The Latin America Cocoa and Chocolate Market was worth $18.04 billion in 2022 and estimated to be growing at a CAGR of 2.19%, to reach $20.1 billion by 2028. The market is growing steadily in the mentioned period. Cocoa content in the chocolate defines the category of the chocolate. Milk chocolate has the highest share of about 50% of all the chocolate consumption but they contain approximately 10% cocoa, content-wise. While, chocolate is considered as “dark chocolate” if it has above 60% cocoa in it.
The cocoa and chocolate market has been growing at a steady pace. Strong demand is driving the cocoa and chocolate market in the Latin America. Cocoa provides flavour, colour and texture to products. Additionally, it has anti-inflammatory, anti-oxidative and anti-depressant properties. The market for these ingredients is growing especially in the developing economies like China and India. Dark chocolate contains even higher amounts of antioxidants, which are perceived to prevent certain types of diseases like Cardiac arrest. Health benefits like these, believed by certain people and doctors, have been the main reason behind growth for products with high quantities of cocoa.
Fast and steady growth in demand is not evenly matched against an unpredictable and unstable supply. But chocolate consumers are not generally price sensitive. Except in some very rare circumstances consumers are, in general, ready to purchase cocoa product at any given price. The growing demand for chocolate and cocoa in industries is the major driver of the market. The health-related benefits of chocolate and cocoa in cosmetics and pharmaceuticals has enough evidence needed to back manufacturers in order to consider using such ingredients.
The Latin America market for Chocolate and Cocoa is characterized on the basis of Chocolate Type (Dark Chocolate, White Chocolate, Milk Chocolate and Filled Chocolate), by Cocoa type (Cocoa Liquor, Cocoa Powder and Cocoa Butter). Based on Application, the market is segmented into Food and Beverage, Pharmaceuticals, Cosmetics, and Confectionery. The milk and white chocolate segment is estimated to grow at the highest rate.
Geographically the Latin America Cocoa And Chocolate Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. Brazil has the fastest growth rate, and Mexico has the largest market share in Latin America. The cocoa liquor segment leads the cocoa market in 2018. Consumer awareness about health benefits of cocoa has led to some of the important innovations in the Latin America cocoa and chocolate industry.
Key Players in the Market:
Major Key Players in the Latin America Cocoa And Chocolate Market are
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