The cocoa industry in Ivory Coast is forecasted to produce 13.46 million tonnes of cocoa by the 8th of January 2023. This is according to a new report released by the country’s National Cocoa and Coffee Office (ONCC) on Wednesday. The forecasted figure is higher than the previous forecast of 12.48 million tonnes for the 2020/21 season.
The report stated that the increase in cocoa production is attributed to higher yields from the crop’s main producing regions. It also noted that the country’s production levels are expected to remain above the average over the next two years.
Ivory Coast is the world’s leading producer of cocoa and the increase in production is expected to be a positive sign for the global cocoa industry. The rise in production is also expected to help the country’s economy as cocoa is one of its main sources of income.
The report stated that the country is expected to export around 1.2 million tonnes of cocoa this year, which is higher than last year’s figure of 1.1 million tonnes. The report also projected that the country’s exports could reach as high as 1.3 million tonnes by the end of 2021.
Ivory Coast is expected to see a significant increase in the demand for cocoa in the coming years. The demand is expected to be driven by the growth of the chocolate industry in countries such as India, China, and the United States.
The report noted that the country’s cocoa production is expected to remain stable over the next few years. However, it cautioned that the country’s cocoa production could be affected by unfavorable weather conditions, disease, and pests.
The report also highlighted the need for Ivory Coast to increase its cocoa-processing capacity. This is expected to help the country to better meet the increasing demand for cocoa from international markets.
Overall, the report is seen as a positive sign for the global cocoa industry. The increase in cocoa production in Ivory Coast is expected to help boost the global cocoa supply and support the growth of the industry. The country’s increased production is also expected to provide a boost to the country’s economy and help it to better meet the increasing demand for cocoa from international markets.