Raleigh, NC — Worldwide cocoa sales are expected to hit $10 billion by 2026, representing a compound annual growth rate of 3.4 percent, according to global procurement intelligence company Beroe Inc.
The market analysis firm expects surging demand for cocoa butter and other derivatives, coupled with uncertainty that production will match the market’s needs, to increase prices for the commodity. Demand for cocoa is anticipated to be up 30 percent by 2020.
Unfavorable cultivation conditions are projected to hamper output in West Africa, where 70 percent of cocoa is grown global, according to Beroe. Further, labor shortages and rising costs of labor associated with harvesting are anticipated to pressure prices.