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The crop was a major foreign exchange earner for Nigeria in the 1950s and 1960s and in 1970 the country was the second largest producer in the world but following investments in the oil sector in the 1970s and 1980s, Nigeria's share of world output declined. In 2010, cocoa production accounted for only 0.3% of agricultural GDP. [1]
The World Cocoa Foundation provides significantly lower figures for Indonesia, but concurs that it is the largest producer of cocoa beans outside of West Africa. [9] Large chocolate producers such as Cadbury , Hershey's , and Nestle buy Ivorian cocoa futures and options through Euronext whereby world prices are set.
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Theobroma cacao (cacao tree or cocoa tree) is a small (6–12 m (20–39 ft) tall) evergreen tree in the family Malvaceae. [1] [3] Its seeds - cocoa beans - are used to make chocolate liquor, cocoa solids, cocoa butter and chocolate. [4] Although the tree is native to the tropics of the Americas, the largest producer of cocoa beans in 2022 was ...
Cocoa farms are generally very small, family owned and operated businesses. There are approximately 4.5 million cocoa farms around the world. The majority of cocoa farms are located in Ivory Coast and Ghana. [2] In Ghana, Cocoa contributes 64% of all exports. [6] Traditional cocoa farms are planted in the shade among other crops and trees.
From 1905 to 1911, São Tomé and Príncipe produced and exported more cocoa than anywhere else in the world, earning it the nickname "the Chocolate Islands". However, the revelation of poor labour conditions on the islands by British journalists led to boycotts of São Toméan cocoa by European chocolate manufacturers, notably including Cadbury.
Cocoa beans, cocoa butter and cocoa powder are traded on futures markets. The London market is based on West African cocoa and New York on cocoa predominantly from Southeast Asia. Cocoa is the world's smallest soft commodity market. The futures price of cocoa butter and cocoa powder is determined by multiplying the bean price by a ratio.
Cocoa beans and cocoa harvest processing. Ghana's cocoa production grew an average of 16 per cent between 2000 and 2003. [18] Cocoa has a long production cycle, far longer than many other tropical crops, and new hybrid varieties need over five years to come into production, and a further 10 to 15 years for the tree to reach its full bearing potential.