Cocoa market news

Here are some recent news and updates from the cocoa market:

Market Trends:

• The global cocoa market is expected to grow at a CAGR of 4.5% from 2023 to 2028, driven by increasing demand for chocolate and confectionery products, particularly in emerging markets. (Source: Grand View Research)
• The global cocoa price has been volatile in recent months, influenced by factors such as weather conditions, disease outbreaks, and changes in global demand. (Source: International Cocoa Organization)

Supply and Demand:

• The 2022/23 cocoa crop is expected to be around 4.5 million metric tons, up 2% from the previous year, due to improved yields in West Africa, the world's largest cocoa-producing region. (Source: International Cocoa Organization)
• Global cocoa demand is expected to outstrip supply in the short term, leading to a potential shortage and price increases. (Source: Euromonitor International)

Production and Trade:

• Côte d'Ivoire, the world's largest cocoa producer, has reported a 10% increase in cocoa production in the 2022/23 season, driven by improved yields and higher prices. (Source: Côte d'Ivoire Cocoa and Coffee Interprofessional Council)
• Ghana, the second-largest cocoa producer, has reported a 5% increase in cocoa production in the 2022/23 season, driven by improved yields and higher prices. (Source: Ghana Cocoa Board)
• The European Union has imposed anti-dumping duties on cocoa beans and cocoa products imported from several countries, including Côte d'Ivoire and Ghana, to protect its domestic industry. (Source: European Commission)

Sustainability and Social Responsibility:

• The cocoa industry is facing increasing pressure to improve sustainability and social responsibility, particularly in West Africa, where child labor and deforestation are major concerns. (Source: International Labor Organization)
• The Cocoa and Forests Initiative, a global partnership of cocoa companies, governments, and NGOs, has launched a new initiative to reduce deforestation and promote sustainable agriculture practices in cocoa-producing countries. (Source: Cocoa and Forests Initiative)

Price Movements:

• The London-based ICE Futures exchange, which sets the global benchmark price for cocoa, has reported a 10% increase in cocoa prices in the past year, driven by supply concerns and strong demand. (Source: ICE Futures)
• The New York-based NYBOT exchange, which sets the US benchmark price for cocoa, has reported a 12% increase in cocoa prices in the past year, driven by supply concerns and strong demand. (Source: NYBOT)

These are just a few of the recent news and updates from the cocoa market. If you're looking for more information or specific data, please let me know!