The demand for cocoa beans in Belgium has experienced significant fluctuations over the past decade. In 2023, Belgium's cocoa beans demand stood at 109,000 Metric Tons, marking a year-on-year decline of 4.39%. The five-year compound annual growth rate (CAGR) leading to 2023 was -1.74%, reflecting a gradual decline in demand. From 2014 to 2018, the market saw sharp declines interspersed with brief recoveries, notably a 27% drop in 2018 and a 20.54% decrease in 2015. This trend shifted to a general decrease from 2019 onwards, with minor recovery phases. The forecast suggests a continued decrease, with an expected demand of 86,000 Metric Tons by 2028, indicating a five-year forecasted CAGR of -3.73% and a projected drop in demand by 17.31% over the five-year period.
Future trends to watch for include:
- Developments in sustainable and ethical cocoa sourcing, which may influence consumer demand.
- Market shifts towards alternative chocolate ingredients due to health trends or supply chain issues.
- Economic conditions and their impact on luxury goods consumption, including chocolate.
- Regulatory changes impacting cocoa importation and chocolate production standards.
