Portland, OR — Worldwide sales for cocoa products are anticipated to reach $30.2 billion in 2026, representing a 3.1 percent compound annual growth rate (CAGR), according to Allied Market Research, which reports the sector generated $24.5 billion in sales during 2019.
Innovations in confectionery products, formulation and processing coupled with expansion of retail and economic growth in emerging markets is anticipated to drive the market.
Confectionery contributed the most revenue to the sector in 2018, accounting for more than two-fifths of the total market and that trend is expected to continue through the forecast period, according to the research company.
While chocolate and candy will continue to play a vital role in the sector, Allied reports cosmetics will see the highest growth rate through 2026, with a CAGR of 4.7 percent. Changing lifestyle preferences, growing demand for skin care products and consumers’ interest in natural and organic beauty products will propel cosmetics’ gains.