The International Cocoa Organisation (ICCO) has made revisions to the 2020 to 21 cocoa balance sheet, with production numbers rising almost 1% above what was initially anticipated.
The adjustments were made as most major cocoa-producing countries reported higher yields than predicted. Optimal weather conditions have seen the global production number increase by an estimated 34,000 tonnes, bringing the worldwide total to 5.175 million tonnes for the current season.
Revisions were also made to the figures for expected grindings, which now reflect an increase of 51,000 tonnes over the previous forecast.
The rise in demand, as reflected by the trade of cocoa products, springs optimism for the industry, as cocoa grindings climb their way back to pre-pandemic levels. Grindings have already seen a 4% increase when compared to the previous season, with total amounts rising from 4.707 to 4.911 million tonnes.
The recovery we are currently seeing is the result of economies reopening worldwide in 2021, suggests the ICCO. The ongoing pandemic has introduced many challenges, and with the Omicron variant now threatening a return to lockdown, it is uncertain whether this upward trend can be maintained.