Biggest cocoa growers seek larger slice of chocolate profits
ESM.com - Sep 21st 2017, 16:00
The world’s biggest cocoa-growing nations in West Africa are targeting a larger slice of chocolate-making profits as most of the benefits of producing beans accrue outside their economies, Ghanaian President Nana Akufo-Addo said
Farmers in Ivory Coast and Ghana, the two countries which account for more than 60 percent of global cocoa output, earned the equivalent of 5.5 percent of a value chain that was worth more than $100 billion in 2015, Akufo-Addo told Bloomberg Television’s Francine Lacqua in an interview at the Global Business Forum in New York. The nations’ governments are in regular talks about joint efforts to market cocoa better and develop new markets for the beans, he said.
“We have to make the chocolates ourselves,” Akufo-Addo said on Wednesday. “So far, either out of negligence on our part or difficulties in mobilizing the finance and the technology, we’ve not been able to do it. We need to find a way to connect the raw material to the finished product.”
Cocoa-producing nations are looking for new ways to extract value from growing beans to counter prices that have fallen more than 40 percent since 2015, hurting their economies. Most beans are exported unprocessed to chocolatiers such as Nestle SA and Barry Callebaut AG.
Ivory Coast aims to process as much as 50 percent of the cocoa it grows annually by 2020 from about 35 present at the moment. Last year, the nation introduced tax breaks for local cocoa grinders that plan to expand their processing capacity.
The countries “have to make sure that we are competitive and that our enterprises can make the higher-end products that the world economy requires,” Akufo-Addo said. “That is where the value is.”Content ©2017 European Supermarket Magazine
What Nestlé’s attempt to trademark the shape of a KitKat teaches us about design
05/11/2018 - 09:12
For many people there is something irresistible about chocolate. But in the hungry rush to make it part of our bodies there is a missed opportunity to meditate on the different gestural experiences chocolate affords.
Russia's love affair with chocolate lifts global demand for cocoa
05/10/2018 - 15:43
Swiss chocolate maker Barry Callebaut says Russia has long been the number two chocolate market after the US, and demand started to pick up in 2017 after the rouble stabilised.
SA chocolate wins international award
26/09/2018 - 12:07
South Africa’s very own 100% African chocolate, Afrikoa, recently won at the International Great Taste Awards 2018.
Mondelēz International releases updated pack sizes of Toblerone
27/08/2018 - 09:38
Mondelēz International has unveiled new pack sizes of Toblerone in the UK as it celebrates 110 years of the Swiss chocolate brand.
Heineken shares fall most in three years, as Brazil eats into margins
31/07/2018 - 15:14
Heineken’s attempt to challenge Anheuser-Busch InBev in Brazil is squeezing the Dutch brewer’s profit margin.