Russia's love affair with chocolate is lifting global demand for cocoa
Swiss chocolate-maker Barry Callebaut says Russia has long been the number two chocolate market after the US, and demand started to pick up in 2017 after the rouble stabilised
Moscow — Russia’s fast-growing appetite for chocolate is helping to boost global cocoa demand, according to Barry Callebaut. Chocolate consumption in the world’s second-biggest market for the confectionery expanded by almost four times the global rate in the nine months to the end of April, the Zurich-based processor said. That comes as robust demand is expected to push the cocoa market move into a slight deficit after two years of oversupply. While Russia has long been the number two chocolate market after the US, demand started to pick up in 2017 after the rouble stabilised. That stopped the increase in retail prices and allowed consumers to resume buying more expensive foods or treats, said Elizaveta Nikitina, executive director of the Confectionery Market Research Center in Moscow. “We expect the chocolate market to continue to grow in Russia,” Massimo Garavaglia, Barry Callebaut’s president for Europe, Middle East and Africa, said in an interview. “This is definitely increasing...
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