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CHOCOLATE RENAISSANCE 
Back to the flavors 
1
CONTENT 
Chocolate numbers 
Varieties 
Flavors and sensations 
Hacking chocolate or “Bean 2 Bar” 
Coming next 
2
CHOCOLATE NUMBERS 
World market - US$ 83.2 Billions in 2010, to be US$ 98.3 Billions in 2016 - 2.7 
% yearly growth. (Filmed entertainment $ 88 B; Consumer Electronics $289 B) 
Americans consumed 3 Billions Pounds (1.6 Billions Tons) of chocolate for 
$13.1 Billion in 2001 
Non chocolate candy products = $ 7.6 B 
71% of Americans prefer Milk chocolate - 4 Billion ton of beans harvest in 2013 
A 1500 year old business, at least 
3
WHO EATS IT? 
Europeans 
16 of the top 20 consumers per capita 
GER, Swiss, UK are top with approx. 10kg/ 
head/year 
All Americans 
Others 
Overall consumption trend is a yearly 2-5 % increase 
3.3% on average over last 10 years 
4
WHAT DO THEY EAT? 
Milk far ahead, 
then filled 
chocolate 
Large 
differences 
(Belgium) 
FDA White chocolate: 
At least 20% cacao butter/fat and 14% 
dried milk. - 55% sugar MAXIMUM 
FDA Milk chocolate 
10% chocolate liquor minimum 
12% dried milk minimum 
Fat must be from cacao bean (butter) 
5 
Dark chocolate
WHERE IS CACAO 
COMING FROM? 
3/4 come from Africa (40% Ivory Coast alone) 
6
CONCENTRATION OF 
PRODUCERS 
In 10 years 
Africa 69 to 72% 
America 14% 
Asia 17 to 15% 
7
CACAO PRICE 2002/2012 
Variations between $ 1,361 to $ 3,730 / Ton 
• Prices barely kept pace with inflation in 
buyer’s markets 
• No visible impact of social initiatives 
• Price increase due to higher demand 
• Bulk buying remains king 
8
COCOA CLASSIFICATION 
Bulk - Uncertified, no guarantee of variety, ripeness, fertilizer, fermentation level etc.. 
Commodity price - Approx. $ 2.25/Kg 
Certified: By one or more certifying body usually focused on one specific characteristic (organic, fair, no-children 
slavery etc.) This guarantees the certified component but does not necessarily guarantee variety, 
quality or taste. 
Improved commodity price - $ 2.5 to $ 3.5/Kg 
Fine flavor (high quality): Guarantees of variety, origin, processes and taste. But not necessarily clear on 
other criteria. 
Negotiated price well above commodity price. Up to $ 20/Kg 
9
GLOBAL GROWTH 
• Certified segments growing faster than 
overall production 
• Fine flavor steady in volume, grows in value 
• Volume and value growth in bulk 
10
BIGGEST BULK BUYERS 
Large multinational companies 
with worldwide sales 
High level of concentration 
No reference to cacao quality 
Top 10 chocolate/candy companies 
Billing in US$ M Brand Country 
Mondelez (ex- 
Krafts food) 
19.965 Toblorone, 
Cadbury US 
Mars 16.200 Mars, Twix, 
Bounty 
US 
Nestle 12.808 Kit Kat, 
Smarties 
CH 
Ferrrero Spo 9.612 Nutella IT 
Hershey’s 6.112 Hershey’s bars US 
Lindt 2.796 CH 
August Storck 2.205 Merci, Original GR 
Yildiz 2.095 Godiva, TUR 
Meiji Co. 1.791 JAP 
11
BEAN VARIETY 
The “historic” classification 
Criollo - Originally from Central America, Criollos dominated the market until the mid 17th. There may not 
be any “pure” Criollo trees left. ~ 6% of world production 
Forasteros - Originally from the Upper Amazon region, the appellation covers a large group of 
cultivated, semi-wild and wild sub-varieties. They include Comum in Brazil, West African Amelonado 
(Africa), Nacional (Ecuador),Matina or Ceylan in Costa Rica and Mexico. Hybrids from the Upper 
Amazon region are widely used in large plantations worldwide. ~ 82% of world production 
Trinatario - Considered part of the Forasteros family, are a cross of Criollo and Forastero started 
