the Global chocolate industry is faced with serious problems due to the coronavirus, the demand for confectionery products fell sharply, which led to difficulties at all stages of production. About it reports Bloomberg with reference to the surveyed analysts and representatives of the industry.
In Europe, which is considered the main consumer of chocolate, processing cocoa beans for the year may fall by three percent. In North America interviewed by Agency analysts expect a fall of 5.3 per cent. The great recession may be in the Asian region, analysts predict a reduction in the processing of cocoa beans by nine percent.
Such a dramatic drawdown in the region is due to the fact that large producers tried to increase their processing capacity amid growing recent years the demand.
côte d’ivoire leading producer of cocoa beans and Ghana, which is the second largest producer in the world, enter the margin on their products. This is done in order to compensate for the losses from a collapse in demand and prices. Since the beginning of futures for cocoa beans traded on the stock exchange in new York, fell 9.9 percent.
“the Demand for chocolate will fall as a result of price increases and a sharp reduction in economic performance. The impact of the crisis will be felt more strongly in the second quarter,” says Eric Bergman, Vice-President of JSG Commodities.
According to forecasts of the International monetary Fund, global GDP will shrink by three percent this year. During the peak of the “great recession” of 2008-2009 the world cocoa production fell by 6.3 percent.
Coronavirus has affected many sectors of the economy. So, the United States was under the threat of a shortage of pork. The world’s largest pork producer Smithfield Foods Inc. has suspended the operation of its main plant due to the coronavirus.
