1 Executive Summary 9 2 Introduction 10 2.1 Definition 10 2.1.1 Organic Cocoa 10 2.1.2 Hypothesis suggesting history of cocoa production 10 2.2 Scope of the Study 11 2.2.1 Research Methodology 11 2.3 Assumptions 11 2.4 Limitations 11 2.5 Market Structure 12 2.5.1 Global Organic Cocoa, By Application 12 2.5.2 Global Organic Cocoa, By Region 12 3 Research Methodology 13 3.1 Research Process 13 3.2 Primary Research 15 3.3 Secondary Research 16 3.4 Forecast Model 17 4 Premium Insights 18 4.1 Global Organic Cocoa Market: Market Mapping & Research Methodology 18 4.2 Market Overview: Global Organic Cocoa Market 19 4.3 Industry Trends and Market Environment: Global Organic Cocoa Market , 2017E 19 4.4 Regulatory Framework: Global Organic Cocoa Market 20 4.5 General requirements for cocoa beans, cocoa derivatives and chocolate products to be labelled “(100%) Organic”: 21 4.6 Organizations controlling organic cocoa production 21 4.7 Harvesting Period 22 5 Market Dynamics 23 5.1 Introduction 23 5.2 Drivers: 24 5.2.1 Increasing demand for organic food: 24 5.2.2 Escalating demand for premium chocolate brands: 24 5.2.3 Strong focus on R&D: 25 5.2.4 Rising awareness about nutritional benefits: 25 5.3 Restraints: 26 5.3.1 Price fluctuations: 26 5.3.2 Unattractive employment: 26 5.4 Opportunities: 27 5.4.1 Increasing demand for clean label products: 27 5.4.2 Strong performance of food service industries and retail channels: 27 5.4.3 Product Promotions: 27 5.5 Challenges: 29 5.5.1 Soil and climatic conditions: 29 5.5.2 Inadequate finance availability: 29 5.5.3 Political Crisis: 30 6 Mega Trends 31 6.1 Trade (Import-export) Analysis 31 6.1.1 Conventional Cocoa Bean Export Analysis 31 6.1.2 Conventional Cocoa Bean Import Analysis 33 6.2 Demand/Supply Analysis 34 6.3 Macroeconomic indicators analysis 35 7 Market Factor Analysis 38 7.1 Introduction 38 7.2 Value Chain Analysis 38 7.3 Supply Chain Analysis 39 7.4 Porter's Five Forces 42 7.4.1 Porter's 5 Forces Analysis: Organic Cocoa Market 42 7.4.2 Threat of New Entrants 43 7.4.3 Threat of Substitutes 43 7.4.4 Bargaining Power of Buyers 44 7.4.5 Bargaining Power of Suppliers 44 7.4.6 Intensity of Rivalry 44 8 Market Share Analysis: Major Conventional Cocoa Processors 46 8.1 Ivory Coast Conventional Cocoa Processors 46 8.2 Ghana Conventional Cocoa Processors 47 8.3 Indonesia Conventional Cocoa Processors 48 9 Global Organic and Conventional Cocoa Market Overview 49 9.1 Global Organic Cocoa Market 49 9.2 Global Organic Cocoa Market by Application 50 9.3 Global Conventional Cocoa Market 51 10 Africa Organic and Conventional Cocoa Market Overview 53 10.1 Africa Organic Cocoa Market 53 10.2 Africa Organic Cocoa Market by Application 55 10.3 Africa Conventional Cocoa Market 56 10.4 Price trends of Organic and Conventional Cocoa Market in Africa 58 11 America Organic and Conventional Cocoa Market Overview 61 11.1 America Organic Cocoa Market 61 11.2 America Organic Cocoa Market by Application 63 11.3 America Conventional Cocoa Market 64 11.4 Price trends of Organic and