for cocoa sourced from Ghana and Ecuador. The investment highlights the region’s commitment to sustainability and production-level transparency. Europe’s advanced retail setup, strong export capability, and regional authority in sustainability together counterpoise its superior share in the global cocoa and chocolate market to keep itself abreast of trends in ethical and premium chocolate-making.

In-depth interviews were conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the cocoa and chocolate market:

  • By Company Type: Tier 1 – 25%, Tier 2 – 45%, and Tier 3 – 30%
  • By Designation: Directors– 20%, Managers – 50%, Executives- 30%
  • By Region: North America – 25%, Europe – 30%, Asia Pacific – 20%, South America – 15% and Rest of the World –10%

In the cocoa and chocolate industry, the major players are Barry Callebaut (Switzerland), Cargill (US), Olam International (Singapore), Nestlé (Switzerland), Mondelez International (US), and Ferrero Group (Italy). These companies maintain great market positions because of their global status, integrated supply chains, and diversified product portfolios that sell across industrial and consumer segments.

The other important ones include Lindt & Sprüngli (Switzerland), Mars, Incorporated (US), Blommer Chocolate Company (US), Guan Chong Berhad (Malaysia), JB Foods Limited (Singapore), and ECOM Agroindustrial Corp. (Switzerland). These companies are given credit for their strategic emphasis on sustainable sourcing and product innovation, investing heavily in traceability and ethical supply chain practices.

Additionally, mid-sized and emerging competitors like Natra (Spain), Luker Chocolate (Colombia), Cocoa Family (Dominican Republic), and GENCAU.BR (Brazil) serve as demand generators for their single-origin and artisanal chocolates in niche markets throughout Europe and the Americas. These companies are fostering market competition, product differentiation, and innovation to meet the growing global demand for ethically sourced, high-end, and health-conscious chocolate products.

ココアとチョコレート市場 - 2030年までの世界予測 - ecosystem
cocoa-chocolate-market-ecosystem

Research Coverage:

This research report categorizes the cocoa and chocolate market by Cocoa Type (Cocoa Butter, Cocoa Powder, Cocoa Liquor), Application (Food & Beverages, Cosmetics, Pharmaceuticals), Nature (Conventional, Organic), Chocolate Type (Dark Chocolate, Milk Chocolate, White Chocolate, Filled Chocolates), Distribution Channel (Offline, E-commerce), Product Form (Blocks/Slabs/Bars, Powder, Chips & Drops, Liquid (Syrup/Coating), Paste/Spread, Beans (Raw or Roasted), Granules/Shavings), and region (North America, Europe, Asia Pacific, South America, and Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the cocoa and chocolate market. A detailed analysis of the key industry players was carried out to provide insights into their business overview, services, key strategies, contracts, partnerships, agreements, new service launches, mergers and acquisitions, and recent developments associated with the cocoa and chocolate market. This report covers a competitive analysis of upcoming start-ups in the cocoa and chocolate market ecosystem. Furthermore, industry-specific trends such as technology analysis, ecosystem and market mapping, and patent and regulatory landscape, among others, are also covered in the study.

Reasons to Buy this Report:

The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall cocoa and chocolate market and the subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (Health benefits of chocolates), restraints (Highly unstable economies in cocoa-producing countries), opportunities (Low penetration rate in developing countries), and challenges (Increase in counterfeit products) influencing the growth of the cocoa and chocolate market.
  • New Launches/Innovation: Detailed insights on research & development activities and new service launches in the cocoa and chocolate market.
  • Market Development: Comprehensive information about lucrative markets – the report analyzes the cocoa and chocolate market across varied regions.
  • Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the cocoa and chocolate market.
  • Competitive Assessment: The cocoa and chocolate market features an in-depth evaluation of competitive positioning based on market share, product portfolios, innovation capabilities, and strategic initiatives. Leading players such as Cargill (US), Barry Callebaut (Switzerland), Olam Group (Singapore), Lindt & Sprüngli (Switzerland), and Mondelez International (US) are analyzed for their sourcing practices, processing capabilities, and branded offerings. The assessment includes a comparison of product footprints across cocoa derivatives and finished chocolate goods, with a focus on sustainability certifications, origin traceability, and premium product lines. Additionally, market strategies such as vertical integration, origin partnerships, and investments in ethical sourcing are reviewed to gauge competitive differentiation and long-term positioning.

