The news is much more bitter than sweet as one of the largest confectionary company in the world is joining the chorus of warnings that the world is running out of chocolate.
According to the Times of India, “even bumper cocoa crops cannot keep up with soaring demand from Asia.”
The Barry Callebaut Group of Switzerland has joined a host of industry experts in noting that there would be “a potential cocoa shortage by 2020.” The concern for this upcoming shortage has led to cocoa prices rising up to 25% in the past year alone.
According to Barry Callebaut, as the Times of India has reported, it has sold more than 1.7 million tonnes of chocolate in the year 2013-14, a year-on-year increase of more than 11.8 per cent.
In the company’s annual report, it noted that it “expects to continue to outperform the global chocolate market.” The world’s largest chocolate manufacturer, however, mentioned the fears raised by Mars Inc.
of a global shortage of cocoa and the impact it could have on the individual consumer.
In 2012, the then UK president of Mars chocolate Fiona Dawson, warned that the global cocoa sector “may suffer 1 million tonne shortage by 2020 because of the increasing economic and environmental pressures on cocoa farms.” She also added that with such situation, “It’s not sustainable.” The Atlantic reported that in 2013, the world consumed about 70,000 metric tons more cocoa than it produced.
The figure could be as high as 1 million metric tons by 2020, a consumption-over-production that’s equal to a fourteen-fold bump.
“Chocolate deficits, whereby farmers produce less cocoa than the world eats, are becoming the norm,” The Washington Post reported, cited the Atlantic.
And it’s this type of situation that will lead to a very dire reality that was described by Bloomberg as “the longest streak of consecutive chocolate deficitis in more than 50 years.”