unintentionally in Trinidad after the 1727 “blast” destroyed the original Criollo trees. Currently present in 
Venezuela, Ecuador, Cameroon, Samoa, Sri Lanka, Java and Papua New Guinea. ~ 12% of world 
production 
12
THE DNA CLASSIFICATION 
10 DNS identified strains (USDA, Mars - Motomayor study 2008) 
Cluster Outside Inside Flavor Comments 
Amelonado Melon shape, thick skin, 
shallow ridges, round tip 
greenish 
seeds 
Earthy cocoa, leather, 
wood, bitter 
Close to the Guina. Used to 
be important in West Africa 
Contamana Oblongue, rugby ball shape purple-ish 
seeds 
Floral, complex fruity Witch broom resistant, 
widely cross bred 
Criollo Round and oblongue shape 
with moon-like surface redish seeds 
Very fruity and 
complex aromas with 
fine acidity 
Pre-Columbian strain with 
extra qualities but weak and 
short yield 
Curaray 
Guiana Small size and yield. Earthy and strong 
cacao flavor 
High fat and high caffeine 
content, 
Iquitos 
Maranon Close to the Ecuadorian 
“Nacional” 
Nacional Orange colored avocado 
shaped pod 
Very dark 
seeds 
Fruity and floral 
including red fruits, 
berries. No bitterness 
Very fine quality originally 
form the foot hills of the 
Andes in Peru and now 
Nanay mostly in Southern Ecuador 
Purus 
Source http://www.c-spot.com/atlas 
13
37 “CULTIVARS” - 
Source http://www.c-spot.com/atlas 
Amazonas - Bahia- Cacao Monka - Canoabo - Carenero - Catongo - Caucano - 
CCN-51 - CCRP - Ceylan - Chuao - Chuno - Comum - Cumboto - Cuyagua - EET 
- Esmeraldas - Guasare - ICS - IMC 67 - Indio Rojo - Java - La Red - Maracaibo 
- Matina - Merideño - Nicaliso - Ocumare - Pajarito - Pandora - Perija -Playa Alta 
- Porcelana - Rio Caribe - Sur Del Lago - Theobahia -Trinitario 
CCN-51 = Coleccion Castro Naranjal 51 (1965) Guayaquil (Ecuador) 
CCRP = Cadbury Cocao Research Project (1979) Oceania 
EET = Estacion Experimental Tropical (1950’s) Ecuador Some are “Fino Aroma” 
ICS = Imperial College Selections 
IMC 67 = Iquitos Mixed Calabacillo (1930’s) based on Maranon fromPeru 
14
CERTIFICATIONS 
Fairtrade 
Rainforest Alliance 
UTZ Certified 
Many others 
15
WHAT’S IN A BEAN? 
Variances exist depending on 
varieties 
Polyphenols contains the 
“Flavonoids” 
Average Component % 
Oleic acid 18 
Shearic acid Cacao 
18 
Palmitic acid butter 
14 
Other fat ~ 54% 
3 
Carbohydrates 31 
Protein 11 
Polyphenols 3 
Minerals 1 
Total 100 
16
CACAO PRODUCTION / 
GROWING 
Select the variety 
Seed and transplant 
Protect 
Harvest 
Ferment 3 to 8 days 
Dry 
Bag 
Ship 
17
CHOCOLATE PRODUCTION 
Processes made by all chocolate 
makers, including large firms and 
bean 2 bar 
Ex. Hershey’s, Amano, Potomac chocolate or 
Nestle etc.. 
18 
Not needed if you don’t 
want cacao powder 
Depends on the maker’s 
private recipe
FLAVORS & SENSATIONS 
Humans have 8,000 taste buds scattered over the tongue capable of 
perceiving salty, bitter, sour, sweet and umami (Meat) sensations 
Each bud has a matching sensor in the brain (Columbia University) 
The brain interpretation forms the taste. 
Taste is a “holistic” sensation - Square chocolates do not taste the same as 
round ones 
19
CHOCOLATE FLAVORS 
Many aromas 
Inspired by wine tasting 
6 to 7 main aroma groups 
20
FLAVOR AND VARIETIES 
Traditional / “old” vision 
Criollos are fruity and great - High quality. About 7% of world production 
Forasteros are acidic and rugged - Low quality. About 85% of world 
production 
Trinatarios are close to Criollos - about 8% of world production 
Translates into : South American beans are great, African beans are low quality, 
Asian beans are middle ground - NOT QUITE TRUE 
21
WHERE IS FLAVOR FROM? 
