The ‘First Great Chocolate Boom’ occurred at the end of the 19th and early 20th century. The industrial revolution turned chocolate from a drink to a solid food full of energy and raised incomes of the poor. As a result, chocolate consumption increased rapidly in Europe and North America.
As the popularity of chocolate grew, production spread across the world to satisfy increasing demand. Interestingly, cocoa only arrived in West Africa in the early 20th century. But by the 1960s West Africa dominated global cocoa production, and in particular Ghana and Ivory Coast have become the world’s leading cocoa producers and exporters.
The world is currently experiencing a ‘Second Great Chocolate Boom’. Rapidly growing demand is now not coming from ‘the North’, but from rapidly growing developing and emerging countries, including China, India and also Africa. The unprecedented growth of the past decades, the associated urbanization, and the huge size of their economies have turned China and India into major growth markets for chocolate. While consumption is highest in China, and the growth is strong, the country with – by far – the highest growth rates in chocolate consumption is India. In addition, significant African growth of the past 15 years is now also translating into growing chocolate consumption on the continent where most of the cocoa beans are produced.
—Johan Swinnen and Mara Squicciarini writing about the economics of chocolate for the Oxford University Press blog.