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Cocoa produced in Asia is dwindling. But on the other hand, the demand is growing. Good news for producing countries, who hope that this will eventually push up prices that are still too low.
The new markets of tomorrow are not to be found in Cameroon or Ghana, but in Asia. Because if sub-Saharan Africa weighs more than 60% of the world supply of beans, the consumption of chocolate products does not take off despite the stated ambitions of the producing countries.
Asia, on the other hand, has been more and more greedy for the past ten years. The continent is disappearing from the map of major producers, but is processing more and more beans for local consumption.
Asia has become number 2 in bean grinding, after Europe. With the biggest investors such as Cargill, Olam, Barry Callebaut or the Asians JB Cocoa and Guanchong Cocoa.
Grindings up in the last quarter
The latest figures from the Cocoa Association of Asia (CAA) prove it again, it is in Southeast Asia that grindings of beans in the third quarter of 2022 increased the most, i.e. almost 10% compared to the year. last, at the same time.
The volumes obviously do not compete with those of Europe, but the market is constantly increasing, points out Michel Arrion, executive director of the International Cocoa Organization. While Japan and Korea are two markets that have reached saturation, Indonesia, the Philippines, Thailand and India are consuming more and more cocoa. In the form of powder incorporated into cookies, chocolate bars and ice cream. An increase justified by the increase in the standard of living and the emergence of new eating habits.
Indian consumption booming
India is today the country that offers the greatest development opportunities in the sector, according to experts. Unlike China, where consumption has not increased significantly.
The hope of producing countries is that this growing Asian demand will eventually drive prices up. Especially since in the medium term, the consumption of chocolate bars, or of superior quality chocolate, which is currently limited, could also increase.