THE COCOA EXPORT SERIES – 1.
This is a market intelligence series on trends in the cocoa market, particularly on the demand side. It provides insight into the buyers and drivers of demand. This issue 1 sheds light on the biggest market for one of Nigeria’s major commodity exports.
STRONG DEMAND FOR COCOA BEANS
Europe has the world’s highest demand for cocoa beans, compared to North America and Asia. The continent is, unsurprisingly, the world’s largest chocolate market valued at £46 billion as of 2020. The demand for cocoa in Europe is growing and remains strong, as data from the European Cocoa Association (ECA), shows a 6.3% growth, (year on year) in cocoa grinding from 344,151 Tonnes in 2020/2021 to 365,826 tonnes in the first quarter of the 2021/2022 cocoa year. This year-on-year growth is far higher than values obtained from other regions during the same period. Cocoa grinding is a strong indicator of cocoa demand.