50% comes from genetics, i.e the bean variety 
30% from the processes, 
Approximated percentages 
20 % “terroir” e.i. location, soil, weather etc. 
Fermentation, roasting and conching are the key flavor-forming steps 
22
YIELD VERSUS FLAVOR ? 
Criollo yield ~ 1 to 1.5 Ton per hectare 
“Fino de aroma” + Certified + custom 
Susceptible to desease 
CCN-51 ~ 4 to 6 Tons per hectares 
Desease resistant 
No questions asked 
23
GOURMET CHOCOLATE 
EXPLODES! 
In 2013 global chocolate market grew by 3.4% while first gourmet 
chocolate maker, Barry Caillebaut grew by 19.3% in volume and 21.4%in 
value (http://www.reuters.com/article/2014/01/15/us-barrycallebaut-results-idUSBREA0E0IU20140115) 
In 2013 - 20% of chocolate sales worldwide in “Dark chocolate”, and 
growing - a 93% growth over 2010 (KPMG Report) 
There are 22 “Salon du chocolat” (totaling over 3 million visitors worldwide) 
plus countless conferences worldwide, totaling millions more. 
24
HACKING CHOCOLATE? 
Passionate chocolate lovers 
Dissatisfaction with existing products 
Bean quality, sugar, grower’s treatment etc. 
Low cost tools, DIY and the Internet 
Wet grinders, small tempering tools etc. 
Web communities - thechocolatelife.com ; chocolatealchemy.com; www.homechocolatefactory.com etc. 
New suppliers cocoatown, cacaocucina, brooklyncacao etc. 
Affluent buyers 
25
HACKING CHOCOLATE? 
Quality oriented - Meticulous bean sourcing - Small batches (Starting 20lb) 
- Creative flavors - Creative marketing 
59 Bean 2 bar makers in the US, (25% in CA) 
http://ultimatechocolateblog.blogspot.com 
Very small to semi-industrial 
26
THE NEW CONSUMER 
Hybrid consumer - Luxury & Quality seeker, 
Daily luxury versus volume eater 
Life style choice 
Dark chocolate perceived as quality 
The global experience , i.e the chocolate pause 
27
THE IRRESISTIBLE DARK 
INVASION 
Key market 5 year 
evolution 
28
COMING NEXT 
Towards a healthier Chocolate - Traceable origin, varieties, sustainable, fair etc.. 
“Customization” from small newcomers will be expanded by big players 
Innovation via digital revolution in making new shapes and sensations 
Sustainability and productivity in the field are main issues 
Key volume markets: Brazil, China, Colombia, India, Russia, South Africa, 
Turkey and Vietnam (Mondelez statement) 
29
? 
30

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The Chocolate Renaissance

  • 1. CHOCOLATE RENAISSANCE Back to the flavors 1
  • 2. CONTENT Chocolate numbers Varieties Flavors and sensations Hacking chocolate or “Bean 2 Bar” Coming next 2
  • 3. CHOCOLATE NUMBERS World market - US$ 83.2 Billions in 2010, to be US$ 98.3 Billions in 2016 - 2.7 % yearly growth. (Filmed entertainment $ 88 B; Consumer Electronics $289 B) Americans consumed 3 Billions Pounds (1.6 Billions Tons) of chocolate for $13.1 Billion in 2001 Non chocolate candy products = $ 7.6 B 71% of Americans prefer Milk chocolate - 4 Billion ton of beans harvest in 2013 A 1500 year old business, at least 3
  • 4. WHO EATS IT? Europeans 16 of the top 20 consumers per capita GER, Swiss, UK are top with approx. 10kg/ head/year All Americans Others Overall consumption trend is a yearly 2-5 % increase 3.3% on average over last 10 years 4
  • 5. WHAT DO THEY EAT? Milk far ahead, then filled chocolate Large differences (Belgium) FDA White chocolate: At least 20% cacao butter/fat and 14% dried milk. - 55% sugar MAXIMUM FDA Milk chocolate 10% chocolate liquor minimum 12% dried milk minimum Fat must be from cacao bean (butter) 5 Dark chocolate
  • 6. WHERE IS CACAO COMING FROM? 3/4 come from Africa (40% Ivory Coast alone) 6
  • 7. CONCENTRATION OF PRODUCERS In 10 years Africa 69 to 72% America 14% Asia 17 to 15% 7
  • 8. CACAO PRICE 2002/2012 Variations between $ 1,361 to $ 3,730 / Ton • Prices barely kept pace with inflation in buyer’s markets • No visible impact of social initiatives • Price increase due to higher demand • Bulk buying remains king 8
