The price has soared by nearly 160 percent! The price of cocoa beans has hit a new high in more than one year!

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China Research Network

Nigeria wants to take advantage of the global cocoa supply shortage to improve production and quality

Nigeria, the fifth-largest producer, is actively seeking opportunities to increase cocoa production to expand its market share as production continues to decline and cocoa futures prices continue to climb in the world's major cocoa producers. Faced with major producing countries such as Ghana and Côte d'Ivoire downgrading their production targets due to climate and pest and disease impacts, the Nigerian government has made it clear that it will work to expand the area under cultivation and plans to quadruple production by 2026.

Growers in Nigeria have stepped up their investments in hopes of significantly increasing yields in the upcoming harvest season. They plan to roughly double production to 500,000 tonnes this year. This figure is much higher than Nigeria's average annual production over the past few years, demonstrating the country's determination to seize the current market opportunities.

As the world's fifth-largest cocoa producer, Nigeria's cocoa industry has been an important pillar of its economy. Every year, Nigeria produces between 200,000 and 300,000 tonnes of cocoa, with more than half of the beans being exported to the European market, generating significant foreign exchange earnings for the country.

However, growers in Nigeria are not content to simply increase yields. They hope to increase their income by growing better quality cocoa beans. High-quality cocoa beans can not only get a higher price in the market, but also enhance the international reputation of the Nigerian cocoa industry and further expand its market share.

Overall, Nigeria is taking full advantage of the global cocoa supply shortage to strengthen its position in the international cocoa market by increasing production and quality. As these efforts continue, Nigeria is expected to become one of the significant players in the global cocoa market in the coming years.

According to the analysis released by the China Research Institute of Puhua Industry Research Institute

Chocolate, a small, calorie-high, sweet-tasting sweet treat, has won a lot of love among consumers around the world, thus driving the rapid growth of the industry. According to the data, since 2016, the size of the global chocolate market has continued to expand, reaching a peak of $122.05 billion in 2020.

However, in 2021, due to the impact of the epidemic and the improvement of people's health awareness, the demand for high-sugar and high-calorie foods such as chocolate has decreased significantly, and the market size has dropped to US$106.6 billion, a year-on-year decrease of 12.7%.

In China, the production and consumption of chocolate is also growing steadily. In 2020, China's output of chocolate and products reached 525,000 tons, the demand was as high as 579,900 tons, the market size reached 24.182 billion yuan, and the average sales price also reached 41,700 yuan/ton.

As China's economy continues to grow rapidly, household incomes are steadily rising, and manufacturers are constantly developing new products, all of which are driving the rapid growth of China's chocolate market. In 2023, the demand for chocolate and products in China will reach 676,800 tons, and the market size will reach 29.935 billion yuan.

Despite the fact that China has a large chocolate consumption market, people's chocolate intake is still limited. In recent years, with the improvement of health awareness, the sales of high-sugar and high-calorie products such as chocolate have gradually declined. According to the data, the sales volume of chocolate in mainland China in 2021 will be 251,600 tons, a year-on-year decrease.

From the perspective of the mainland's chocolate import and export trade, the import and export amount of chocolate in the mainland has shown an upward trend in recent years. According to the data, in 2021, the import value of cocoa and chocolate food in mainland China reached 673 million US dollars, a year-on-year increase of 38.5%; The export value also reached 401 million US dollars, an increase of 45.8% year-on-year.

Tianyancha App shows that recently, Luckin Coffee (China) Co., Ltd. applied for the registration of the trademarks "Luckin Sauce Chocolate" and "Sauce Chocolate", all of which are classified as catering and accommodation in the international classification, and the current trademark status is pending substantive examination. It is reported that on January 22, Kweichow Moutai and Luckin jointly launched the New Year's "Year of the Dragon Sauce Chocolate" on the market. According to the official introduction, this new product is mainly chocolate pre-conditioning liquid and liquor-flavored thick milk, without coffee, and the thick milk contains Moutai.

As one of the most important liquor brands in China's liquor industry, in order to tap the potential of young consumer groups and further broaden the product matrix, Moutai has increased its promotion efforts to young people in recent years.

In addition to the co-branded Luckin, Moutai has also co-branded with Dove Chocolate, a subsidiary of Mars Foods, and Moutai ice cream is also one of the popular products in recent years, with excellent performance in both sales and topics.

For this "second" co-branding, food industry analyst Zhu Danpeng said that unlike the "hard to find" explosion of the first co-branding, the market feedback of sauce chocolate belongs to the "slow heat", which is generally in line with its market expectations, and the future market prospects are still worth optimizing.

According to the "Chocolate Consumption Trend Insight Report", nearly 60% of consumers will buy chocolate on Valentine's Day, and more than 30% of consumers will buy chocolate during the Spring Festival, Qixi Festival, and "520" festivals. Gift-boxed high-end products are favored during the festival, and chocolates over 100 yuan are very popular.

In recent years, cross-border flavors of chocolate have been widely favored by consumers. According to the report, nearly two out of ten consumers are interested in diversified chocolate flavors, with durian flavor, strong coffee flavor and poplar manna flavor attracting consumers the most.

High-end has become another trend of chocolate consumption, and high-quality raw materials, unique taste, and refined technology are the three core elements of high-end chocolate. Among them, 55.5% of consumers have a high pursuit of chocolate raw materials, and the sales of chocolate of more than 100 yuan in Jingdong Supermarket increased by more than 80% year-on-year.

The Chinese New Year Festival is the festival with the most concentrated chocolate consumption, and the consumption volume ranks first among the major festivals. This is followed by Christmas, New Year's Day, and Valentine's Day, "520". From the point of view of the unit price, the price of chocolate on the New Year's Festival and Valentine's Day is the highest, and the consumption quality is even better.

From the perspective of consumer groups, the consumer groups of chocolate during the New Year Festival are concentrated in 36-50 years old, mainly urban families, and mixed and truffle flavored chocolates are popular. And during Valentine's Day, unmarried men are the main buyers of chocolate.

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