The cocoa market is a global industry that involves the growing, harvesting, and processing of cocoa beans, which are the main ingredient in chocolate. The cocoa market is led by a few major producing countries, including:
Ivory Coast: The Ivory Coast is the world's largest producer of cocoa beans, accounting for around 30% of global production.
Ghana: Ghana is the second-largest producer of cocoa beans, accounting for around 20% of global production.
Indonesia: Indonesia is the third-largest producer of cocoa beans, accounting for around 6% of global production.
Other significant producers of cocoa beans include Cameroon, Nigeria, Brazil and Ecuador. These countries are known as the "big five" cocoa-producing countries, they produce more than two-thirds of the global cocoa supply.
The cocoa market is also influenced by a number of factors, including weather conditions, global demand for chocolate, and political and economic conditions in producing countries. The fluctuations in the price of cocoa beans can have a significant impact on the livelihoods of smallholder farmers and rural communities in cocoa-producing countries, which is why sustainable sourcing practices are becoming more and more important in the cocoa market.
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