AN OVERVIEW AND ANALYSIS OF WORLD COCOA PRODUCTION AND CONSUMPTION

Abstract

The present author pays close attention to the production of an important agricultural crop – cocoa. Cocoa is an essential raw material for many industries. Also, researchers regularly discover new beneficial properties of cocoa and thereby expand the scope of its application.

Over the past 60 years, the consumption of cocoa beans in the world has increased more than fivefold. Modern cocoa production is concentrated in Africa, America, Asia and Oceania. The world's largest manufacturers, which accounted for almost 60% of the market in 2019, are three West African countries: Ghana, Cote d'Ivoire and Nigeria. That year the total volume of the market for cocoa and derived products amounted to $50.9 billion. The largest importers of cocoa beans were the United Kingdom, USA, Netherlands, and France.

Before the start of the COVID-19 pandemic, it was assumed that between 2020 and 2024 the market would grow by an average of 5% annually. However, COVID-19 has disrupted the production chain. The demand for cocoa products in Europe and America, its main consumers, has also changed, but today experts are already making optimistic forecasts.

However, experts' opinions on the prospects for the development of the industry in the main cocoa-producing countries differ. Some note the existence of many problems, while others believe that the situation will be improved by the introduction of new technologies.