4 April, 2008 - The Philippines has the potential to earn up to US$300 million annually from cocoa exports, a leading confectionery manufacturer has said.
Mars Inc, which makes a host of well-known chocolate bars, said there was huge demand in Asia for cocoa that was currently unmet – and that the Philippines could be placed to fill the market gap.
Mars cocoa sustainability field research manager Peter van Grinsven was reported as saying: “There is a huge market for cocoa. In Asia alone, there is a big demand for fermented cocoa beans, but there isn't enough cocoa beans to supply the region's needs.”
He estimated that if current crops were mixed with cocoa trees, the Philippines could fulfil its potential and generate export revenues of US$300 a year.
Mr van Grinsven said the conservative forecast was based on cocoa exports totalling 200,000 MT sold at just US$1,500 /ton. Current prices see cocoa bean bought for US$2,500/ton.
South East Asian countries such as China, Indonesia, Malaysia and Japan currently ship in 220,000 MT annually, mostly from West Africa.
Demand for cocoa across the globe has been increasing steadily at around 3% annually.
Mars Inc said it was looking for alternative cocoa bean suppliers.