Hot Cocoa Mix Market

Hot Cocoa Mix Market Outlook (2023 to 2033)

Newly-released hot cocoa mix market analysis report by Fact.MR reveals that global sales in the Hot Cocoa Mix Market in 2022 were held at US$ 901 million. With 7.4% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 2 billion by the end of the forecast period.

Multi-Flavored hot cocoa is expected to be the significant revenue-generating type of the hot cocoa mix, projected to grow at a CAGR of over 7.2% from 2023 to 2033.

Attributes	Details
Global Hot Cocoa Mix Market Size (2022)	US$ 901 million
Global Hot Cocoa Mix Market Size (2033)	US$ 2 billion
Global Hot Cocoa Mix Market CAGR (2023 to 2033)	7.4%
U.S. Hot Cocoa Mix Market CAGR (2023 to 2033)	7.1%
Key Companies Covered	Hershey's Nestle Starbucks Lindt & Sprüngli AG Godiva Venchi Ghirardelli Chocolate Company Conagra Brands Williams-Sonoma Inc. Castle Kitchen

Revenue of Hot Cocoa Mix Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per the research of the hot cocoa mix market by Fact.MR - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 6.2% CAGR. With an absolute dollar opportunity of US$ 996 million, the market is projected to reach a valuation of US$ 2 billion by 2033.

What are the Key Drivers Influencing the Market Expansion?

Hot cocoa mix is a powdered mixture of cocoa powder, sugar, and sometimes other ingredients such as milk powder that is designed to be mixed with hot water or milk to create a hot chocolate beverage. Hot cocoa mix is a convenient and easy way to make hot chocolate as it eliminates the need to measure and mix individual ingredients. The mixture can be stored in a container and used as needed. Hot cocoa mix is a popular beverage during the winter months and is often enjoyed as a comforting and indulgent treat.

In 2020, the global cocoa consumption amounted to around 4.3 million metric tons and the per capita consumption of cocoa was over 0.56 kilograms in the same year. Cocoa consumption includes various products such as chocolate bars, cocoa powders, and other cocoa-based products. Cocoa is known to have health benefits such as reducing the risk of heart disease, improving cognitive function, and boosting mood. As consumers become more health-conscious, demand for cocoa as a natural ingredient in food and beverage products is growing. This is expected to influence the market growth in the upcoming years.

Increasing applications of cocoa in various industries such as pharmaceutical, confectionary, and food and beverages due to its several benefits is a prominent factor which helps for the growth of global cocoa industry. The demand of Cargill’s cocoa and chocolate products has been increased in the last few years. For instance, The Yopougon, Côte d'Ivoire, cocoa processing facilities of Cargill have undergone a US$ 100 million expansion, significantly increasing the company's capacity for cocoa processing. The Yopougon facility is currently Africa's biggest cocoa grinding factory as a result of this investment.

In 2020, the global hot beverages market was valued at around US$ 205 billion and is expected to grow at a CAGR of over 6.3% during the forecast period. Consumers are increasingly looking for healthier beverage as an option, which has led to the development of hot cocoa mixes that are low in calories, fat, and sugar. The market is driven by factors such as increasing consumer demand for healthy and natural beverages, rising disposable income, and growing popularity of premium and specialty beverages.

Region-Wise Analysis :

Which Region is projected to Offer Significant Market Growth?

North America is a prominent shareholder in the market with a market size of US$ 370 million in 2022 and is estimated to reach US$ 396 million in 2023. It is projected that the region will have a market worth US$ 805 million by 2033.

In 2020, the total production of chocolate and chocolate confectionery products in Canada was over 191,431 metric tons. And the total value of chocolate and cocoa products exported from Canada was over US$ 1.02 billion in 2020. The popularity of chocolate and chocolate confectionery products has led to an increase in innovation in the market. Manufacturers are introducing new and innovative flavours, such as dark chocolate, white chocolate, and mint chocolate, to cater to different consumer preferences. The increase in demand of chocolate and confectionery products helps towards the market growth.

Country-Wise Analysis :

United States Hot Cocoa Mix Market Analysis :

The market in the United States is expected to grow to be worth US$ 694.4 million by 2033, with an absolute dollar growth of US$ 346.1 million from 2023 to 2033. The market in the country has grown at a CAGR of 6% from 2018 to 2022 and is expected to grow at a CAGR of 7.1% from the year 2023 to 2033.

