Chocolate demand hits the sweet spot
Saturday 19 April 2014
Global demand for chocolate is pushing the price of cocoa beans to a three-year high as West African farmers struggle to keep up with demand.
The growing taste for chocolate has meant growers in locations such as Ivory Coast, which supplies about 40 per cent of the world’s output, have been struggling to satisfy orders and prices have been rising.
Euromonitor predicts global chocolate confectionery sales volumes will reach record highs this year, growing by 2.1 per cent. The report also said the cost of beans reached a 30-month high in March.
According to Bloomberg, cocoa could reach $3,210 (£1,911) a tonne in futures trading in New York by the end of December – the highest price since July 2011.
Meanwhile, in the UK, research by website research group Webloyalty and analyst Conlumino revealed Lindt and Thorntons are the UK’s favourite Easter egg brands, as supermarket own-label products lose favour.
Nearly 60 per cent of consumers planned to buy branded eggs, they said.
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