Russia now ranks as a global top 20 chocolate consuming country and has the highest consumption of all the emerging markets. However in terms of growth, India and Turkey have been marked as the two markets to watch.
Although per capita consumption in India is still low, major brands are offering small, single-serve versions of their products for a very low price equal to a few cents.
Source: Euromonitor international
“Emerging-market demand is the principle reason behind the steady and consistent rise that we’ve seen in the cocoa market,” said Sterling Smith, a futures specialist at Citigroup in Chicago. “Is that demand enough to propel it higher? Oh, yes.”
20% of cocoa is now farmed according to sustainability- related criteria, a figure certifier UTZ hopes will rise to 50% in the next decade. UTZ certifies 14% of global production.
Sustainability auditor Intertek recently suggested that by 2024-2025, 100% of cocoa production will be certified sustainable, yet recommends that companies investing in their own sustainability programs.