Table of Contents

1               INTRODUCTION              28

1.1           STUDY OBJECTIVES       28

1.2           MARKET DEFINITION   28

1.3           STUDY SCOPE   29

1.3.1        MARKET SEGMENTATION AND REGIONS COVERED                 29

1.3.2        INCLUSIONS AND EXCLUSIONS 30

1.3.3        YEARS CONSIDERED      31

1.4           UNITS CONSIDERED      32

1.4.1        CURRENCY CONSIDERED            32

1.5           STAKEHOLDERS               32

2               RESEARCH METHODOLOGY       34

2.1           RESEARCH DATA              34

2.1.1        SECONDARY DATA          35

2.1.1.1    Key data from secondary sources       35

2.1.2        PRIMARY DATA 36

2.1.2.1    Key industry insights           36

2.1.2.2    Breakdown of primary interviews      37

2.2           MARKET SIZE ESTIMATION         37

2.2.1        BOTTOM-UP APPROACH              38

2.2.2        TOP-DOWN APPROACH                39

2.3           MARKET BREAKDOWN & DATA TRIANGULATION                 40

2.3.1        SUPPLY-SIDE     41

2.3.2        DEMAND-SIDE 41

2.4           RESEARCH ASSUMPTIONS AND LIMITATIONS   43

2.4.1        ASSUMPTIONS  43

2.4.2        LIMITATIONS    44

3               EXECUTIVE SUMMARY  45

4               PREMIUM INSIGHTS       51

4.1           ATTRACTIVE OPPORTUNITIES IN COCOA MARKET                 51

4.2           ATTRACTIVE OPPORTUNITIES IN CHOCOLATE MARKET               51

4.3           COCOA MARKET: GROWTH RATE OF MAJOR REGIONAL SUBMARKETS    52

4.4           CHOCOLATE MARKET: GROWTH RATE OF MAJOR REGIONAL SUBMARKETS             53

4.5           ASIA PACIFIC: COCOA MARKET, BY TYPE AND COUNTRY            53

4.6           EUROPE: CHOCOLATE MARKET, BY TYPE AND COUNTRY            54

4.7           COCOA MARKET, BY TYPE           54

4.8           COCOA MARKET, BY APPLICATION         55

4.9           COCOA MARKET, BY REGION     55

4.10         CHOCOLATE MARKET, BY TYPE                56

4.11         CHOCOLATE MARKET, BY REGION          56

5               MARKET OVERVIEW       57

5.1           INTRODUCTION              57

5.2           MACROECONOMIC INDICATORS              57

5.2.1        GLOBAL GDP GROWTH                 57

5.2.2        PER CAPITA INCOME GROWTH (EMERGING MARKET EXPANSION)      58

5.2.3        TRADE LIBERALIZATION & FREE TRADE AGREEMENTS                 60

5.3           MARKET DYNAMICS       60

5.3.1        DRIVERS               61

5.3.1.1    Health benefits of chocolate                61

5.3.1.2    Rising demand for premium and dark chocolate             63

5.3.1.3    Seasonal and festive sales    63

5.3.2        RESTRAINTS      64

5.3.2.1    Unstable economies in cocoa-producing countries         64

5.3.2.2    High volatility in cocoa prices             65

5.3.3        OPPORTUNITIES              66

5.3.3.1    Low penetration rate in developing countries 66

5.3.3.2    Cocoa derivatives in adjacent sectors                66

5.3.3.3    E-commerce & DTC expansion in chocolate   67

5.3.4        CHALLENGES    67

5.3.4.1    Increase in counterfeit products        67

5.3.4.2    Fragmented smallholder farming system          67

5.3.4.3    Sustainability concerns in cocoa industry         68

5.4           IMPACT OF GEN AI ON COCOA AND CHOCOLATE                 68

5.4.1        INTRODUCTION              68

5.4.2        USE OF GEN AI IN COCOA AND CHOCOLATE      69

5.4.3        CASE STUDY ANALYSIS 70

5.4.3.1    Mars Inc.: Gen AI for Recipe Innovation          70

5.4.3.2    Barry Callebaut: AI-Powered Traceability Platform       70

5.4.4        IMPACT ON COCOA AND CHOCOLATE MARKET                 70

5.4.5        ADJACENT ECOSYSTEM WORKING ON GEN AI   71

6               INDUSTRY TRENDS         72

6.1           INTRODUCTION              72

6.2           SUPPLY CHAIN ANALYSIS             72

6.3           VALUE CHAIN ANALYSIS               73

6.4           TRADE ANALYSIS             74

6.4.1        EXPORT DATA FOR HS CODE 18 (2020–2024)        74

6.4.2        IMPORT DATA FOR HS CODE 18 (2020–2024)        76

6.5           TECHNOLOGY ANALYSIS             77

6.5.1        KEY TECHNOLOGIES     77

6.5.1.1    Fermentation optimization 77

6.5.1.2    Conching automation           78

6.5.2        COMPLEMENTARY TECHNOLOGIES       78

6.5.2.1    Cocoa bean roasting control systems 78

6.5.3        ADJACENT TECHNOLOGIES       78

6.5.3.1    Flavor encapsulation technology        78

6.6           PRICING ANALYSIS          79

6.6.1        AVERAGE SELLING PRICE, BY KEY PLAYER           79

6.6.1.1    Cocoa market        79

6.6.1.2    Chocolate market 80

6.6.2        AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE                 82

6.6.2.1    Cocoa market        82

6.6.2.2    Chocolate market 83

6.6.3        AVERAGE SELLING PRICE, BY REGION   84

6.6.3.1    Cocoa market        84

6.6.3.2    Chocolate market 85

6.7           ECOSYSTEM ANALYSIS  86

6.7.1        GROWERS            86

6.7.2        INTERMEDIARIES            86

6.7.3        COCOA PROCESSORS    86

6.7.4        CHOCOLATE MANUFACTURERS               86

6.7.5        RETAILERS          87

6.8           TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES       87

6.9           PATENT ANALYSIS          88

6.9.1        LIST OF MAJOR PATENTS             89

6.10         KEY CONFERENCES & EVENTS   92

6.11         REGULATORY LANDSCAPE         93

6.11.1      REGULATORY BODIES, GOVERNMENT AGENCIES, & OTHER ORGANIZATIONS             93

6.11.2      REGULATORY FRAMEWORK       94

6.11.2.1  Codex Alimentarius Commission (CAC)          94

6.11.2.2  North America      95

6.11.2.3  Europe   95

6.11.2.4  Asia Pacific            96

6.12         PORTER’S FIVE FORCES ANALYSIS           97

6.12.1      THREAT OF NEW ENTRANTS      98

6.12.2      THREAT OF SUBSTITUTES          98

6.12.3      BARGAINING POWER OF SUPPLIERS       98

6.12.4      BARGAINING POWER OF BUYERS             98

6.12.5      INTENSITY OF COMPETITIVE RIVALRY 99

6.13         KEY STAKEHOLDERS AND BUYING CRITERIA     99

6.13.1      KEY STAKEHOLDERS IN BUYING PROCESS           99

6.13.2      BUYING CRITERIA           100

6.14         CASE STUDY ANALYSIS 100

6.14.1      CASE STUDY 1: COCOA SHORTAGE CRISIS IMPACTING CHOCOLATE

MAKERS (2024–2025)        100

6.14.2      CASE STUDY 2: BARRY CALLEBAUT’S 2ND GENERATION CHOCOLATE      101

6.14.3      CASE STUDY 3: CARGILL AND NESTLÉ COCOA PLAN IN INDONESIA        101

6.15         INVESTMENT AND FUNDING SCENARIO               102

6.16         IMPACT OF 2025 US TARIFFS—COCOA AND CHOCOLATE MARKET   102

6.16.1      INTRODUCTION              102

6.16.2      KEY TARIFF RATES          103

6.16.3      DISRUPTION IN COCOA AND CHOCOLATE          104

6.16.4      PRICE IMPACT ANALYSIS             104

6.16.5      IMPACT ON COUNTRIES/REGIONS         105

6.16.5.1  Côte d’Ivoire         105

6.16.5.2  Ghana     105

6.16.5.3  United States         105

6.16.5.4  Canada and Europe              106

6.16.6      IMPACT ON END-USE INDUSTRY              106

7               COCOA MARKET, BY TYPE           107

7.1           INTRODUCTION              108

7.2           COCOA BUTTER               109

7.2.1        RISING DEMAND FOR NATURAL INGREDIENTS AND PREMIUM CHOCOLATE APPLICATIONS GLOBALLY         109

7.3           COCOA POWDER             111

7.3.1        RISING DEMAND FOR FUNCTIONAL FOODS AND CLEAN-LABEL COCOA-BASED PRODUCTS           111

7.4           COCOA LIQUOR               113

7.4.1        RISING DEMAND FOR PREMIUM CHOCOLATE AND CLEAN-LABEL INGREDIENTS GLOBALLY              113

8               COCOA MARKET, BY APPLICATION         116

8.1           INTRODUCTION              117

8.2           FOOD & BEVERAGES      118

8.2.1        CONFECTIONERY            119

8.2.1.1    Rising demand for premium and functional cocoa-based confectionery products        119

8.2.2        BAKERY                120

8.2.2.1    Rising demand for premium cocoa in artisanal and industrial bakery     120

8.2.3        OTHER FOOD & BEVERAGE APPLICATIONS        121

8.3           COSMETICS        122

8.3.1        RISING INTEREST IN COCOA-BASED COSMETICS AND GROWING AWARENESS PROPELS MARKET           122

8.4           PHARMACEUTICALS       123

8.4.1        INCREASING CONSUMER DEMAND FOR NATURAL INGREDIENTS AND BENEFITS OF COCOA SUPPORTS GROWTH                 123

