The Ghana cocoa market growth will continue to bank on cocoa’s importance in reducing overall poverty in the country. The market suffered a considerable downfall in the recent past which has now been resolved with several public incentives and profitable initiatives by the government. One of the initiatives is the Cocoa Roads Improvement Project which has helped in gaining public trust in the production of cocoa. Under this project, money collected from the cocoa production in Ghana is used in building health infrastructure in the country. Additionally, cocoa farmers complained about the persisting poor financial conditions despite spending a large amount of time in cocoa production. This was further resolved by the Ghana Cocoa Board which invested approximately $3 million in providing scholarships to the relatives of Ghana farmers in the cocoa industry. Approximately 2500 people have benefitted annually with the help of this scholarship. With the help of these factors, the Ghana cocoa market share has observed considerable growth recently. According to the International Trade Center, Ghana exported cocoa and its preparations worth $3 billion in 2018.
The Ghana cocoa market share will grow with a CAGR of 4.8% during the forecast period 2019-2025. The Ghana cocoa market size further reached $550 million in 2018
Besides the initiatives that have been made by the Ghana government’s end, private companies have also made multiple investments in the growth of the Ghana cocoa market. This has financially helped the rural communities in Ghana and motivated them to continue growing cocoa. In 2008, Cadbury, one of the world’s most well-known and profitable confectionery businesses launched the Cadbury Cocoa Partnership. Since then, this partnership has helped in promoting sustainable livelihoods in Ghana communities involved in the production of cocoa. The partnership saw a rise of 20% in cocoa yields in 2012 through their initiatives. After observing this growth, the Cadbury cocoa partnership planned to expand this number to 100% in 2018. This majorly helped the Ghana cocoa market in expanding its revenue in 2018. Another important private investment for the cocoa communities is the COCOBOD/Armajaro Traceable Foundation’s partnership. In collaboration, these two institutions invested approximately $2 million in healthcare, educational sector, sanitation, improving the availability of water, and similar parameters for the cocoa communities. Educating people falling under the communities that actively participate in cocoa production has visibly helped in improving crop yields and making them understand the immensity of this production.
The International Labors Organization (ILO) is also actively working towards improving the conditions of the cocoa communities. The ILO has collaborated with Côte d'Ivoire and several prominent cocoa production companies active in Ghana to radically eliminate child labor existing amongst the cocoa community. Additionally, their focus has also revolved around motivating Ghana’s youth in actively participating in growing cocoa farms to increase production in the country.
High Consumption of Chocolate and Confectionary as the Most Important Segment of the Ghana Cocoa Market
Chocolate products are one of the most largely sold products stemming from the food and beverage industry. As per the OEC, the global export value of cocoa beans is estimated to be $9.3 billion, with chocolate gaining a much higher traction and export value of $26.5 billion in 2017. Furthermore, according to the International Cocoa Organization, Mars Wrigley Confectionary sold chocolates worth $18 billion throughout the world. This is reflective of only one chocolate company’s revenue and points out towards the humongous demand for this flavor throughout the world. Confectionary has therefore emerged as the most important segment of the market which is deemed to record maximum growth. According to IndustryARC’s research, the confectionery segment will grow with a CAGR of 5% during the forecast period 2019-2025. Additionally, the chocolate flavor is also being added to packaged foods that have become a common part of the human diet. As per the International Trade Center, countries across the world exported cereals, flavored milk, and pastrycooks’ products worth $77 billion in 2018. This is reflective of the rising popularity of these products out of which cocoa forms an important segment.
Though this is a relatively newer trend for the Ghana cocoa market, organic chocolate is slowly gaining the popularity it requires to empower cocoa farmers in the country. According to the International Cocoa Organization, approximately 15,000 tons of organic cocoa is produced in the world. This helps the cocoa laborers in Ghana by almost doubling their profits. Since the world is slowly gravitating towards a vegan trend, the demand for organic cocoa is rising. This chocolate is also being used in the personal care industry for making creams, moisturizers, and similar products. As per the findings of the International Cocoa Organization, a single ton of organic cocoa is sold for approximately $300 dollars, thus helping farmers in earning more. This trend will highly benefit the growth of cocoa in Ghana in the forecast period.
Ghana Cocoa Market: Key Market Players
The key players of the Ghana cocoa market are Tema Cocoa Processing Company (CPC), Cocoa Touton Processing Company (CTPC), Niche Cocoa Industry Ltd, HansNef Cocoa Ghana Ltd, Cocoa Marketing Company (Gh) Limited (CMC)-Commun, Cargill Ghana Ltd., Chakazulu Ventures, and Derby Ventures.
B. Cocoa & Chocolate Market
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