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Date: 02 Oct, 2024
Fresh Beverages & Farms LTD's recent acquisition of a 3-hectare cocoa farm in Nigeria is a significant move, especially considering the country's booming cocoa industry. Nigeria's cocoa exports have jumped by 304% in the first quarter of 2024, driven by high demand and naira depreciation. The country is currently the world's fourth-largest producer of cocoa, accounting for 280,000 metric tons in the 2022-2023 season With the global cocoa supply deficit expected to increase to 374,000 metric tons in the 2023-24 season, Fresh Beverages & Farms LTD's investment is timely. The company's 3-hectare farm has the potential to produce a minimum of 35 tonnes of cocoa per annum, contributing to Nigeria's growing cocoa production. Nigeria's Cocoa Industry Outlook Growing Demand: Nigeria's cocoa exports are expected to continue growing, driven by high demand from Europe and America. - Price Rally: Cocoa prices have surged by over 567% in the first quarter of 2024, reaching historic highs of $12,000 per tonne
- Production Challenges: Despite the price rally, production levels have remained stagnant, with average cocoa yield in Nigeria not exceeding 500 kilograms per hectare Overall, Fresh Beverages & Farms LTD's investment in Nigeria's cocoa industry is a strategic move, poised to benefit from the country's growing cocoa production and export demand.