9               COCOA MARKET, BY NATURE    125

9.1           INTRODUCTION              126

9.2           CONVENTIONAL COCOA              127

9.2.1        RISING GLOBAL DEMAND FOR AFFORDABLE COCOA-BASED MASS MARKET PRODUCTS           127

9.3           ORGANIC COCOA            128

9.3.1        RISING DEMAND FOR ETHICAL, CLEAN-LABEL, AND SUSTAINABLE COCOA PRODUCTS           128

10            CHOCOLATE MARKET, BY TYPE                130

10.1         INTRODUCTION              131

10.2         DARK CHOCOLATE         133

10.2.1      RISING HEALTH AWARENESS AND DEMAND FOR ANTIOXIDANT-RICH PRODUCTS              133

10.3         MILK CHOCOLATE          135

10.3.1      EXPANDING CONSUMER BASE AND INNOVATION FUEL MILK CHOCOLATE GROWTH     135

10.4         WHITE CHOCOLATE      137

10.4.1      GROWING DEMAND FOR PREMIUM, UNIQUE FLAVORS AND CLEAN-LABEL INGREDIENTS TO DRIVE DEMAND 137

10.5         FILLED CHOCOLATE      139

10.5.1      GROWING DEMAND FOR INDULGENT AND INNOVATIVE TEXTURES TO DRIVE MARKET       139

11            CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL                 141

11.1         INTRODUCTION              142

11.2         OFFLINE              143

11.3         E-COMMERCE   144

12            CHOCOLATE MARKET, BY APPLICATION              146

12.1         INTRODUCTION              146

12.2         FOOD & BEVERAGES (B2C & FOODSERVICE)       146

12.3         BAKERY & CONFECTIONERY PRODUCTS              146

12.4         FUNCTIONAL & NUTRITIONAL PRODUCTS         147

12.5         PERSONAL CARE & COSMETICS 147

12.6         PHARMACEUTICALS       148

12.7         PREMIUM & GIFT CHOCOLATES               148

13            CHOCOLATE MARKET, BY PRODUCT FORM        149

13.1         INTRODUCTION              149

13.2         BLOCKS/SLABS/BARS    149

13.3         POWDERS           150

13.4         CHIPS & DROPS 150

13.5         LIQUIDS (SYRUPS/COATINGS)  151

13.6         PASTES/SPREADS            151

13.7         COCOA BEANS (RAW OR ROASTED)        151

13.8         GRANULES/SHAVINGS  152

14            COCOA AND CHOCOLATE MARKET, BY PROCESS                 153

14.1         INTRODUCTION              153

14.2         BEAN SOURCING              153

14.3         ROASTING & WINNOWING          154

14.4         GRINDING & PRESSING 154

14.5         MIXING & CONCHING    154

14.6         MOLDING & COATING  155

14.7         QUALITY CHECKS            155

14.8         ALLERGEN CONTROL    156

14.9         BATCH TRACEABILITY  156

14.10       SUSTAINABLE PROCESSING        157

15            COCOA AND CHOCOLATE MARKET, BY TECHNOLOGY                 158

15.1         INTRODUCTION              158

15.2         FERMENTATION CONTROL        158

15.3         CONCHING SYSTEMS     158

15.4         ROASTING TECHNOLOGIES       159

15.5         FLAVOR ENCAPSULATION          159

15.6         AI IN QUALITY MONITORING    160

15.7         IOT INTEGRATION          160

15.8         3D PRINTING APPLICATIONS     161

15.9         SMART PACKAGING       161

15.10       COLD CHAIN TECHNOLOGIES  161

16            COCOA AND CHOCOLATE MARKET, BY REGION                 163

16.1         INTRODUCTION              164

16.2         NORTH AMERICA             168

16.2.1      US           172

16.2.1.1  Rising seasonal demand and premiumization trends driving market growth       172

16.2.2      CANADA               173

16.2.2.1  Rising demand for premium and ethical chocolate products driving cocoa imports           173

16.2.3      MEXICO                175

16.2.3.1  Rising chocolate consumption and artisan trends drive cocoa processing demand               175

16.3         EUROPE               177

16.3.1      FRANCE                183

16.3.1.1  Growing artisan chocolate demand and ethical sourcing preferences propel cocoa imports      183

16.3.2      GERMANY           185

16.3.2.1  Premiumization, ethical sourcing, and vegan product innovations make Germany a prominent market  185

16.3.3      UK          186

16.3.3.1  Rising demand for premium, ethical, and sustainable chocolate products 186

16.3.4      SPAIN    188

16.3.4.1  Rising artisan chocolate culture and sustainable cocoa sourcing drive market demand           188

16.3.5      ITALY    189

16.3.5.1  Growing premium chocolate demand and cocoa bean imports drive market expansion        189

16.3.6      BELGIUM             191

16.3.6.1  High-quality exports and artisanal legacy drive cocoa and chocolate leadership             191

16.3.7      SWITZERLAND 192

16.3.7.1  Strong domestic consumption, premium exports, and sustainable sourcing drive chocolate industry’s growth      192

16.3.8      REST OF EUROPE             194

16.4         ASIA PACIFIC     195

16.4.1      CHINA  201

16.4.1.1  Rising premium chocolate demand and e-commerce expansion fuel cocoa market growth    201

16.4.2      JAPAN   202

16.4.2.1  Growing demand for premium, plant-based, and travel-retail chocolates drives Japan’s market.       202

16.4.3      INDIA    204

16.4.3.1  Rising urbanization and local sourcing bolster India’s cocoa and chocolate demand 204

16.4.4      SOUTH KOREA  205

16.4.4.1  Growing premium chocolate demand and tech-driven product innovation fuel South Korea’s market expansion             205

