Cocoa and chocolate market to hit $28.24b by 2030

Growth is fuelled by a surge in premium and functional products.

The global cocoa and chocolate market is expected to grow from $23.69b in 2025 to $28.24b by 2030, according to MarketsandMarkets™. This marks a CAGR of 3.6% over the forecast period.

Demand is rising for products that combine indulgence with health benefits. Growth is fuelled by higher disposable incomes, a surge in premium and functional products, and expanding access through both offline and online retail channels.

Cocoa powder holds the largest share of the market. It's widely used across bakery, confectionery, dairy, beverages, and health products due to its low cost, long shelf life, and functional benefits. Demand is growing for low-fat, high-flavor cocoa in protein drinks and sports nutrition.

In February 2024, Barry Callebaut launched defatted cocoa powders under its Bensdorp brand to target this demand. Food brands are also integrating cocoa powder into plant-based and clean-label products.

Despite e-commerce growth, offline retail—including supermarkets, hypermarkets, and specialty stores—remains the top distribution channel.

Shoppers prefer physical stores for immediate availability and product inspection, especially with premium or gift-oriented chocolates.

Promotions and in-store sampling drive impulse buys. In developed markets like the U.S., Germany, and Japan, organised retail supports strong offline sales despite rising online trends.

The Asia Pacific region is leading global growth, driven by rising incomes, urbanisation, and changing food preferences in countries like India, China, Indonesia, and Vietnam. Demand for premium, innovative chocolates is growing, especially amongst younger consumers.

Chocolates are becoming popular gifts for festivals and weddings, and retail infrastructure is expanding rapidly.

In June 2024, Hershey opened a new plant and R&D hub in Malaysia to serve regional markets. Demand is also rising for sugar-free, fortified, and clean-label chocolate.

Cocoa powder will remain a core product, and Asia Pacific is set to become a major growth hub. Companies investing in sustainability, innovation, and regional adaptation are likely to lead in this expanding global market