The global cocoa market is projected to reach USD 26.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. The global chocolate market is projected to reach USD 160.9 billion by 2027, growing at a CAGR of 4.7% from 2022 to 2027. Increasing sales of chocolate confectionery products to be consumed as comfort food is responsible for making it a regular grocery items in households. Chocolate is considered a traditional gift on special occasions and festivals such as Christmas, Easter, Halloween, and Valentine’s Day in American and European countries, a trend which is now adopted in some Asian countries such as India, China, and Japan.

Some of the key factors driving the growth of the cocoa and chocolate market include increasing demand for chocolates and cocoa-based products, rising disposable income of consumers, and growing awareness about the health benefits of dark chocolate.

The report also identifies some of the trends that are expected to shape the market in the coming years, including the growing demand for organic and Fairtrade-certified chocolates, the rise of premium and artisanal chocolate products, and the increasing popularity of cocoa-based functional foods and beverages.

In terms of regional analysis, Europe is expected to hold the largest share of the global cocoa and chocolate market, due to the high consumption of chocolate and the presence of some of the world’s largest chocolate manufacturers in the region. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, due to the increasing urbanization and rising disposable income in the region.

Overall, the cocoa and chocolate market is expected to continue growing in the coming years, driven by the increasing popularity of chocolate and cocoa-based products, as well as the development of new and innovative products that meet changing consumer demands.