16.4.5      AUSTRALIA & NEW ZEALAND     207

16.4.5.1  Rising premium chocolate demand and ethical sourcing drive regional cocoa market growth             207

16.4.6      REST OF ASIA PACIFIC   208

16.5         SOUTH AMERICA             210

16.5.1      BRAZIL 214

16.5.1.1  Rising domestic consumption and strategic imports drive Brazil’s cocoa market         214

16.5.2      ARGENTINA       216

16.5.2.1  Rising cocoa imports and export growth driving Argentina’s chocolate industry                 216

16.5.3      REST OF SOUTH AMERICA           217

16.6         REST OF THE WORLD    219

16.6.1      AFRICA 223

16.6.1.1  Strong cocoa production, export dominance, and sustainability push drive market growth   223

16.6.2      MIDDLE EAST   225

16.6.2.1  Rising premium chocolate demand and import dependency drive market expansion 225

17            COMPETITIVE LANDSCAPE         227

17.1         OVERVIEW          227

17.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2024                 228

17.3         REVENUE ANALYSIS, 2022–2024  229

17.4         MARKET SHARE ANALYSIS, 2024                 229

17.5         COMPANY VALUATION AND FINANCIAL METRICS                 232

17.6         BRAND/PRODUCT COMPARISON             233

17.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 234

17.7.1      STARS   234

17.7.2      EMERGING LEADERS     234

17.7.3      PERVASIVE PLAYERS      234

17.7.4      PARTICIPANTS 234

17.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         236

17.7.5.1  Company footprint               236

17.7.5.2  Regional footprint                 237

17.7.5.3  Type footprint       238

17.7.5.4  Application footprint            239

17.7.5.5  Nature footprint   240

17.8         COMPANY EVALUATION MATRIX: START-UPS/SMES, 2024        240

17.8.1      PROGRESSIVE COMPANIES         240

17.8.2      RESPONSIVE COMPANIES            241

17.8.3      DYNAMIC COMPANIES  241

17.8.4      STARTING BLOCKS         241

17.8.5      COMPETITIVE BENCHMARKING OF STARTUPS/SMES, 2024        242

17.8.5.1  Detailed list of key startups/SMEs    242

17.8.5.2  Competitive benchmarking of key startups/SMEs          243

17.9         COMPETITIVE SCENARIO             244

17.9.1      PRODUCT LAUNCHES   244

17.9.2      DEALS  244

17.9.3      EXPANSIONS     245

18            COMPANY PROFILES      246

18.1         KEY PLAYERS     246

18.1.1      CARGILL, INCORPORATED          246

18.1.1.1  Business overview 246

18.1.1.2  Products/Solutions/Services offered 247

18.1.1.3  Recent developments           249

18.1.1.3.1                Product launches  249

18.1.1.4  MnM view              250

18.1.1.4.1                Key strengths        250

18.1.1.4.2                Strategic choices   250

18.1.1.4.3                Weaknesses and competitive threats 250

18.1.2      BARRY CALLEBAUT         251

18.1.2.1  Business overview 251

18.1.2.2  Products/Solutions/Services offered 252

18.1.2.3  Recent developments           254

18.1.2.3.1                Expansions             254

18.1.2.4  MnM view              254

18.1.2.4.1                Key strengths        254

18.1.2.4.2                Strategic choices   255

18.1.2.4.3                Weaknesses and competitive threats 255

18.1.3      OLAM GROUP   256

18.1.3.1  Business overview 256

18.1.3.2  Products/Solutions/Services offered 257

18.1.3.3  MnM view              258

18.1.3.3.1                Key strengths        258

18.1.3.3.2                Strategic choices   258

18.1.3.3.3                Weaknesses and competitive threats 258

18.1.4      FUJI OIL CO., LTD.           259

18.1.4.1  Business overview 259

18.1.4.2  Products/Solutions/Services offered 260

18.1.4.3  MnM view              262

18.1.4.3.1                Key strengths        262

18.1.4.3.2                Strategic choices   262

18.1.4.3.3                Weaknesses and competitive threats 262

18.1.5      GUAN CHONG BERHAD (GCB)   263

18.1.5.1  Business overview 263

18.1.5.2  Products/Solutions/Services offered 264

18.1.5.3  Recent developments           265

18.1.5.4  MnM view              265

18.1.5.4.1                Key strengths        265

18.1.5.4.2                Strategic choices   265

18.1.5.4.3                Weaknesses and competitive threats 265

18.1.6      JB COCOA, A SUBSIDIARY OF JB FOODS LIMITED                 266

18.1.6.1  Business overview 266

18.1.6.2  Products/Solutions/Services offered 267

18.1.6.3  MnM view              267

18.1.7      ECOM AGROINDUSTRIAL CORP. LIMITED.          268

18.1.7.1  Business overview 268

18.1.7.2  Products/Solutions/Services offered 269

18.1.7.3  MnM view              269

18.1.8      NATRA  270

18.1.8.1  Business overview 270

18.1.8.2  Products/Solutions/Services offered 270

18.1.8.3  MnM view              272

18.1.9      KRÜGER GROUP               273

18.1.9.1  Business overview 273

18.1.9.2  Products/Solutions/Services offered 274

18.1.9.3  MnM view              274

18.1.10   MAX FELCHLIN AG          275

18.1.10.1                 Business overview 275

18.1.10.2                 Products/Solutions/Services offered 275

18.1.10.3                 MnM view              276

18.1.11   VALRHONA         277

18.1.11.1                 Business overview 277

18.1.11.2                 Products/Solutions/Services offered 277

18.1.11.3                 MnM view              278

18.1.12   SUCESORES DE JOSE JESÚS RESTREPO & CIA. S.A.                 279

18.1.12.1                 Business overview 279

18.1.12.2                 Products/Solutions/Services offered 279

18.1.12.3                 MnM view              280

18.1.13   PURATOS GROUP            281

18.1.13.1                 Business overview 281

18.1.13.2                 Products/Solutions/Services offered 281

18.1.13.3                 Recent developments           282

18.1.13.3.1             Deals      282

18.1.13.4                 MnM view              282

18.1.14   UNITED COCOA PROCESSOR, INC.           283

18.1.14.1                 Business overview 283

18.1.14.2                 Products/Solutions/Services offered 283

18.1.14.3                 MnM view              284

18.1.15   COCOA PROCESSING COMPANY LIMITED (CPC)                 285

18.1.15.1                 Business overview 285

18.1.15.2                 Products/Solutions/Services offered 285

18.1.15.3                 MnM view              285

18.2         OTHER PLAYERS              286

18.2.1      SIERRA NATURALS          286

18.2.1.1  Business overview 286

18.2.1.2  Products/Solutions/Services offered 286

18.2.1.3  MnM view              287

18.2.2      CHOCOLATERIE DE L’OPÉRA     288

18.2.2.1  Business overview 288

18.2.2.2  Products/Solutions/Services offered 289

18.2.2.3  MnM view              289

18.2.3      COCOA FAMILY                290

18.2.3.1  Business overview 290

18.2.3.2  Products/Solutions/Services offered 290

18.2.3.3  MnM view              291

18.2.4      REPÚBLICA DEL CACAO                292

18.2.4.1  Business overview 292

18.2.4.2  Products/Solutions/Services offered 292

18.2.4.3  MnM view              293

18.2.5      CAMPCO CHOCOLATES                294

18.2.5.1  Business overview 294

18.2.5.2  Products/Solutions/Services offered 295

18.2.5.3  MnM view              295

18.2.6      JINDAL COCOA 296

18.2.7      GENCAU.BR        297

18.2.8      FRIIS-HOLM CHOKOLADE           298

18.2.9      DAVIS CHOCOLATE        298

18.2.10   LOTUS CHOCOLATE COMPANY LTD      299

19            APPENDIX           300

19.1         DISCUSSION GUIDE        300

19.2         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                305

19.3         CUSTOMIZATION OPTIONS        307

19.4         RELATED REPORTS         307

19.5         AUTHOR DETAILS           308

LIST OF TABLES

TABLE 1                USD EXCHANGE RATES, 2020–2024            32

TABLE 2                RESEARCH ASSUMPTIONS           43

TABLE 3                COCOA MARKET SNAPSHOT, 2025 VS. 2030                 45

TABLE 4                CHOCOLATE MARKET SNAPSHOT, 2025 VS. 2030                 46

TABLE 5                NUTRIENT CONTENT OF DIFFERENT CHOCOLATE FORMS/100G           62

TABLE 6                TOP 10 EXPORTERS UNDER HS CODE 18, 2020–2024 (USD THOUSAND) 75

TABLE 7                TOP 10 IMPORTERS UNDER HS CODE 18, 2020–2024 (USD THOUSAND) 77

TABLE 8                AVERAGE SELLING PRICE OF COCOA, BY KEY PLAYER (USD/MT)           80

TABLE 9                AVERAGE SELLING PRICE OF CHOCOLATE, BY KEY PLAYER (USD/UNIT)             81

TABLE 10              AVERAGE SELLING PRICE OF COCOA, BY PRODUCT TYPE, 2020–2024 (USD/KG)    82

TABLE 11              AVERAGE SELLING PRICE OF CHOCOLATE, BY TYPE, 2020–2024 (USD/KG)           83

TABLE 12              AVERAGE SELLING PRICE OF COCOA, BY REGION, 2020–2024 (USD/KG)     84

TABLE 13              AVERAGE SELLING PRICE OF CHOCOLATE, BY REGION, 2020–2024 (USD/KG)     85

TABLE 14              LIST OF MAJOR PATENTS PERTAINING TO COCOA AND CHOCOLATE

MARKET, 2020–2023          89

TABLE 15              COCOA AND CHOCOLATE MARKET: DETAILED LIST OF CONFERENCES

& EVENTS, 2025–2026       92

TABLE 16              NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  93

TABLE 17              EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  93

TABLE 18              ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  94

TABLE 19              REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             94

TABLE 20              COCOA AND CHOCOLATE MARKET: PORTER’S FIVE FORCES ANALYSIS 97

TABLE 21              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR

CHOCOLATE PRODUCTS             99

TABLE 22              KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS (COCOA)              100

TABLE 23              US-ADJUSTED RECIPROCAL TARIFF RATES                 103

TABLE 24              EXPECTED IMPACT OF TARIFFS ON TARGET PRODUCTS WITH RELEVANT HS CODES               105

TABLE 25              EXPECTED TARIFF IMPACT ON END-USE INDUSTRIES: COCOA AND CHOCOLATE                106

TABLE 26              COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)            108

TABLE 27              COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)            109

TABLE 28              COCOA MARKET, BY TYPE, 2020–2024 (KT)                 109

TABLE 29              COCOA MARKET, BY TYPE, 2025–2030 (KT)                 109

TABLE 30              COCOA BUTTER MARKET, BY REGION, 2020–2024 (USD MILLION)       110

TABLE 31              COCOA BUTTER MARKET, BY REGION, 2025–2030 (USD MILLION)       110

TABLE 32              COCOA BUTTER MARKET, BY REGION, 2020–2024 (KT)              111

TABLE 33              COCOA BUTTER MARKET, BY REGION, 2025–2030 (KT)              111

TABLE 34              COCOA POWDER MARKET, BY REGION, 2020–2024 (USD MILLION)       112

TABLE 35              COCOA POWDER MARKET, BY REGION, 2025–2030 (USD MILLION)       112

TABLE 36              COCOA POWDER MARKET, BY REGION, 2020–2024 (KT)              112

TABLE 37              COCOA POWDER MARKET, BY REGION, 2025–2030 (KT)              113

TABLE 38              COCOA LIQUOR MARKET, BY REGION, 2020–2024 (USD MILLION)       114

TABLE 39              COCOA LIQUOR MARKET, BY REGION, 2025–2030 (USD MILLION)       114

TABLE 40              COCOA LIQUOR MARKET, BY REGION, 2020–2024 (KT)              114

TABLE 41              COCOA LIQUOR MARKET, BY REGION, 2025–2030 (KT)              115

TABLE 42              COCOA MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 117

TABLE 43              COCOA MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 117

TABLE 44              COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2020–2024 (USD MILLION)         118

TABLE 45              COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2025–2030 (USD MILLION)         118

TABLE 46              COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY REGION, 2020–2024 (USD MILLION)   119

TABLE 47              COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY REGION, 2025–2030 (USD MILLION)   119

