Provided is a cacao extract with better flavor and in which off-flavor is suppressed, and a method for manufacturing such a cacao extract. The cacao water extract of the present invention contains polyphenol. In this cacao water extract, the ratio of the total mass of dimer to tetramer proanthocyanidin compounds is 40% or greater with respect to the total mass of proanthocyanidin compounds ranging from monomers to octamers. Also, in this method for manufacturing cacao extract, an active ingredient such as polyphenol is extracted from a cacao raw material such as cacao powder using water adjusted to a temperature in the range of 50°C to 90°C and to a pH in the range of 2.0 to 5.0.
