If you are like most people, you enjoy consuming many products that contain cocoa. Chocolate products have never been so popular, and new recipes and formulas for treats are being devised every day. You might be wondering how this product came to be what it is today, and why products made from it have become so popular.
Chocolate comes from the cocoa bean, which has been an important part of South American cultures for many generations. According to the World Cocoa Foundation (WCF), the Mayan civilization used the product to create a special beverage that they used ritualistically. This beverage included ground beans in addition to vanilla and some other spices. This beverage was commonly ingested during marriage rites, and is believed to be one of the first examples of cocoa’s association with romance.
The beverage caused a sensation with Spaniards when they arrived in the New World. The Spanish came to enjoy the chocolate so much that they made it a part of their culture, as well. Eventually, Spain came to control the world market for chocolate. This dominance did not last forever, and when Spain lost its monopoly on the bean, its popularity became widespread throughout Europe. With the advent of the steam engine, the grinding of beans became much less laborious, and chocolate products entered the mainstream in a major way. According to the WCF, over three million tons of these types of beans are consumed annually, making it one of the most popular food products on the planet.
Cocoa prices have been increasing steadily over the past five years to the point where a ton of cocoa beans is valued at over $2500.00. There is no indication that demand will decrease in spite of the rising prices. Given the fact that it is such a large part of many individuals’ daily routines, people are not likely to give up one of their favorite food products as a result of slightly higher prices. Products containing chocolate are becoming more diverse, also, and this has helped the product sell well even though prices have steadily increased.
It is interesting to note that most of the world’s cocoa beans are grown on small farms. Most of the farms producing the beans are less than ten acres in size. The countries responsible for producing most of the planet’s cocoa beans include many African nations like The Ivory Coast, Ghana, and Nigeria. In fact, 70% of the world’s cocoa is produced on the African continent on small farms. This is according to data gathered by the WCF.
Cocoa has been referred to as the food of the gods,and it is beloved by many cultures around the globe. Even though prices seem to be increasing, it is difficult to imagine this product becoming any less popular, in fact, the use of these products will probably increase as more people are exposed to its uses and benefits.
Cocoa ETF
- iPath Dow Jones-UBS Cocoa Subindex Total Return ETN (NIB)
- iPath Pure Beta Cocoa ETN (CHOC)
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