TABLE 48             CONFECTIONERY: COCOA MARKET, BY REGION, 2020–2024 (USD MILLION)            120

TABLE 49             CONFECTIONERY: COCOA MARKET, BY REGION, 2025–2030 (USD MILLION)            120

TABLE 50              BAKERY: COCOA MARKET, BY REGION, 2020–2024 (USD MILLION)       121

TABLE 51              BAKERY: COCOA MARKET, BY REGION, 2025–2030 (USD MILLION)       121

TABLE 52              OTHER FOOD & BEVERAGE APPLICATIONS: COCOA MARKET,

BY REGION, 2020–2024 (USD MILLION)   122

TABLE 53              OTHER FOOD & BEVERAGE APPLICATIONS: COCOA MARKET,

BY REGION, 2025–2030 (USD MILLION)   122

TABLE 54              COCOA MARKET FOR COSMETICS, BY REGION, 2020–2024 (USD MILLION)            123

TABLE 55              COCOA MARKET FOR COSMETICS, BY REGION, 2025–2030 (USD MILLION)            123

TABLE 56              COCOA MARKET FOR PHARMACEUTICALS, BY REGION, 2020–2024 (USD MILLION)          124

TABLE 57              COCOA MARKET FOR PHARMACEUTICALS, BY REGION, 2025–2030 (USD MILLION)          124

TABLE 58              COCOA MARKET, BY NATURE, 2020–2024 (USD MILLION)            126

TABLE 59              COCOA MARKET, BY NATURE, 2025–2030 (USD MILLION)            127

TABLE 60              CONVENTIONAL COCOA MARKET, BY REGION, 2020–2024 (USD MILLION)            127

TABLE 61              CONVENTIONAL COCOA MARKET, BY REGION, 2025–2030 (USD MILLION)            128

TABLE 62              ORGANIC COCOA MARKET, BY REGION, 2020–2024 (USD MILLION)       129

TABLE 63              ORGANIC COCOA MARKET, BY REGION, 2025–2030 (USD MILLION)       129

TABLE 64              CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            132

TABLE 65              CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            132

TABLE 66              CHOCOLATE MARKET, BY TYPE, 2020–2024 (KT)                 132

TABLE 67              CHOCOLATE MARKET, BY TYPE, 2025–2030 (KT)                 132

TABLE 68              DARK CHOCOLATE MARKET, BY REGION, 2020–2024 (USD MILLION)       133

TABLE 69              DARK CHOCOLATE MARKET, BY REGION, 2025–2030 (USD MILLION)       134

TABLE 70              DARK CHOCOLATE MARKET, BY REGION, 2020–2024 (KT)              134

TABLE 71              DARK CHOCOLATE MARKET, BY REGION, 2025–2030 (KT)              134

TABLE 72              MILK CHOCOLATE MARKET, BY REGION, 2020–2024 (USD MILLION)       135

TABLE 73              MILK CHOCOLATE MARKET, BY REGION, 2025–2030 (USD MILLION)       136

TABLE 74              MILK CHOCOLATE MARKET, BY REGION, 2020–2024 (KT)              136

TABLE 75              MILK CHOCOLATE MARKET, BY REGION, 2025–2030 (KT)              136

TABLE 76              WHITE CHOCOLATE MARKET, BY REGION, 2020–2024 (USD MILLION)            137

TABLE 77              WHITE CHOCOLATE MARKET, BY REGION, 2025–2030 (USD MILLION)            138

TABLE 78              WHITE CHOCOLATE MARKET, BY REGION, 2020–2024 (KT)   138

TABLE 79              WHITE CHOCOLATE MARKET, BY REGION, 2025–2030 (KT)   138

TABLE 80              FILLED CHOCOLATE MARKET, BY REGION, 2020–2024 (USD MILLION)            139

TABLE 81              FILLED CHOCOLATE MARKET, BY REGION, 2025–2030 (USD MILLION)            140

TABLE 82              FILLED CHOCOLATE MARKET, BY REGION, 2020–2024 (KT)   140

TABLE 83              FILLED CHOCOLATE MARKET, BY REGION, 2025–2030 (KT)   140

TABLE 84              CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL, 2020–2024 (USD MILLION)     142

TABLE 85              CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL, 2025–2030 (USD MILLION)     143

TABLE 86              OFFLINE: CHOCOLATE MARKET, BY REGION, 2020–2024 (USD MILLION)            143

TABLE 87              OFFLINE: CHOCOLATE MARKET, BY REGION, 2025–2030 (USD MILLION)            144

TABLE 88              E-COMMERCE: CHOCOLATE MARKET, BY REGION, 2020–2024 (USD MILLION)          144

TABLE 89              E-COMMERCE: CHOCOLATE MARKET, BY REGION, 2025–2030 (USD MILLION)          145

TABLE 90              COCOA MARKET, BY REGION, 2020–2024 (USD MILLION)            165

TABLE 91              COCOA MARKET, BY REGION, 2025–2030 (USD MILLION)            165

TABLE 92              COCOA MARKET, BY REGION, 2020–2024 (KT)                 166

TABLE 93              COCOA MARKET, BY REGION, 2025–2030 (KT)                 166

TABLE 94              CHOCOLATE MARKET, BY REGION, 2020–2024 (USD MILLION) 166

TABLE 95              CHOCOLATE MARKET, BY REGION, 2025–2030 (USD MILLION) 167

TABLE 96              CHOCOLATE MARKET, BY REGION, 2020–2024 (KT)       167

TABLE 97              CHOCOLATE MARKET, BY REGION, 2025–2030 (KT)       167

TABLE 98              NORTH AMERICA: COCOA MARKET, BY COUNTRY, 2020–2024 (USD MILLION)     168

TABLE 99              NORTH AMERICA: COCOA MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     168

TABLE 100          NORTH AMERICA: COCOA MARKET, BY NATURE, 2020–2024 (USD MILLION)            169

TABLE 101          NORTH AMERICA: COCOA MARKET, BY NATURE, 2025–2030 (USD MILLION)            169

TABLE 102            NORTH AMERICA: COCOA MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              169

TABLE 103            NORTH AMERICA: COCOA MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              169

TABLE 104            NORTH AMERICA: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2020–2024 (USD MILLION)         170

TABLE 105            NORTH AMERICA: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2025–2030 (USD MILLION)         170

TABLE 106            NORTH AMERICA: CHOCOLATE MARKET, BY COUNTRY, 2020–2024 (USD MILLION)     170

TABLE 107            NORTH AMERICA: CHOCOLATE MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     170

TABLE 108            NORTH AMERICA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)                171

TABLE 109            NORTH AMERICA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)                171

TABLE 110            NORTH AMERICA: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2020–2024 (USD MILLION)            171

TABLE 111            NORTH AMERICA: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2025–2030 (USD MILLION)            171

TABLE 112            US: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)            172

TABLE 113            US: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)            173

TABLE 114            US: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION) 173

TABLE 115            US: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION) 173

TABLE 116            CANADA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 174

TABLE 117            CANADA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 174

TABLE 118            CANADA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       174

TABLE 119            CANADA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       175

TABLE 120            MEXICO: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 175

TABLE 121            MEXICO: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 176

TABLE 122            MEXICO: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       176

TABLE 123            MEXICO: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       176

TABLE 124            EUROPE: COCOA MARKET, BY COUNTRY, 2020–2024 (USD MILLION)       179

TABLE 125            EUROPE: COCOA MARKET, BY COUNTRY, 2025–2030 (USD MILLION)       180

TABLE 126            EUROPE: COCOA MARKET, BY NATURE, 2020–2024 (USD MILLION)       180

TABLE 127            EUROPE: COCOA MARKET, BY NATURE, 2025–2030 (USD MILLION)       180

TABLE 128            EUROPE: COCOA MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            180

TABLE 129            EUROPE: COCOA MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            181

TABLE 130            EUROPE: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2020–2024 (USD MILLION)         181

TABLE 131            EUROPE: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2025–2030 (USD MILLION)         181

TABLE 132            EUROPE: CHOCOLATE MARKET, BY COUNTRY, 2020–2024 (USD MILLION)            182

TABLE 133            EUROPE: CHOCOLATE MARKET, BY COUNTRY, 2025–2030 (USD MILLION)            182

TABLE 134            EUROPE: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       182

