Contemporary global production and consumption of cocoa: an assessment
Nina G. Gavrilova
Abstract
Abstract The paper is dedicated to an analysis of the production of cocoa, which is a critical component for many sectors of the economy. Scientists on a regular basis identify new valuable properties of cocoa, and the scope of its application expands accordingly. Since the 1960s, the global production of cocoa beans has grown fivefold. The key areas of production of the crop include Africa, America, Asia and Oceania. The three countries that in 2019 accounted for almost 60% of the production were Ghana, Cote d’Ivoire and Nigeria. In 2019, the volume of the world market for cocoa and its derivatives exceeded $50 billion. Most of the produce is imported by the USA, UK, Netherlands and France. Prior to the beginning of COVID-19, it was forecasted that in 2020-2024 the market for cocoa and its derivatives would grow by an average of 5% per annum. The pandemic has dampened such expectations as productions chains have been disrupted. In Europe and America, the demand has fallen, but recent forecasts are more optimistic. Nonetheless, specialists disagree on the prospects of the industry. While some note great challenges that the industry faces, others count on the introduction of new technologies to kick-start the sector.