What's happening with the cocoa bean?
The cocoa plant, scientifically known as Theobroma cacao, is a tropical tree that produces cocoa beans which are processed to make cocoa powder and cocoa butter. It grows in tropical zones around the Equator, where climate conditions are well suited. The Ivory Coast and Ghana are by far the largest producers of cocoa, accounting for more than 50% of the world’s cocoa.
However, cocoa price fluctuates. Like other agricultural products traded on future exchanges, cocoa pricing is volatile due to factors such as:
However, cocoa price fluctuates. Like other agricultural products traded on future exchanges, cocoa pricing is volatile due to factors such as:
- Uncertainties in production volume
- Rising demand
- Increased cost in supply chain
As per the International Cocoa Organization, global cocoa supply is forecasted to decrease by almost 11% to 4.449 million tons for the 2023/24 cocoa year, compared to the 2022/23 season.
The above elements have led to record high global cocoa prices, with April 2024 prices approximately 3 times higher than those of last year.
Azelis offers solutions to reduce the cocoa content in your product
Due to the rising prices, consumers are shifting away from chocolate to alternatives, prompting companies to carefully manage demand elasticity to offset cocoa cost increases.
The Azelis team & partner MANE are here to assist you in lowering cocoa content in cocoa flavored products such as
Chocolate spreads
Chocolate confectionery
Cakes
Sweet biscuits
Pastries
Dessert pies and tarts
RTE cereals
Filled biscuits
Dessert mixes
Countlines
Wafers
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