Cocoa Powder Market

The global market for cocoa powder (not sweetened) is expected to see steady growth in both consumption and production over the next eight years, with an anticipated increase in market volume and value by 2030. Key importing countries include the United States, the Netherlands, and China, while major exporting countries include the Netherlands, Malaysia, and Germany. Average prices have fluctuated over the years, with notable growth in both imports and exports recorded in certain years.

Market Forecast

Driven by increasing demand for cocoa powder (not sweetened) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 3.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $11.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cocoa Powder (Not Sweetened)

In 2022, the amount of cocoa powder (not sweetened) consumed worldwide stood at 2.8M tons, remaining relatively unchanged against 2021. The total consumption volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the consumption volume increased by 6.7% against the previous year. Global consumption peaked in 2022 and is likely to continue growth in years to come.

The global cocoa powder market value was estimated at $7.8B in 2022, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (482K tons), the United States (282K tons) and India (175K tons), together accounting for 33% of global consumption. Brazil, Germany, Indonesia, Nigeria, Russia, Bangladesh, Pakistan, Mexico, the UK and France lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +9.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($865M), China ($791M) and India ($506M) appeared to be the countries with the highest levels of market value in 2022, with a combined 28% share of the global market. Brazil, Germany, Nigeria, Bangladesh, Mexico, the UK, Russia, France, Indonesia and Pakistan lagged somewhat behind, together comprising a further 23%.

In terms of the main consuming countries, Brazil, with a CAGR of +4.6%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of cocoa powder per capita consumption in 2022 were the United States (841 kg per million persons), Germany (787 kg per million persons) and the UK (724 kg per million persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Brazil (with a CAGR of +8.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cocoa Powder (Not Sweetened)

In 2022, approx. 2.9M tons of cocoa powder (not sweetened) were produced worldwide; standing approx. at 2021 figures. The total output volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 8.9% against the previous year. Global production peaked in 2022 and is likely to continue growth in the near future.

In value terms, cocoa powder production amounted to $7.9B in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 15%. Over the period under review, global production attained the peak level in 2022 and is expected to retain growth in years to come.

Production By Country

The countries with the highest volumes of production in 2022 were China (439K tons), the Netherlands (238K tons) and the United States (201K tons), together comprising 31% of global production. Brazil, Malaysia, Indonesia, Germany, India, Spain, Ghana, Nigeria, Bangladesh and France lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +11.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cocoa Powder (Not Sweetened)

In 2022, approx. 1M tons of cocoa powder (not sweetened) were imported worldwide; remaining relatively unchanged against the previous year. The total import volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 9.3%. Global imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, cocoa powder imports rose remarkably to $3.2B in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 20%. Global imports peaked at $3.3B in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, the United States (111K tons), followed by the Netherlands (72K tons), China (53K tons), Russia (52K tons) and India (51K tons) represented the key importers of cocoa powder (not sweetened), together committing 32% of total imports. France (40K tons), Italy (38K tons), Germany (37K tons), Turkey (36K tons), Indonesia (30K tons), the Philippines (29K tons), Canada (28K tons) and Belgium (27K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +19.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($382M), the Netherlands ($198M) and China ($166M) appeared to be the countries with the highest levels of imports in 2022, together comprising 23% of global imports. India, Russia, Germany, France, Italy, Turkey, Canada, Belgium, Indonesia and the Philippines lagged somewhat behind, together accounting for a further 34%.

In terms of the main importing countries, India, with a CAGR of +15.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average cocoa powder import price stood at $3,045 per ton in 2022, rising by 7.2% against the previous year. In general, the import price, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2016 when the average import price increased by 15%. Global import price peaked at $4,658 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the United States ($3,431 per ton) and Belgium ($3,352 per ton), while Russia ($2,381 per ton) and Turkey ($2,644 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (-2.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Cocoa Powder (Not Sweetened)

In 2022, after ten years of growth, there was decline in overseas shipments of cocoa powder (not sweetened), when their volume decreased by -1.2% to 1.1M tons. The total export volume increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 6.8% against the previous year. Over the period under review, the global exports reached the maximum at 1.1M tons in 2021, and then declined slightly in the following year.

In value terms, cocoa powder exports rose remarkably to $3.2B in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 19%. Over the period under review, the global exports hit record highs at $3.3B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, the Netherlands (296K tons), distantly followed by Malaysia (153K tons), Indonesia (112K tons), Germany (112K tons), Spain (74K tons) and Ghana (51K tons) represented the key exporters of cocoa powder (not sweetened), together constituting 73% of total exports. Singapore (45K tons), France (44K tons), the United States (31K tons), Cote d'Ivoire (24K tons), Brazil (23K tons) and Turkey (22K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +12.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($901M) remains the largest cocoa powder supplier worldwide, comprising 28% of global exports. The second position in the ranking was held by Malaysia ($394M), with a 12% share of global exports. It was followed by Germany, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands amounted to -1.5%. In the other countries, the average annual rates were as follows: Malaysia (-1.4% per year) and Germany (+0.8% per year).

Export Prices By Country

The average cocoa powder export price stood at $2,911 per ton in 2022, picking up by 7.2% against the previous year. Overall, the export price, however, recorded a perceptible downturn. The pace of growth was the most pronounced in 2021 when the average export price increased by 14% against the previous year. The global export price peaked at $4,477 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($3,719 per ton), while Ghana ($2,320 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.9%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform