Cocoa - Worldwide

Worldwide

Revenue in the Cocoa market amounts to US$12.8bn in 2023. The market is expected to grow annually by 5.89% (CAGR 2023-2028).
In global comparison, most revenue is generated in the United States (US$1,709m in 2023).
In relation to total population figures, per person revenues of US$1.66 are generated in 2023.
In the Cocoa market, volume is expected to amount to 1.9bn kg by 2028. The Cocoa market is expected to show a volume growth of 2.4% in 2024.
The average volume per person in the Cocoa market is expected to amount to 0.2kg in 2023.

Key regions: United Kingdom, United States, Hong Kong, India, Thailand

Market

Region

Region comparison

Currency

Analyst Opinion

Cocoa, or hot chocolate, is the smallest Hot Drinks segment by value and volume. Consumption is concentrated in established chocolate-consuming countries – mostly Western countries. Here, a general trend towards lower sugar consumption as well as a decline in child population have inhibited growth over the review period.

Methodology

Data coverage:
The data encompasses B2C enterprises. Figures are based on private Household spendings on Hot Drinks. The data only covers at-home sales (e.g., sales via supermarkets, hypermarkets, convenience stores). Out-of-home sales (e.g., sales in Hotels, restaurants, bars) are only shown as a separate box in the aggregated Hot Drinks market.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as production data, region, and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Hot Drinks market with a projected steady growth.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.