  • 9. COCOA CLASSIFICATION Bulk - Uncertified, no guarantee of variety, ripeness, fertilizer, fermentation level etc.. Commodity price - Approx. $ 2.25/Kg Certified: By one or more certifying body usually focused on one specific characteristic (organic, fair, no-children slavery etc.) This guarantees the certified component but does not necessarily guarantee variety, quality or taste. Improved commodity price - $ 2.5 to $ 3.5/Kg Fine flavor (high quality): Guarantees of variety, origin, processes and taste. But not necessarily clear on other criteria. Negotiated price well above commodity price. Up to $ 20/Kg 9
  • 10. GLOBAL GROWTH • Certified segments growing faster than overall production • Fine flavor steady in volume, grows in value • Volume and value growth in bulk 10
  • 11. BIGGEST BULK BUYERS Large multinational companies with worldwide sales High level of concentration No reference to cacao quality Top 10 chocolate/candy companies Billing in US$ M Brand Country Mondelez (ex- Krafts food) 19.965 Toblorone, Cadbury US Mars 16.200 Mars, Twix, Bounty US Nestle 12.808 Kit Kat, Smarties CH Ferrrero Spo 9.612 Nutella IT Hershey’s 6.112 Hershey’s bars US Lindt 2.796 CH August Storck 2.205 Merci, Original GR Yildiz 2.095 Godiva, TUR Meiji Co. 1.791 JAP 11
  • 12. BEAN VARIETY The “historic” classification Criollo - Originally from Central America, Criollos dominated the market until the mid 17th. There may not be any “pure” Criollo trees left. ~ 6% of world production Forasteros - Originally from the Upper Amazon region, the appellation covers a large group of cultivated, semi-wild and wild sub-varieties. They include Comum in Brazil, West African Amelonado (Africa), Nacional (Ecuador),Matina or Ceylan in Costa Rica and Mexico. Hybrids from the Upper Amazon region are widely used in large plantations worldwide. ~ 82% of world production Trinatario - Considered part of the Forasteros family, are a cross of Criollo and Forastero started unintentionally in Trinidad after the 1727 “blast” destroyed the original Criollo trees. Currently present in Venezuela, Ecuador, Cameroon, Samoa, Sri Lanka, Java and Papua New Guinea. ~ 12% of world production 12
  • 13. THE DNA CLASSIFICATION 10 DNS identified strains (USDA, Mars - Motomayor study 2008) Cluster Outside Inside Flavor Comments Amelonado Melon shape, thick skin, shallow ridges, round tip greenish seeds Earthy cocoa, leather, wood, bitter Close to the Guina. Used to be important in West Africa Contamana Oblongue, rugby ball shape purple-ish seeds Floral, complex fruity Witch broom resistant, widely cross bred Criollo Round and oblongue shape with moon-like surface redish seeds Very fruity and complex aromas with fine acidity Pre-Columbian strain with extra qualities but weak and short yield Curaray Guiana Small size and yield. Earthy and strong cacao flavor High fat and high caffeine content, Iquitos Maranon Close to the Ecuadorian “Nacional” Nacional Orange colored avocado shaped pod Very dark seeds Fruity and floral including red fruits, berries. No bitterness Very fine quality originally form the foot hills of the Andes in Peru and now Nanay mostly in Southern Ecuador Purus Source http://www.c-spot.com/atlas 13
  • 14. 37 “CULTIVARS” - Source http://www.c-spot.com/atlas Amazonas - Bahia- Cacao Monka - Canoabo - Carenero - Catongo - Caucano - CCN-51 - CCRP - Ceylan - Chuao - Chuno - Comum - Cumboto - Cuyagua - EET - Esmeraldas - Guasare - ICS - IMC 67 - Indio Rojo - Java - La Red - Maracaibo - Matina - Merideño - Nicaliso - Ocumare - Pajarito - Pandora - Perija -Playa Alta - Porcelana - Rio Caribe - Sur Del Lago - Theobahia -Trinitario CCN-51 = Coleccion Castro Naranjal 51 (1965) Guayaquil (Ecuador) CCRP = Cadbury Cocao Research Project (1979) Oceania EET = Estacion Experimental Tropical (1950’s) Ecuador Some are “Fino Aroma” ICS = Imperial College Selections IMC 67 = Iquitos Mixed Calabacillo (1930’s) based on Maranon fromPeru 14
