Chocolate is a favorite indulgence the world-over, but the treat’s journey from raw cocoa bean to refined confectionery is a tumultuous one.
To shed some light on the subject, Technavio analysts have taken a look at the growing Global Chocolate Market—set to top US$139 billion by 2019, growing at a CAGR of 5.02 percent—and put together a breakdown of chocolate, throughout its production process.
Who’s Making It?
Ivory Coast
The Ivory Coast may be the highest producer of cocoa in the world, but the industry in the country is fraught with human rights violations. Child labor in is rampant, and cocoa cultivation in the Ivory Coast has been in consistent violations of international labor law.
Ghana
Ghana, the second largest global cocoa producer, stands in stark contrast to the Ivory Coast. The country produces high-quality cocoa for international chocolate vendors, has some of the best governance policies, and is ranked high in the human development index (HDI). Ghana was the first country to initiate policies to curb child labor in cocoa production, and the country also makes efforts to empower women engaged in cocoa cultivation.
Indonesia
Indonesia is a newly industrialized country that has witnessed high growth in the past few years. Modern farming techniques and scientific research are responsible for the high growth of cocoa in the country.
Nigeria
Nigeria, while being one of the top cocoa producers, faces production issues like pests, lack of equipment, and bad weather.
Cameroon
Cameroon has high levels of corruption and a low HDI ranking, which is leading to the decline of the quality and quantity of cocoa produced in the country. Many farmers in Cameroon lack access to insecticides and pesticides and as a result, their produce is destroyed by diseases and insects. Because of the low yield and productivity, the younger generation is not getting involved in the production of cocoa, which is leading to declines in Cameroon’s cocoa industry.
Who’s Selling It?
Who’s Buying It? The Top Five Chocolate Consuming Nations
On the opposite end of the spectrum from the conditions that cocoa is grown and harvested in, there’s the countries that it’s consumed in. The leading countries in the Global Chocolate market in 2014 are:
US
The US is by far the largest consumer of chocolate in the world. Since the recession, Americans have been looking for value for money when buying chocolate, and are increasingly looking for new varieties of the treat (including some odd choices like wasabi, olive oil and even bacon flavored chocolate).
Russia
The Chocolate Market in Russia has huge potential for growth during the forecast period. High-calorie chocolate and dark chocolate have become very popular among Russian troops, mountain climbers, and trekkers.
Germany
Increased employment rates spurred by economic recovery in Germany have upped the income levels of consumers considerably, and have improved chocolate sales in the country. Interestingly, the recession led German customers to compromise on the quantity rather than the quality of their chocolate—exactly the opposite of their American counterparts.Find more relevant German chocolate companies on BizVibe.
Brazil
Brazil’s economy is booming, and favorable factors like increased income levels and the high population are the driving the chocolate market in the country.
UK
The per capita consumption of chocolate in the UK is high, with seasonal varieties in high demand. Additionally, health claims regarding the benefits of dark chocolate are increasing the consumption of coco-rich snacks among health-conscious Brits.
