Latin America’s cocoa market is expected to grow by 4.3 percent through 2028, according to a new report by Research and Markets.
The research firm says the growth in Mexico’s cocoa market is driven by a governmental push and sustainability programs by international companies. Research and Markets pointed to the Hershey Company, which has set up the Mexico Cocoa Project, a 10-year plan to re-establish cocoa growing in Southern Mexico.
Mexico is among the Latin American countries with conditions conducive to growing cocoa, which will help revive the cocoa sector in the country. Additionally, the country has the potential to produce cocoa having good genetic qualities. Opportunities exist for organic cocoa and fine flavor cocoa to gain traction in the country.
Meanwhile, Colombian cocoa is known for its flavor and aroma, classified in the special cocoa category. According to the International Cocoa Organization, a majority of the cocoa exported by Colombia is Fino de Aroma. The government has focused on the cocoa sector to enhance productivity and yields, and such steps are likely to fuel the growth of the cocoa market across Columbia.