As of 2021, the price of cocoa in Ghana was projected at *** U.S. dollars per kilogram. This price was forecast to reach *** U.S. dollars per kilogram between 2022 and 2024. However, in 2025, it is expected that *** U.S. dollars would be paid for every kilogram of cocoa purchased from Ghana. The country is a leading producer of cocoa worldwide.

Cocoa fell to 8,211.11 USD/T on August 1, 2025, down 3.47% from the previous day. Over the past month, Cocoa's price has fallen 0.17%, but it is still 9.00% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cocoa - values, historical data, forecasts and news - updated on August of 2025.

For the period between October and December 2023, the price of marketed cocoa in Côte d'Ivoire was measured at ***** West African CFA francs (XOF) per kilogram. This corresponded to roughly *** U.S. dollars per kilogram. The market prices of the farm product are set to increase in the first quarter of 2024, and then follow a gradual quarterly decreasing trend.

In 2024, the Ghanian cocoa bean market increased by 35% to $829M, rising for the second consecutive year after two years of decline. In general, consumption, however, saw a mild contraction. As a result, consumption attained the peak level of $2B. From 2021 to 2024, the growth of the market remained at a lower figure.

The Ghanian market for chocolate and other food preparations containing cocoa stood at $92M in 2024, picking up by 2.6% against the previous year. The market value increased at an average annual rate of +3.4% from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Consumption of peaked in 2024 and is likely to see steady growth in years to come.

In 2024, the Ghanian cocoa butter market increased by 123% to $56M, rising for the second consecutive year after two years of decline. In general, consumption, however, showed a drastic downturn. Over the period under review, the market reached the maximum level at $412M in 2020; however, from 2021 to 2024, consumption remained at a lower figure.

The Ghanian cocoa powder market contracted modestly to $34M in 2024, which is down by -4.2% against the previous year. The market value increased at an average annual rate of +2.2% from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Cocoa powder consumption peaked at $35M in 2023, and then fell in the following year.

According to Cognitive Market Research, the global Milk Chocolate Market size will be USD 64844.8 million in 2025. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 23992.58 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.8% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue, with a market size of USD 18804.99 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 15562.75 million in 2025 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2025 to 2033.
South America has a market share of more than 3.8% of the global revenue, with a market size of USD 2464.10 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2025 to 2033.
Middle East had a market share of around 4% of the global revenue and was estimated at a market size of USD 2593.79 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2025 to 2033.
Africa had a market share of around 2.2% of the global revenue and was estimated at a market size of USD 1426.59 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2025 to 2033.
Online Retail is the fastest growing segment of the Milk Chocolate Market industry

Market Dynamics of Milk Chocolate Market

Key Drivers for Milk Chocolate Market

The Impact of Changing Cocoa Prices on Market Trends and Industry Strategies in Milk Chocolate

A key driver affecting the milk chocolate market is the fluctuation in cocoa prices, which directly influences production costs and pricing strategies. According to the World Bank, cocoa prices surged by approximately 30% in late 2024 due to adverse weather conditions in major cocoa-producing countries like Côte d'Ivoire and Ghana, which supply nearly 60% of the world's Cocoa (World Bank Report). These price shifts impact manufacturers by increasing raw material expenses, potentially raising retail prices and driving innovation toward alternative sourcing and efficiency improvements, thereby shaping market growth and competitive dynamics. In January 2025, Cocoa and coffee prices surged by nearly 30% in early 2025 due to adverse weather conditions in major producing countries like Côte d’Ivoire and Ghana. This price rebound raises concerns over supply stability and impacts global markets. Manufacturers face higher raw material costs amid ongoing demand?.

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Rising Demand for Premium and Artisanal Milk Chocolate Products

Today's consumers are showing a growing preference for unique flavours, superior ingredients, and artisanal craftsmanship, encouraging brands to move beyond traditional mass-produced milk chocolate. This trend is particularly prominent among millennials and Gen Z, who prioritise authenticity, the story behind the product, and ethical sourcing practices. The shift toward premium products enables manufacturers to charge higher prices while building stronger customer loyalty. Consequently, the market has witnessed a rise in single-origin, small-batch, and bean-to-bar milk chocolate offerings, contributing to both the expansion and diversification of the overall milk chocolate market.

Restraint Factor for the Milk Chocolate Market

Limited Range and Line-of-sight Connectivity Issues, Will Limit Market Growth

Increasing consumer awareness about the negative health effects of high sugar and fat intake poses a major challenge to the milk chocolate market. As obesity rates and lifestyle-related diseases rise globally, many consumers are actively reducing their intake of sugary and high-calorie products, including traditional milk chocolate. This shift towards healthier eating habits has led to increased demand for sugar-free, low-calorie, or alternative sweetener options, which can be challenging for manufacturers to develop without compromising taste. Consequently, these health concerns limit the growth potential of conventional milk chocolate products in certain markets. Introduction of the Milk Chocolate Market

Milk chocolate is a type of chocolate that contains cocoa solids, milk powder or condensed milk, sugar, and cocoa butter, offering a creamy and sweet flavour profile. The global milk chocolat...

Exports of chocolate and other food preparations containing cocoa from Ghana soared to 230 tons in 2023, increasing by 190% on 2022.

In 2024, the Ghanian chocolate market increased by 3.3% to $513M, rising for the second year in a row after four years of decline. The market value increased at an average annual rate of +2.5% from 2012 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Over the period under review, the market attained the peak level at $557M in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.

For the third consecutive year, Ghana recorded growth in overseas shipments of cocoa powder (containing added sugar), which increased by 10% to 7.9K tons in 2023.

The Ghanian cocoa powder with sugar market rose sharply to $28M in 2024, surging by 12% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2024; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.