Rockville, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The revenues of the Hot Cocoa Mix Market were estimated at US$ 901 million in 2022 and are anticipated to grow at a CAGR of 7.4% from 2023 to 2033, according to a recently published Fact.MR report. By the end of 2033, the market is expected to reach a valuation of US$ 2 billion. Multi-flavored hot cocoa is the top type which dominates the market with a projected CAGR of 7.2% from 2023 to 2033.
The key drivers influencing hot cocoa mix market expansion include increasing applications of cocoa across industries such as pharmaceutical, confectionary and food and beverages, increasing popularity of chocolate based beverages, the rising demand for convenience food product, and rise in the e-commerce industry.
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Key Segments of Hot Cocoa Mix Industry Research Report
|By Type||By Region||By Distribution Channel|
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In 2020, the global production of cocoa mixes was around 1.54 million metric tons and it was increased up from the previous year at around 1.48 million metric tons in 2018. There is a growing demand for hot cocoa mixes, as consumers are increasingly seeking convenience and indulgence in their beverages. Moreover, the rising popularity of hot cocoa as a comfort drink during the winter months is also driving the growth of hot cocoa mix market.
The demand for hot cocoa mix has been increasing steadily, as consumers look for convenient and tasty ways to enjoy a hot beverage. For instance, in 2020, the global hot chocolate sales was valued at around US$ 21.3 billion and is projected to reach US$ 27.5 billion by 2026, growing at a CAGR of 4.3% during the forecast period.
This growth is attributed to several factors, including the increasing popularity of chocolate-based beverages, the rising demand for convenience food products, and the growing awareness of the health benefits of cocoa. Hot cocoa mix is a powdered mixture of cocoa powder, sugar and milk for the formation of hot chocolate beverage. This influences the growth of hot cocoa mix market in upcoming years.
|Forecast Period||2023 – 2033|
|Value Projection (2033)||US$ 2 Billion|
|Growth Rate (2023-2033)||7.4% CAGR|
|No. of Pages||170 pages|
|No. of Tables||36 Tables|
|No. of Figures||108 Figures|
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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.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Hot Cocoa Mix Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Hot Cocoa Mix Market by Type (Multi-Flavored Hot Cocoa, Plain Hot Cocoa), by Distribution Channels (Online Retail, Hypermarket/Supermarket, Chocolate Shop, and Others), by Region (North America, Latin America, Europe, Asia- Pacific, Middle East and Africa) - 2023 to 2033.
Checkout More Related Studies Published by Fact.MR Research:
Cocoa Extract Market: The global cocoa extract market size is estimated at US$ 7.91 billion in 2022 and is expected to reach a US$ 11.24 billion by 2032, increasing at a CAGR of 3.5% between 2022 and 2032.
Cocoa Liquor Market: The global cocoa liquor market is set to surpass a valuation of US$ 6.2 Bn by the end of 2022. The market size is expected to grow at a CAGR of 2.9% during the period of assessment.
Cocoa Market: The value of the global cocoa market is US$ 48.3 billion in 2022, which is projected to reach US$ 79 billion by 2032-end, increasing at a CAGR of 5% between 2022 and 2032.
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