  • 15. CERTIFICATIONS Fairtrade Rainforest Alliance UTZ Certified Many others 15
  • 16. WHAT’S IN A BEAN? Variances exist depending on varieties Polyphenols contains the “Flavonoids” Average Component % Oleic acid 18 Shearic acid Cacao 18 Palmitic acid butter 14 Other fat ~ 54% 3 Carbohydrates 31 Protein 11 Polyphenols 3 Minerals 1 Total 100 16
  • 17. CACAO PRODUCTION / GROWING Select the variety Seed and transplant Protect Harvest Ferment 3 to 8 days Dry Bag Ship 17
  • 18. CHOCOLATE PRODUCTION Processes made by all chocolate makers, including large firms and bean 2 bar Ex. Hershey’s, Amano, Potomac chocolate or Nestle etc.. 18 Not needed if you don’t want cacao powder Depends on the maker’s private recipe
  • 19. FLAVORS & SENSATIONS Humans have 8,000 taste buds scattered over the tongue capable of perceiving salty, bitter, sour, sweet and umami (Meat) sensations Each bud has a matching sensor in the brain (Columbia University) The brain interpretation forms the taste. Taste is a “holistic” sensation - Square chocolates do not taste the same as round ones 19
  • 20. CHOCOLATE FLAVORS Many aromas Inspired by wine tasting 6 to 7 main aroma groups 20
  • 21. FLAVOR AND VARIETIES Traditional / “old” vision Criollos are fruity and great - High quality. About 7% of world production Forasteros are acidic and rugged - Low quality. About 85% of world production Trinatarios are close to Criollos - about 8% of world production Translates into : South American beans are great, African beans are low quality, Asian beans are middle ground - NOT QUITE TRUE 21
  • 22. WHERE IS FLAVOR FROM? 50% comes from genetics, i.e the bean variety 30% from the processes, Approximated percentages 20 % “terroir” e.i. location, soil, weather etc. Fermentation, roasting and conching are the key flavor-forming steps 22
  • 23. YIELD VERSUS FLAVOR ? Criollo yield ~ 1 to 1.5 Ton per hectare “Fino de aroma” + Certified + custom Susceptible to desease CCN-51 ~ 4 to 6 Tons per hectares Desease resistant No questions asked 23
  • 24. GOURMET CHOCOLATE EXPLODES! In 2013 global chocolate market grew by 3.4% while first gourmet chocolate maker, Barry Caillebaut grew by 19.3% in volume and 21.4%in value (http://www.reuters.com/article/2014/01/15/us-barrycallebaut-results-idUSBREA0E0IU20140115) In 2013 - 20% of chocolate sales worldwide in “Dark chocolate”, and growing - a 93% growth over 2010 (KPMG Report) There are 22 “Salon du chocolat” (totaling over 3 million visitors worldwide) plus countless conferences worldwide, totaling millions more. 24
  • 25. HACKING CHOCOLATE? Passionate chocolate lovers Dissatisfaction with existing products Bean quality, sugar, grower’s treatment etc. Low cost tools, DIY and the Internet Wet grinders, small tempering tools etc. Web communities - thechocolatelife.com ; chocolatealchemy.com; www.homechocolatefactory.com etc. New suppliers cocoatown, cacaocucina, brooklyncacao etc. Affluent buyers 25
  • 26. HACKING CHOCOLATE? Quality oriented - Meticulous bean sourcing - Small batches (Starting 20lb) - Creative flavors - Creative marketing 59 Bean 2 bar makers in the US, (25% in CA) http://ultimatechocolateblog.blogspot.com Very small to semi-industrial 26
  • 27. THE NEW CONSUMER Hybrid consumer - Luxury & Quality seeker, Daily luxury versus volume eater Life style choice Dark chocolate perceived as quality The global experience , i.e the chocolate pause 27
  • 28. THE IRRESISTIBLE DARK INVASION Key market 5 year evolution 28
  • 29. COMING NEXT Towards a healthier Chocolate - Traceable origin, varieties, sustainable, fair etc.. “Customization” from small newcomers will be expanded by big players Innovation via digital revolution in making new shapes and sensations Sustainability and productivity in the field are main issues Key volume markets: Brazil, China, Colombia, India, Russia, South Africa, Turkey and Vietnam (Mondelez statement) 29
  • 30. ? 30