(3 Minutes Read)
One factor that has gone through the roof is prices, because of a combination of factors including insufficient availability of the main raw material, cocoa
The global chocolate industry is in a grind as the factories are overworking over time to meet the surging demand during the Easter season. That hectic scheduling is noticeable all across the value chain from the factory workers to the upend designers, who form the core of the marketing team of a chocolate factory. In this frantic effort to produce more, one factor that has gone through the roof is prices, because of a combination of factors including insufficient availability of the main raw material, cocoa.
A lion’s share of cocoa is produced in select African countries like Ivory Coast, Ghana, etc. Production, this year, has been affected by climatic conditions and insect attacks. High-intensity winds blowing across cocoa-producing belts mostly in the West African region had taken a toll on the production, compounded by insect attacks. The cocoa farmer is at the receiving end. The increase in prices did not compensate for the huge decline in production.
Global Chocolate Market size was valued at USD 42.29 billion in 2021 and is poised to grow from USD 46.61 billion in 2022 to USD 67.88 billion by 2030, growing at a CAGR of 4.98% in the forecast period (2023-2030)
The largest chocolate company in the world is Mars Wrigley Confectionery, with a net sales of USD 20.0 billion. As of 2023, the global chocolate industry has a market size of USD 62.4 billion. Over 7.5 million tons of chocolate will be sold around the world in 2022.
Switzerland holds the distinction of consuming the most chocolate per capita. The Swiss are renowned for their love of chocolate, a reputation well-supported by statistics showing their high consumption levels.
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Curiously, while the chocolate industry is thriving, its foremost backward linkage-coca farmers in the West African countries do not get adequate prices for their products, not even a fraction of the end product.
