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COMMODITY SUPPLY MANAGEMENT BY PRODUCING COUNTRIESA Case-Study of the Tropical Beverage Crops$
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Alfred Maizels, Robert Bacon, and George Mavrotas

Print publication date: 1997

Print ISBN-13: 9780198233381

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198233381.001.0001

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The World Cocoa Market

The World Cocoa Market

Chapter:
(p.105) 7 The World Cocoa Market
Source:
COMMODITY SUPPLY MANAGEMENT BY PRODUCING COUNTRIES
Author(s):

Alfred Maizels

Robert Bacon

George Mavrotas

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198233381.003.0008

The demand for cocoa is derived from the demand for the final products cocoa is used in. Cocoa relies on the production of chocolate, as chocolate is further used in a wide variety of products and is usually combined with other inputs. However, there is no simple correspondence between the demand of cocoa and the final demand for chocolate products since the share of cocoa by weight in the final products is often less than 50%. Evidence from several countries shows that the links between volume and price have changes because of changes in the relative prices of inputs and consumer preferences. This chapter emphasizes the need for a full econometric study to understand further the links between changes in cocoa price and the demand for cocoa through identifying the final demand for chocolate, the use of cocoa in manufacturing chocolate, and the link between chocolate product prices with cocoa price.

Keywords:   demand for cocoa, price, chocolate, final demand, relative prices, consumer preferences, cocoa

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