TABLE 135            EUROPE: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       183

TABLE 136            EUROPE: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2020–2024 (USD MILLION)            183

TABLE 137            EUROPE: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2025–2030 (USD MILLION)            183

TABLE 138            FRANCE: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 184

TABLE 139            FRANCE: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 184

TABLE 140            FRANCE: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       184

TABLE 141            FRANCE: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       185

TABLE 142            GERMANY: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 185

TABLE 143            GERMANY: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 186

TABLE 144            GERMANY: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            186

TABLE 145            GERMANY: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            186

TABLE 146            UK: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)            187

TABLE 147            UK: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)            187

TABLE 148            UK: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION) 187

TABLE 149            UK: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION) 188

TABLE 150            SPAIN: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 188

TABLE 151            SPAIN: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 189

TABLE 152            SPAIN: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       189

TABLE 153            SPAIN: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       189

TABLE 154            ITALY: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 190

TABLE 155            ITALY: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 190

TABLE 156            ITALY: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       190

TABLE 157            ITALY: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       191

TABLE 158            BELGIUM: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 191

TABLE 159            BELGIUM: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 192

TABLE 160            BELGIUM: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            192

TABLE 161            BELGIUM: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            192

TABLE 162            SWITZERLAND: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)            193

TABLE 163            SWITZERLAND: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)            193

TABLE 164          SWITZERLAND: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            193

TABLE 165          SWITZERLAND: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            194

TABLE 166            REST OF EUROPE: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)            194

TABLE 167            REST OF EUROPE: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)            195

TABLE 168            REST OF EUROPE: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)                195

TABLE 169            REST OF EUROPE: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)                195

TABLE 170            ASIA PACIFIC: COCOA MARKET, BY COUNTRY, 2020–2024 (USD MILLION)            197

TABLE 171            ASIA PACIFIC: COCOA MARKET, BY COUNTRY, 2025–2030 (USD MILLION)            198

TABLE 172            ASIA PACIFIC: COCOA MARKET, BY NATURE, 2020–2024 (USD MILLION)            198

TABLE 173            ASIA PACIFIC: COCOA MARKET, BY NATURE, 2025–2030 (USD MILLION)            198

TABLE 174            ASIA PACIFIC: COCOA MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              198

TABLE 175            ASIA PACIFIC: COCOA MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              199

TABLE 176            ASIA PACIFIC: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2020–2024 (USD MILLION)         199

TABLE 177            ASIA PACIFIC: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2025–2030 (USD MILLION)         199

TABLE 178            ASIA PACIFIC: CHOCOLATE MARKET, BY COUNTRY, 2020–2024 (USD MILLION)     199

TABLE 179            ASIA PACIFIC: CHOCOLATE MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     200

TABLE 180            ASIA PACIFIC: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            200

TABLE 181            ASIA PACIFIC: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            200

TABLE 182            ASIA PACIFIC: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2020–2024 (USD MILLION)            200

TABLE 183            ASIA PACIFIC: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2025–2030 (USD MILLION)            201

TABLE 184            CHINA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 201

TABLE 185            CHINA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 202

TABLE 186            CHINA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       202

TABLE 187            CHINA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       202

TABLE 188            JAPAN: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 203

TABLE 189            JAPAN: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 203

TABLE 190            JAPAN: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       203

TABLE 191            JAPAN: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       204

TABLE 192            INDIA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 204

TABLE 193            INDIA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 205

TABLE 194            INDIA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       205

TABLE 195            INDIA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       205

TABLE 196            SOUTH KOREA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)            206

TABLE 197            SOUTH KOREA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)            206

TABLE 198          SOUTH KOREA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            206

TABLE 199          SOUTH KOREA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            207

TABLE 200            AUSTRALIA & NEW ZEALAND: COCOA MARKET, BY TYPE,

2020–2024 (USD MILLION)            207

TABLE 201            AUSTRALIA & NEW ZEALAND: COCOA MARKET, BY TYPE,

2025–2030 (USD MILLION)            208

TABLE 202            AUSTRALIA & NEW ZEALAND: CHOCOLATE MARKET, BY TYPE,

2020–2024 (USD MILLION)            208

TABLE 203            AUSTRALIA & NEW ZEALAND: CHOCOLATE MARKET, BY TYPE,

2025–2030 (USD MILLION)            208

TABLE 204            REST OF ASIA PACIFIC: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)                209

TABLE 205            REST OF ASIA PACIFIC: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)                209

TABLE 206            REST OF ASIA PACIFIC: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)         209

TABLE 207            REST OF ASIA PACIFIC: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)         210

TABLE 208            SOUTH AMERICA: COCOA MARKET, BY COUNTRY, 2020–2024 (USD MILLION)     210

TABLE 209            SOUTH AMERICA: COCOA MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     211

TABLE 210            SOUTH AMERICA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)            211

TABLE 211            SOUTH AMERICA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)            211

TABLE 212          SOUTH AMERICA: COCOA MARKET, BY NATURE, 2020–2024 (USD MILLION)            211

TABLE 213          SOUTH AMERICA: COCOA MARKET, BY NATURE, 2025–2030 (USD MILLION)            212

TABLE 214            SOUTH AMERICA: COCOA MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              212

TABLE 215            SOUTH AMERICA: COCOA MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              212

TABLE 216            SOUTH AMERICA: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2020–2024 (USD MILLION)         212

TABLE 217            SOUTH AMERICA: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2025–2030 (USD MILLION)         213

TABLE 218            SOUTH AMERICA: CHOCOLATE MARKET, BY COUNTRY, 2020–2024 (USD MILLION)     213

TABLE 219            SOUTH AMERICA: CHOCOLATE MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     213

TABLE 220            SOUTH AMERICA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)                213

TABLE 221            SOUTH AMERICA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)                214

TABLE 222            SOUTH AMERICA: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2020–2024 (USD MILLION)            214

TABLE 223            SOUTH AMERICA: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2025–2030 (USD MILLION)            214

TABLE 224            BRAZIL: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 215

TABLE 225            BRAZIL: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 215

TABLE 226            BRAZIL: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       215

TABLE 227            BRAZIL: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       216

TABLE 228            ARGENTINA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)       216

TABLE 229            ARGENTINA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)       217

TABLE 230            ARGENTINA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            217

TABLE 231            ARGENTINA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            217

TABLE 232            REST OF SOUTH AMERICA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)                218

TABLE 233            REST OF SOUTH AMERICA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)                218

TABLE 234            REST OF SOUTH AMERICA: CHOCOLATE MARKET, BY TYPE,

2020–2024 (USD MILLION)            218

TABLE 235            REST OF SOUTH AMERICA: CHOCOLATE MARKET, BY TYPE,

2025–2030 (USD MILLION)            219

TABLE 236            REST OF THE WORLD: COCOA MARKET, BY REGION, 2020–2024 (USD MILLION)          219

TABLE 237            REST OF THE WORLD: COCOA MARKET, BY REGION, 2025–2030 (USD MILLION)          220

TABLE 238            REST OF THE WORLD: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)                220

TABLE 239            REST OF THE WORLD: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)                220

TABLE 240            REST OF THE WORLD: COCOA MARKET, BY NATURE, 2020–2024 (USD MILLION)         220

TABLE 241            REST OF THE WORLD: COCOA MARKET, BY NATURE, 2025–2030 (USD MILLION)         221

TABLE 242            REST OF THE WORLD: COCOA MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            221

TABLE 243            REST OF THE WORLD: COCOA MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            221

TABLE 244            REST OF THE WORLD: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2020–2024 (USD MILLION)         221

TABLE 245            REST OF THE WORLD: COCOA MARKET FOR FOOD & BEVERAGE APPLICATIONS,

BY TYPE, 2025–2030 (USD MILLION)         222

TABLE 246            REST OF THE WORLD: CHOCOLATE MARKET, BY REGION,

2020–2024 (USD MILLION)            222

TABLE 247            REST OF THE WORLD: CHOCOLATE MARKET, BY REGION,

2025–2030 (USD MILLION)            222

TABLE 248            REST OF THE WORLD: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)         222

