Chapter

The World Cocoa Market

Alfred Maizels, Robert Bacon and George Mavrotas

in COMMODITY SUPPLY MANAGEMENT BY PRODUCING COUNTRIES

Published in print July 1997 | ISBN: 9780198233381
Published online October 2011 | e-ISBN: 9780191678981 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198233381.003.0008

Series: UNU/WIDER Studies in Development Economics

The World Cocoa Market

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The demand for cocoa is derived from the demand for the final products cocoa is used in. Cocoa relies on the production of chocolate, as chocolate is further used in a wide variety of products and is usually combined with other inputs. However, there is no simple correspondence between the demand of cocoa and the final demand for chocolate products since the share of cocoa by weight in the final products is often less than 50%. Evidence from several countries shows that the links between volume and price have changes because of changes in the relative prices of inputs and consumer preferences. This chapter emphasizes the need for a full econometric study to understand further the links between changes in cocoa price and the demand for cocoa through identifying the final demand for chocolate, the use of cocoa in manufacturing chocolate, and the link between chocolate product prices with cocoa price.

Keywords: demand for cocoa; price; chocolate; final demand; relative prices; consumer preferences; cocoa

Chapter.  12562 words. 

Subjects: Economic Development and Growth

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