Global Market Report: Cocoa prices and sustainability
Once used as a form of currency by the Mayans and Aztecs, cocoa is now a beloved staple in many households as the key ingredient of chocolate. The cocoa sector provides a livelihood for up to 50 million people, primarily in developing countries, as they transform cocoa beans into chocolate liquor, butter, or powder for use in cosmetics, chocolate, and other edibles.
Voluntary sustainability standards (VSSs) emerged in the sector over 20 years ago, providing consumers with more sustainable cocoa purchasing options while addressing the sector’s challenges.
The cocoa market experienced record-breaking growth in global supply over the last decade, but the COVID-19 pandemic, political and economic unrest, low farm gate prices, and difficult agricultural conditions are expected to reduce supplies in the coming years. Climate change is also disrupting the global cocoa value chain as regions in major producing countries become less suitable due to high temperatures or severe droughts. For instance, West Africa saw a 5.5% drop in cocoa production from 2018 to 2019.
Our research dives into sustainable production and consumption trends in the cocoa sector, analyzing how VSSs can enhance farmers’ livelihoods by improving farm gate prices and incomes, supporting climate resilience, promoting better trade relations, and fostering price transparency across the value chain to fuel a more sustainable global cocoa sector.
You might also be interested in
South-South Trade and Voluntary Sustainability Standards
This report explores how voluntary sustainability standards are being used in trade policy to increase the trade of more sustainable products between developing countries.
Global Market Report: Sugar cane prices and sustainability
This report explores recent market trends in the sugar cane sector, what these trends mean for producers in developing countries, and what can be done to improve farmers' incomes.
Global Market Report: Palm oil prices and sustainability
This report unpacks market trends in the palm oil sector and examines the role of sustainability standards in ensuring farmers receive fair incomes and adopt sustainable practices.
Three Ways Standards Can Help Deliver on the Sustainable Development Goals
How can standards help deliver results on Sustainable Development Goals 2, 6, and 17 and support governments to track their progress ahead of the 2023 High-Level Political Forum?