TABLE 249            REST OF THE WORLD: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)         223

TABLE 250            REST OF THE WORLD: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2020–2024 (USD MILLION)            223

TABLE 251            REST OF THE WORLD: CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL,

2025–2030 (USD MILLION)            223

TABLE 252            AFRICA: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION) 224

TABLE 253            AFRICA: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION) 224

TABLE 254            AFRICA: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)       224

TABLE 255            AFRICA: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)       225

TABLE 256            MIDDLE EAST: COCOA MARKET, BY TYPE, 2020–2024 (USD MILLION)       225

TABLE 257            MIDDLE EAST: COCOA MARKET, BY TYPE, 2025–2030 (USD MILLION)       226

TABLE 258            MIDDLE EAST: CHOCOLATE MARKET, BY TYPE, 2020–2024 (USD MILLION)            226

TABLE 259            MIDDLE EAST: CHOCOLATE MARKET, BY TYPE, 2025–2030 (USD MILLION)            226

TABLE 260            OVERVIEW OF STRATEGIES DEPLOYED BY KEY MARKET PLAYERS           228

TABLE 261            COCOA MARKET: DEGREE OF COMPETITION, 2024        230

TABLE 262            CHOCOLATE MARKET: DEGREE OF COMPETITION, 2024       231

TABLE 263            COCOA AND CHOCOLATE MARKET: REGION FOOTPRINT       237

TABLE 264            COCOA AND CHOCOLATE MARKET: TYPE FOOTPRINT       238

TABLE 265            COCOA AND CHOCOLATE MARKET: APPLICATION FOOTPRINT         239

TABLE 266            COCOA MARKET: NATURE FOOTPRINT                 240

TABLE 267            COCOA AND CHOCOLATE MARKET: DETAILED LIST OF KEY STARTUPS/SMES   242

TABLE 268            COCOA AND CHOCOLATE MARKET: COMPETITIVE BENCHMARKING OF

KEY STARTUPS/SMES, 2024          243

TABLE 269            COCOA AND CHOCOLATE MARKET: PRODUCT LAUNCHES,

JANUARY 2020–FEBRUARY 2025  244

TABLE 270            COCOA AND CHOCOLATE MARKET: DEALS, JANUARY 2020–FEBRUARY 2025  244

TABLE 271            COCOA AND CHOCOLATE MARKET: EXPANSIONS, JANUARY 2020–FEBRUARY 2025      245

TABLE 272            CARGILL, INCORPORATED: COMPANY OVERVIEW          246

TABLE 273            CARGILL, INCORPORATED: PRODUCTS/SOLUTIONS/SERVICES OFFERED    247

TABLE 274            CARGILL, INCORPORATED: PRODUCT LAUNCHES          249

TABLE 275            CARGILL, INCORPORATED: DEALS          249

TABLE 276            CARGILL, INCORPORATED: EXPANSIONS                 249

TABLE 277            BARRY CALLEBAUT: COMPANY OVERVIEW                 251

TABLE 278            BARRY CALLEBAUT: PRODUCTS/SOLUTIONS/SERVICES OFFERED    252

TABLE 279            BARRY CALLEBAUT: PRODUCT LAUNCHES                 254

TABLE 280            BARRY CALLEBAUT: EXPANSIONS            254

TABLE 281            OLAM GROUP: COMPANY OVERVIEW    256

TABLE 282            OLAM GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    257

TABLE 283            FUJI OIL CO., LTD.: COMPANY OVERVIEW                 259

TABLE 284            FUJI OIL CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    260

TABLE 285            GUAN CHONG BERHAD (GCB): COMPANY OVERVIEW          263

TABLE 286            GUAN CHONG BERHAD (GCB): PRODUCTS/SOLUTIONS/SERVICES OFFERED    264

TABLE 287            GUAN CHONG BERHAD (GCB): DEALS   265

TABLE 288            JB COCOA: COMPANY OVERVIEW            266

TABLE 289            JB COCOA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             267

TABLE 290            ECOM AGROINDUSTRIAL CORP. LIMITED.: COMPANY OVERVIEW   268

TABLE 291            ECOM AGROINDUSTRIAL CORP. LIMITED.: PRODUCTS/SOLUTIONS/

SERVICES OFFERED        269

TABLE 292            NATRA: COMPANY OVERVIEW  270

TABLE 293            NATRA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             270

TABLE 294            KRÜGER GROUP: COMPANY OVERVIEW                 273

TABLE 295            KRÜGER GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    274

TABLE 296            MAX FELCHLIN AG: COMPANY OVERVIEW                 275

TABLE 297            MAX FELCHLIN AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED    275

TABLE 298            VALRHONA: COMPANY OVERVIEW         277

TABLE 299            VALRHONA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             277

TABLE 300            SUCESORES DE JOSE JESÚS RESTREPO & CIA. S.A.: COMPANY OVERVIEW          279

TABLE 301            SUCESORES DE JOSE JESÚS RESTREPO & CIA. S.A.: PRODUCTS/SOLUTIONS/SERVICES OFFERED           279

TABLE 302            PURATOS GROUP: COMPANY OVERVIEW                 281

TABLE 303            PURATOS GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    281

TABLE 304            PURATOS GROUP: DEALS            282

TABLE 305            UNITED COCOA PROCESSOR, INC.: COMPANY OVERVIEW          283

TABLE 306            UNITED COCOA PROCESSOR, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    283

TABLE 307            COCOA PROCESSING COMPANY LIMITED (CPC): COMPANY OVERVIEW     285

TABLE 308            COCOA PROCESSING COMPANY LIMITED (CPC): PRODUCTS/SOLUTIONS/

SERVICES OFFERED        285

TABLE 309            SIERRA NATURALS: COMPANY OVERVIEW                 286

TABLE 310            SIERRA NATURALS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    286

TABLE 311            CHOCOLATERIE DE L’OPÉRA: COMPANY OVERVIEW          288

TABLE 312            CHOCOLATERIE DE L’OPÉRA: PRODUCTS/SOLUTIONS/SERVICES OFFERED    289

TABLE 313            COCOA FAMILY: COMPANY OVERVIEW 290

TABLE 314            COCOA FAMILY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    290

TABLE 315            REPÚBLICA DEL CACAO: COMPANY OVERVIEW                 292

TABLE 316            REPÚBLICA DEL CACAO: PRODUCTS/SOLUTIONS/SERVICES OFFERED    292

TABLE 317            CAMPCO CHOCOLATES: COMPANY OVERVIEW                 294

TABLE 318            CAMPCO CHOCOLATES: PRODUCTS/SOLUTIONS/SERVICES OFFERED    295

TABLE 319            JINDAL COCOA: COMPANY OVERVIEW 296

TABLE 320            GENCAU.BR: COMPANY OVERVIEW        297

TABLE 321            FRIIS-HOLM CHOKOLADE: COMPANY OVERVIEW          298

TABLE 322            DAVIS CHOCOLATE: COMPANY OVERVIEW                 298

TABLE 323            LOTUS CHOCOLATE COMPANY LTD: COMPANY OVERVIEW          299

LIST OF FIGURES

FIGURE 1              COCOA AND CHOCOLATE MARKET: RESEARCH DESIGN                34

FIGURE 2              KEY DATA FROM SECONDARY SOURCES                 35

FIGURE 3              KEY INDUSTRY INSIGHTS             36

FIGURE 4              BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY, DESIGNATION,

AND REGION     37

FIGURE 5              COCOA AND CHOCOLATE MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH 38

