Demand for chocolate declining in US and Europe, says Barry Callebaut's CEO
The demand for chocolate products is declining in the US and Europe due to the current global financial crisis, reported Reuters, citing Barry Callebaut's CEO Patrick de Maeseneire. Barry Callebaut is a manufacturer of cocoa and chocolate headquartered in Zurich, Switzerland.
Explaining further, the CEO maintained that annually, the demand for chocolate in the US and western Europe is between 1% and 2%. Although the economic crisis has hit chocolate consumption in these markets, it is just a temporary situation and post-summer markets are likely to improve, Mr de Maeseneire said.
Price hikes made in 2008 have helped Barry Callebaut tide over the fall in chocolate consumption, according to Mr de Maeseneire. He also said that developing markets including India, Russia, China and Mexico will help the company in increasing its production levels from the current 1.2-million-ton level to 1.5 million tons by 2013.
In relation to the impact of the economic downturn on the chocolate industry, Mr de Maeseneire said: Chocolate is an affordable luxury and is one of the products you just don't want to give up on. The crisis is indeed severe, but this market will continue to do well.
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