Cocoa futureshave risen fairly steadily since 2013, apart from a brief slump earlier this year. However, BMI Research forecasts prices will start to trend lower until 2019, as supply grows faster than demand. That’s due to a rebound in production in West Africa, especially in Ghana, the second-biggest producer of cocoa beans after Ivory Coast, the research firm said in a report in February.
- The average European or U.S. American consumes 11.5 pounds of chocolate per year.
- Around 3.5 million tons of cocoa beans are produced on an annual basis.
Four West African countries produce more than 70 percent of cocoa supply — Ivory Coast, Ghana, Nigeria and Cameroon.
- Cocoa is the main source of income for 5.5 million small-scale farmers, many of whom live on less than $1.25 per day.
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