FIGURE 6              COCOA AND CHOCOLATE MARKET SIZE ESTIMATION: TOP-DOWN APPROACH  39

FIGURE 7              DATA TRIANGULATION METHODOLOGY                 40

FIGURE 8              DATA TRIANGULATION: SUPPLY-SIDE  41

FIGURE 9              DATA TRIANGULATION: DEMAND-SIDE                 42

FIGURE 10            RESEARCH LIMITATIONS             44

FIGURE 11            COCOA MARKET, BY TYPE, 2025 VS. 2030 (USD MILLION)            46

FIGURE 12            COCOA MARKET, BY NATURE, 2025 VS. 2030 (USD MILLION) 47

FIGURE 13            COCOA MARKET, BY APPLICATION, 2025 VS. 2030 (USD MILLION)       47

FIGURE 14            COCOA MARKET SHARE AND GROWTH RATE, BY REGION         48

FIGURE 15            CHOCOLATE MARKET, BY TYPE, 2025 VS. 2030 (USD MILLION) 48

FIGURE 16            CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL, 2025 VS. 2030 (USD MILLION)                49

FIGURE 17            CHOCOLATE MARKET SHARE AND GROWTH RATE, BY REGION            50

FIGURE 18            PRODUCT LAUNCHES AND EXPANSIONS TO DRIVE COCOA MARKET                 51

FIGURE 19            STRONG DEMAND FROM ASIA PACIFIC TO DRIVE CHOCOLATE MARKET     51

FIGURE 20            COCOA CONSUMPTION IN CHINA AND INDIA TO INCREASE AT HIGH RATE

DURING FORECAST PERIOD       52

FIGURE 21            EMERGING MARKETS TO SHOWCASE HIGHEST DEMAND FOR CHOCOLATE        53

FIGURE 22            CHINA TO ACCOUNT FOR LARGEST SHARE IN ASIA PACIFIC IN 2025      53

FIGURE 23            GERMANY TO ACCOUNT FOR LARGEST SHARE IN EUROPE IN 2025           54

FIGURE 24            COCOA BUTTER TO DOMINATE COCOA MARKET IN 2025                54

FIGURE 25            FOOD & BEVERAGES TO DOMINATE COCOA MARKET DURING FORECAST PERIOD    55

FIGURE 26            EUROPE TO DOMINATE COCOA MARKET DURING FORECAST PERIOD       55

FIGURE 27            MILK CHOCOLATE TO DOMINATE CHOCOLATE MARKET IN 2025   56

FIGURE 28            EUROPE TO DOMINATE CHOCOLATE MARKET DURING FORECAST PERIOD       56

FIGURE 29            GLOBAL GDP GROWTH (2022–2026)         58

FIGURE 30            GDP PER CAPITA, CURRENT PRICES (USD PER CAPITA) 2020-2030            59

FIGURE 31            PER CAPITA INCOME GROWTH (EMERGING MARKET EXPANSION—INDIA)   59

FIGURE 32            GHANA: COCOA PRODUCER PRICE (GH¢ PER TONNE), 2022–2025          60

FIGURE 33            COCOA AND CHOCOLATE MARKET DYNAMICS                 61

FIGURE 34            ORAC VALUE OF HIGH-FLAVANOL-CONTAINING FOOD PRODUCTS               61

FIGURE 35            ADOPTION OF GEN AI IN COCOA AND CHOCOLATE      69

FIGURE 36            RISING DEMAND FOR SUSTAINABLE, ETHICAL, AND FUNCTIONAL CHOCOLATES ACCELERATES GROWTH ACROSS GLOBAL COCOA VALUE CHAIN                73

FIGURE 37            COCOA AND CHOCOLATE MARKET: VALUE CHAIN ANALYSIS              74

FIGURE 38            EXPORT DATA FOR COCOA AND CHOCOLATE UNDER HS CODE 18 FOR

KEY COUNTRIES, 2020–2024 (USD THOUSAND)  75

FIGURE 39            IMPORT DATA FOR COCOA AND CHOCOLATE UNDER HS CODE 18 FOR

KEY COUNTRIES, 2020–2024 (USD THOUSAND)  76

FIGURE 40            AVERAGE SELLING PRICE OF COCOA, BY KEY PLAYER, 2024 (USD/PER KG)       79

FIGURE 41            AVERAGE SELLING PRICE OF CHOCOLATE, BY KEY PLAYER, 2024 (USD/PER KG)               81

FIGURE 42            AVERAGE SELLING PRICE TREND OF COCOA, BY PRODUCT TYPE (USD/KG)          82

FIGURE 43            AVERAGE SELLING PRICE TREND OF CHOCOLATE, BY TYPE (USD/KG)             83

FIGURE 44            AVERAGE SELLING PRICE TREND OF COCOA, BY REGION (USD/KG)          84

FIGURE 45            AVERAGE SELLING PRICE TREND OF CHOCOLATE, BY REGION (USD/KG)       85

FIGURE 46            COCOA AND CHOCOLATE MARKET: ECOSYSTEM ANALYSIS  86

FIGURE 47            COCOA AND CHOCOLATE MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES                 87

FIGURE 48            NUMBER OF PATENTS GRANTED FOR COCOA AND CHOCOLATE

MARKET, 2014–2024          88

FIGURE 49            REGIONAL ANALYSIS OF PATENTS GRANTED FOR COCOA AND

CHOCOLATE MARKET, 2014–2024              89

FIGURE 50            PORTER’S FIVE FORCES ANALYSIS: COCOA AND CHOCOLATE MARKET   97

FIGURE 51            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR

CHOCOLATE PRODUCTS             99

FIGURE 52            KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS (COCOA)              100

FIGURE 53            COCOA AND CHOCOLATE MARKET: INVESTMENT AND FUNDING SCENARIO,

2020–2025 (USD MILLION)            102

FIGURE 54            COCOA BUTTER TO DOMINATE COCOA MARKET TILL 2030           108

FIGURE 55            FOOD & BEVERAGES TO DOMINATE COCOA APPLICATIONS MARKET               117

FIGURE 56            CONVENTIONAL SEGMENT TO DOMINATE THE COCOA MARKET              126

FIGURE 57            MILK CHOCOLATE TO DOMINATE CHOCOLATE MARKET   131

FIGURE 58            OFFLINE SEGMENT TO REMAIN LARGEST DISTRIBUTION CHANNEL            142

FIGURE 59            COCOA MARKET: REGIONAL SCENARIO                 164

FIGURE 60            CHOCOLATE MARKET: REGIONAL SCENARIO                 165

FIGURE 61            EUROPE: COCOA MARKET SNAPSHOT   178

FIGURE 62            EUROPE: CHOCOLATE MARKET SNAPSHOT                 179

FIGURE 63            ASIA PACIFIC: COCOA MARKET SNAPSHOT                 196

FIGURE 64            ASIA PACIFIC: CHOCOLATE MARKET SNAPSHOT          197

FIGURE 65            COCOA AND CHOCOLATE MARKET: REVENUE ANALYSIS FOR KEY COMPANIES

IN LAST 3 YEARS, 2022–2024 (USD BILLION)          229

FIGURE 66            MARKET SHARE ANALYSIS OF LEADING PLAYERS IN COCOA MARKET, 2024           230

FIGURE 67            MARKET SHARE ANALYSIS OF LEADING PLAYERS IN CHOCOLATE MARKET, 2024                231

FIGURE 68            COMPANY VALUATION OF KEY PLAYERS IN COCOA AND CHOCOLATE MARKET        232

FIGURE 69            EV/EBITDA OF KEY PLAYERS IN COCOA AND CHOCOLATE MARKET   232

FIGURE 70            COCOA AND CHOCOLATE MARKET: BRAND/PRODUCT COMPARISON             233

FIGURE 71            COCOA AND CHOCOLATE MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024       235

FIGURE 72            COCOA AND CHOCOLATE MARKET: COMPANY FOOTPRINT       236

FIGURE 73            COCOA AND CHOCOLATE MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 241

FIGURE 74            CARGILL, INCORPORATED: COMPANY SNAPSHOT          247

FIGURE 75            BARRY CALLEBAUT: COMPANY SNAPSHOT                 252

FIGURE 76            OLAM GROUP: COMPANY SNAPSHOT    257

FIGURE 77            FUJI OIL CO., LTD.: COMPANY SNAPSHOT                 260

FIGURE 78            GUAN CHONG BERHAD (GCB): COMPANY SNAPSHOT          263

FIGURE 79            JB COCOA: COMPANY SNAPSHOT            266