Hot Cocoa Mix Market Share to Reach US$ 2 Billion by 2033

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In 2022, North America held a significant stake in the hot cocoa mix market, boasting a market size of USD 370 million. Projections for 2023 indicate an estimated increase to USD 396 million. Looking ahead, the region is poised to witness substantial growth, with a market value expected to reach USD 805 million by 2033.

According to a recent report by Fact.MR, the revenues of the Hot Cocoa Mix Market reached an estimated USD 901 million in 2022. The market is anticipated to experience a robust Compound Annual Growth Rate (CAGR) of 7.4% from 2023 to 2033, with a projected valuation of USD 2 billion by the conclusion of 2033. Among the various types of hot cocoa mix, multi-flavored options reign supreme, with an expected CAGR of 7.2% from 2023 to 2033.

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In 2020, the worldwide production of cocoa mixes reached approximately 1.54 million metric tons, marking an increase from the preceding year when it stood at about 1.48 million metric tons in 2018. The surge in demand for hot cocoa mixes is a direct response to consumers’ growing desire for convenience and indulgence in their beverage choices. Furthermore, the increasing appeal of hot cocoa as a comforting winter drink is a driving force behind the expansion of the hot cocoa mix market.

The quest for a convenient and delightful means of enjoying a hot beverage has led to a steady rise in the demand for hot cocoa mix. As a case in point, in 2020, global sales of hot chocolate were valued at approximately USD 21.3 billion, with projections indicating an anticipated surge to USD 27.5 billion by 2026. This impressive growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period.

Several factors contribute to this growth, including the escalating popularity of chocolate-based beverages, a heightened demand for convenient food products, and the increasing recognition of the health advantages associated with cocoa. Hot cocoa mix, which is a powdered blend of cocoa powder, sugar, and milk, intended for creating a delightful hot chocolate beverage, is set to play a pivotal role in driving the expansion of the hot cocoa mix market in the years to come.

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 Hot Cocoa Mix Market are:

  • In May 2021, Starbucks launched a new line of at-home products, including hot cocoa mix, which is made with ethically sourced cocoa and features a rich and velvety texture.
  • In March 2021, Cadbury launched a new hot chocolate product in the UK called “Cadbury 30% Less Sugar Hot Chocolate.” The product features 30% less sugar than Cadbury’s regular hot chocolate and is designed to appeal to health-conscious consumers.

In the United Kingdom, the market is anticipated to reach a value of US$ 82.5 million, exhibiting an absolute dollar growth of US$ 38.3 million by 2033. Meanwhile, Japan’s market demonstrated a 5.1% CAGR from 2018 to 2022 and is projected to accelerate to a 6.4% CAGR from 2023 to 2033.

Hot chocolate holds significant popularity as a comforting beverage in the UK, especially during the colder seasons. A survey revealed that 66% of UK consumers enjoy hot chocolate or cocoa at least once a month, and 27% indulge in it on a weekly basis. Approximately 50% of consumers in the UK show interest in hot chocolate or cocoa beverages with reduced sugar content. This growing demand for hot chocolate as a comforting drink, coupled with increased awareness of its health benefits, is propelling market growth in the United Kingdom.

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

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