According to the National Confectioners Association, in 2019, the per capita consumption of hot cocoa mix was around 1.12 pounds per person in the United States. The United States is the largest market for hot cocoa mix globally, and the demand for organic and low-sugar options is expected to drive the market growth in the future.

United Kingdom Hot Cocoa Mix Market Analysis :

In United Kingdom, the market is expected to grow to be worth US$ 82.5 million with an absolute dollar growth of US$ 38.3 million till 2033. The market in Japan has grown at a CAGR of 5.1% from 2018 to 2022 and is expected to grow at a CAGR of 6.4% from the year 2023 to 2033.

Hot chocolate is a popular comfort drink in the UK, particularly during the winter months. According to a survey, 66% of UK consumers drink hot chocolate or cocoa at least once a month, and 27% drink it once a week. Around 50% of the UK consumers are interested in hot chocolate or cocoa drinks with less sugar. The growing popularity of hot chocolate as a comfort drink and the growing awareness of the health benefits have been driving the market growth in the United Kingdom.

China Hot Cocoa Mix Market Analysis :

In China, the market is expected to grow to be worth US$ 140.6 million with an absolute dollar growth of US$ 67.5 million till 2033. The market in China has grown at a CAGR of 5.6% from 2018 to 2022 and is expected to grow at a CAGR of 6.8% from 2023 to 2033.

In 2020, the total sales of chocolate confectionery in China was valued at over US$ 5.1 billion and is expected to reach US$ 7.1 billion by 2025 and expected to grow at a CAGR of 4%, during the forecast period. The popularity of chocolate is increasing in China, driven by the growing middle class with disposable income to spend on premium products. This is expected to influence market growth in the future.

Japan Hot Cocoa Mix Market Analysis :

The market in Japan is expected to grow to be worth US$ 15 million by 2033, with an absolute dollar growth of US$ 8 million. The market in the country has grown at a CAGR of 4.7% from 2018 to 2022 and is expected to grow at a CAGR of 5.9% from 2023 to 2033.

In 2020, the total sales value of cocoa powder in Japan was over US$ 28 million and it was increased up from the previous year at above US$ 23 million in 2018. A growing demand for cocoa powder in the Japanese market, which could be used for a variety of purposes including baking, cooking, and making hot cocoa mixes. This is expected to influence the market growth in the future.

India Hot Cocoa Mix Market Analysis :

The market in India is expected to grow to be worth US$ 70.3 million by 2033, with an absolute dollar growth of US$ 29.3 million. The market in India has grown at a CAGR of 4.1% from 2018 to 2022 and is expected to grow at a CAGR of 5.5% from 2023 to 2033.

With over 11 thousand metric tons, Andhra Pradesh had a significant volume of cocoa production in 2022. Kerala contributed with 35% to the cocoa production share that year which amounted to over ten thousand metric tons. Consumers are becoming more health-conscious and are seeking out products that are made from high-quality, natural ingredients. This is driving the demand for premium and organic hot cocoa mix products in India.

Category-Wise Insights

Which Type of Hot Cocoa Mix is projected to Witness Significant Growth in the Market?

Demand for multi-flavored Hot Cocoa is projected to witness significant growth with a CAGR of 6% from 2018 to 2022 and 7.2% from 2023 to 2033.

Multi-flavored hot cocoa mixes contains various flavorings and ingredients which add different taste profiles to the traditional hot cocoa beverage. These mixes often come in powder form and can be made by mixing the powder with hot water or milk. Multi-flavored hot cocoa mixes may offer a variety of options to consumers, which could lead to increased demand and market growth.

Competitive Analysis :

Key players in the market are Hershey's, Nestle, Starbucks, Lindt & Sprüngli AG, Godiva, Venchi, Ghirardelli Chocolate Company, Conagra Brands, Williams-Sonoma Inc., and Castle Kitchen.

A few of the recent developments in the market are :

• In July 2021, Nestle launched a new hot cocoa mix called "Abuelita Chocolate," which is inspired by traditional Mexican hot chocolate. The product is made with high-quality cocoa and features a rich and creamy taste.
• In June 2021, Swiss Miss announced the launch of a new hot cocoa mix product called "Unicorn Marshmallows." The product features colorful marshmallows shaped like unicorns and is designed to appeal to younger consumers.

Segmentation of the Hot Cocoa Mix Market :

• By Type :

  • Multi-Flavored Hot Cocoa
  • Plain Hot Cocoa

• By Distribution Channel :

  • Online Retail
  • Hypermarket/Supermarket
  • Chocolate Shop
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa