Philippine . 2.3.2. The overall market exhibits a highly consolidated structure. favy | Your favorite Japanese food & restaurant,,, Unemployment issues for workers in this sector:  confectioneries and other manufactures of cocoa related products might have to lay off workers. COVID-19 Pandemic: Inclination towards Healthy Products to Decline Demand. Looking forward to work together on similar projects”, “We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The robust trend of healthy snacking is accompanied by growing demand for premiumised and indulgent offerings with chocolate flavor as most sought after one. New product developments in different sectors of the food industry are also facilitating the growth in the cocoa & chocolate market. As at the time of this report, Moody’s has reportedly downgraded Ghana’s rating as a result of negative news coming from the cocoa sector. 1.4. Remarkable job and great efforts by your research team. Figure 1, below, shows the drastic potential decrease in the viable cocoa-growing areas of Ghana and the Ivory Coast by 2050 due to climate change. Decreased standard of living:  The majority of the primary producers or farmers in Ghana’s cocoa production value chain are smallholders. Hence such a bad crop year from the world’s second largest cocoa exporter only serves to exacerbate this problem. 1.1. According to the U.S. Department of Agriculture, grocery store sales were up 99% in the middle of March and 25% higher on April 1st in 2020, as compared to last year. The rapid escalation in demand for a premium or specialty chocolates, especially in developed markets such as the U.S., France, Belgium, and Germany has been observed in recent years and an upward trend is expected in the coming years. Increasing Demand for Chocolate Substitutes & Equivalents to Impede Growth. The authors note that smart farmers will certainly try hard to adapt and modify where and how they grow cocoa and that there may be opportunities to avoid the worst damages if farmers shift to other crops, like cashews. 2.3.2. 1. Which region held the highest share in the market? The global market for cocoa and chocolate is primarily propelled by the increasing popularity of chocolate confectionery. If you are one of those people, think again! The market is showcasing progressive growth owing to the robust growth trajectory of the global chocolate confectionery industry. You will love the traditional matcha touch added to the Western confectionary. Third largest producer:  Ghana is the world’s third largest producer. The global cocoa and chocolate market size was valued at USD 44.35 billion in 2019 and is projected to reach USD 61.34 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. Ghana and Cote d'Ivoire want to improve price paid to farmers Ghana has reportedly accused some in the chocolate industry of a "ploy to derail" government attempts… Perhaps Japan doesn't have an image of a country that makes awesome chocolate, but Royce will surely change that perception if you have it. 11. competing with the Cocoa sector for the same low skilled workers, land for cocoa cultivation, etc. Fair-trade policies:  Fair-trade aims to change the way that conventional international trade works, building fairer trading relationships between consumers and companies in the developed world and commodity producers in developing countries. Poverty reduction:  Research has also shown that poverty reduction among cocoa farmers is clear, with surveys conducted in 1991, 1999 and 2005 indicating a reduction in poverty levels among cocoa producing households from 60.1 percent in the 90’s to 23.9 percent in 2005 against the national poverty rate which has fallen from 51.7 in 1991/92 to 28.5 percent in 2005/2006. Playing possum should NOT be our recourse to such an important national economic and social issue. Untimely/poor resource allocation:  This year, the funding distribution was delayed, leading to more farmers smuggling their cocoa to neighboring Ivory Coast, says one cocoa trader. Ghana estimates its 2014/15 cocoa season output will be not more than 700,000 tons, down from an initial target of more than 1 million tons that had already been revised down to 850,000 tons, senior government sources told Reuters. If chocolatiers cannot produce chocolates, they cannot meet sales orders. This represents a 22 per cent year on year contraction. The estimate for the Ghana crop – the world’s second largest was slashed by 114,000 tons, to 696,000 tons. "Market Intelligence that Adds Flavour to Your Success", Region : Global | Format: PDF | Report ID: FBI100075. Lotte Ghana Black Chocolate Extra Cacao Japan Snack Dagashi 4.7 out of 5 stars 8. Royce Chocolate: The Japanese Chocolate You Must Try. The confectionery has a creamy texture, and is a popular brand in both Korea and Japan. 2.3.1. Just in the last couple of weeks, many of the world’s leading confectionaries such as Lindt, Ferrero, Nestle and Hershey, etc. Negative spillover:  Upon critical evaluation of this whole cocoa harvest fiasco, it becomes obvious to the discerning analyst that this spillover was caused by externalities such as fluctuating commodity prices on the international commodity markets and poor local policy management with respect to the runaway public sector wage bill (Single Spine), and an ever increasing government expenditure bill stemming from many poorly planned projects. In developed countries such as Japan and Australia, the industry is currently being driven by the knowledge of perceived health benefits of cocoa such as its polyphenol content and its role in healthy aging.