New Cocoa Factory Targets Asia Market
A new cocoa factory purchased by OLAM International Limited, in Jakarta Indonesia, will increase market accessibility of cocoa farmers in PNG.
OLAM/Outspan PNG cocoa business manager, Basavaraj Mashetty, said the factory will improve the company’s capability as well as the cocoa growers in PNG as it is the closest market to the country compared to Singapore and Malaysia.
He said: “As PNG is aiming to increase the production of cocoa and the farmer’s level of productivity, this acquisition will help us provide better market access to all the beans produced.”
He also said in Asia, PNG is the only country that produced decent size volumes of cocoa beans at an average scale of 40,000 tonnes after Indonesia. Mr Mashetty said the purchase of the new factory is a strategic move by OLAM Cocoa because Asia is the next big market for chocolate products.
He also said that with the demand for chocolate products, farmers are encouraged to be serious in the cocoa business and produce more beans for the growing demand.
It is also reported that the achievement supports worldwide positive growth trend of chocolate and cocoa ingredient consumption and the expectation that the need for cocoa processing will continue to grow and be supported by additional investment in cocoa producing and consuming countries.
The new factory is the seventh cocoa factory owned by OLAM International and with Outspan working in PNG, farmers are provided with the opportunities to expand in the cocoa business.
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