The demand for cocoa beans in Canada has experienced significant fluctuations from 2014 to 2023. While demand hit a low in 2017, it rebounded sharply in 2018, continuing to grow modestly until 2023 with a value recorded at 105.0 thousand metric tons. Year-over-year variation showed a dramatic increase of 89.66% in 2018 but only a modest 0.96% increase in 2023. The compound annual growth rate (CAGR) over the last five years up to 2023 was -0.93%, indicating a slight average annual decline.
Looking ahead, forecasted data suggests moderate growth in demand for cocoa beans, with a projected CAGR of 1.28% from 2024 to 2028. The total growth rate for this period is expected to be 6.54%, leading to a projected demand of 114.0 thousand metric tons by 2028.
Future trends to watch for include:
- Increased consumer interest in ethically-sourced and organic cocoa beans.
- Potential impact of climate change on cocoa production and supply chain stability.
- Emerging markets and demographic shifts potentially increasing demand for chocolate and cocoa-based products.
- Innovations in the food and beverage sector that could diversify cocoa bean applications.
