The Cocoa Association of Asia (CAA) reports a positive increase of 8.89% in the second quarter 2021 grind (220,865 metric tons) compared to the corresponding period last year (second quarter 2020) and a positive 3.28% increase compared to the previous quarter (first quarter 2021). Grind reports reveal the number of cocoa beans that have been ground, melted into chocolate liquor, and melted into cocoa butter.
CAA said the latest grind performance sets a new record for the second quarter grind in Asia-Pacific and is the third-highest number in CAA history. The association further explained this increase reflects a positive recovery from a COVID-19 pressured 2020 and puts the cocoa and chocolate industry back on a promising growth path that it was on before the pandemic.
According to a new report published by Allied Market Research, the global cocoa market size will reach US$15.5 billion by 2027 at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2027.
The growing demand for chocolate is the key factor propelling the global cocoa market. Cocoa liquor is the primary ingredient used to manufacture chocolate. Cocoa is widely used as flavouring, colouring, filling, and as topping in food & beverages, confectionery, and bakery industries. The growing application of cocoa in these industries is fueling the growth of the global cocoa market, the research firm said. (Image from Unsplash)
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