Conventional Cocoa Market in America 66 12 Rest of World Organic and Conventional Cocoa Market Overview 69 12.1 Rest of World Organic Cocoa Market 69 12.2 Rest of World Organic Cocoa Market by Application 71 12.3 Rest of World Conventional Cocoa Market 72 12.4 Price trends of Organic and Conventional Cocoa Market in Rest of World 74 13 Global Organic Cocoa Suppliers Profiles/Analysis 77 13.1 Olam (Uganda) Limited (Uganda) 77 13.2 Uganda Cocoa & Commodities Limited (Uganda) 77 13.3 BT Cocoa (Indonesia) 79 13.4 Tradin Organic Agriculture B.V. (U.S.) 80 13.5 The Biolands Group (Tanzania) 80 13.6 Conacado Agroindustrial S.A. (Dominican Republic) 82 14 Global Organic Cocoa Buyers Profiles/Analysis 83 14.1 Barry Callebaut AG (Switzerland) 83 14.2 Olam International (Singapore) 84 14.3 Blommer chocolate company (U.S.) 85 14.4 Camino/ La Siembra (Canada) 86 14.5 Mars Inc. (U.S.) 87

TABLE 1 INSTITUTIONS AND AGENCIES INVOLVED IN ORGANIC COCOA CERTIFICATION 20 TABLE 2 PESTLE ANALYSIS OF ORGANIC COCOA MARKET 35 TABLE 3 PESTLE ANALYSIS: IVORY COAST 35 TABLE 4 PESTLE ANALYSIS-INDONESIA 36 TABLE 5 PESTLE ANALYSIS- MEXICO 36 TABLE 6 MAJOR PROCESSORS OF CONVENTIONAL COCOA IN IVORY COAST 46 TABLE 7 MAJOR PROCESSORS OF CONVENTIONAL COCOA IN GHANA 47 TABLE 8 MAJOR PROCESSORS OF CONVENTIONAL COCOA IN INDONESIA 48 TABLE 9 GLOBAL ORGANIC COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 49 TABLE 10 GLOBAL ORGANIC COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 49 TABLE 11 GLOBAL ORGANIC COCOA MARKET BY VALUE, 2007-2015, USD MILLION 49 TABLE 12 GLOBAL ORGANIC COCOA MARKET BY VALUE, 2016-2022, USD MILLION 50 TABLE 13 GLOBAL ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2007-2015, KILO TONS 50 TABLE 14 GLOBAL ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2016-2022, KILO TONS 51 TABLE 15 GLOBAL CONVENTIONAL COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 51 TABLE 16 GLOBAL CONVENTIONAL COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 51 TABLE 17 GLOBAL CONVENTIONAL COCOA MARKET BY VALUE, 2007-2015, USD BILLION 52 TABLE 18 GLOBAL CONVENTIONAL COCOA MARKET BY VALUE, 2016-2022, USD BILLION 52 TABLE 19 AFRICA ORGANIC COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 53 TABLE 20 AFRICA ORGANIC COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 53 TABLE 21 AFRICA ORGANIC COCOA MARKET BY VALUE, 2007-2015, USD MILLION 54 TABLE 22 AFRICA ORGANIC COCOA MARKET BY VALUE, 2016-2022, USD MILLION 54 TABLE 23 AFRICA ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2007-2015, KILO TONS 55 TABLE 24 AFRICA ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2016-2022, KILO TONS 55 TABLE 25 AFRICA CONVETIONAL COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 56 TABLE 26 AFRICA CONVETIONAL COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 56 TABLE 27 AFRICA CONVETIONAL COCOA MARKET BY VALUE, 2007-2015, USD BILLION 57 TABLE 28 AFRICA CONVETIONAL COCOA MARKET BY VALUE, 2016-2022, USD BILLION 57 TABLE 29 PREMIUM % OF ORGANIC COCOA IN AFRICA, 2007-2016 60 TABLE 30 PREMIUM % OF ORGANIC COCOA IN AFRICA, 2017-2022 60 TABLE 31 AMERICA ORGANIC COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 61 TABLE 32 AMERICA ORGANIC COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 61 TABLE 33 AMERICA ORGANIC COCOA MARKET BY VALUE, 2007-2015, USD MILLION 61 TABLE 34 AMERICA ORGANIC COCOA MARKET BY VALUE, 2016-2022, USD MILLION 62 TABLE 35 AMERICA ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2007-2015, KILO TONS 63 TABLE 36 AMERICA ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2016-2022, KILO TONS 63 TABLE 37 AMERICA CONVENTIOANAL COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 64 TABLE 38 AMERICA CONVENTIOANAL COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 64 TABLE 39 AMERICA CONVENTIOANAL COCOA MARKET BY VALUE, 2007-2015, USD BILLION 65 TABLE 40 AMERICA CONVENTIOANAL COCOA MARKET BY VALUE, 2016-2022, USD BILLION 65 TABLE 41 PREMIUM % OF ORGANIC COCOA IN AMERICA, 2007-2016 68 TABLE 42 PREMIUM % OF ORGANIC COCOA IN AMERICA, 2017-2022 68 TABLE 43 REST OF WORLD ORGANIC COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 69 TABLE 44 REST OF WORLD ORGANIC COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 69 TABLE 45 REST OF WORLD ORGANIC COCOA MARKET BY VALUE, 2007-2015, USD MILLION 70 TABLE 46 REST OF WORLD ORGANIC COCOA MARKET BY VALUE, 2016-2022, USD MILLION 70 TABLE 47 REST OF WORLD ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2007-2015, KILO TONS 71 TABLE 48 REST OF WORLD ORGANIC COCOA MARKET VOLUME BY APPLICATION, 2007-2015, KILO TONS 71 TABLE 49 REST OF WORLD CONVENTIONAL COCOA MARKET BY VOLUME, 2007-2015, KILO TONS 72 TABLE 50 REST OF WORLD CONVENTIONAL COCOA MARKET BY VOLUME, 2016-2022, KILO TONS 72 TABLE 51 REST OF WORLD CONVENTIONAL COCOA MARKET BY VALUE, 2007-2015, USD BILLION 73 TABLE 52 REST OF WORLD CONVENTIONAL COCOA MARKET BY VALUE, 2016-2022, USD BILLION 73 TABLE 53 PREMIUM % OF ORGANIC COCOA IN REST OF WORLD, 2007-2016 76 TABLE 54 PREMIUM % OF ORGANIC COCOA IN REST OF WORLD, 2017-2022 76 TABLE 55 OLAM (UGANDA) LIMITED: COMPANY OVERVIEW 77 TABLE 56 OLAM (UGANDA) LIMITED: PRODUCTION CAPACITY 77 TABLE 57 UGANDA COCOA & COMMODITIES LIMITED: COMPANY OVERVIEW 77 TABLE 58 UGANDA COCOA & COMMODITIES LIMITED: PRODUCTION CAPACITY 78 TABLE 59 BT COCOA: COMPANY OVERVIEW 79 TABLE 60 BT COCOA: PRODUCTION CAPACITY 79 TABLE 61 TRADIN ORGANIC AGRICULTURE B.V.: COMPANY OVERVIEW 80 TABLE 62 1.4.2 TRADIN ORGANIC AGRICULTURE B.V.: PRODUCTION CAPACITY 80 TABLE 63 THE BIOLANDS GROUP: COMPANY OVERVIEW 80 TABLE 64 THE BIOLANDS GROUP: PRODUCTION CAPACITY 81 TABLE 65 CONACADO AGROINDUSTRIAL S.A.: COMPANY OVERVIEW 82 TABLE 66 CONACADO AGROINDUSTRIAL S.A.: PRODUCTION CAPACITY 82 TABLE 67 BARRY CALLEBAUT AG: COMPANY OVERVIEW 83 TABLE 68 BARRY CALLEBAUT AG: BUYING CAPACITY 83 TABLE 69 OLAM INTERNATIONAL: COMPANY OVERVIEW 84 TABLE 70 OLAM INTERNATIONAL: BUYING CAPACITY 84 TABLE 71 BLOMMER CHOCOLATE COMPANY: COMPANY OVERVIEW 85 TABLE 72 BLOMMER CHOCOLATE COMPANY: BUYING CAPACITY 85 TABLE 73 CAMINO/ LA SIEMBRA: COMPANY OVERVIEW 86 TABLE 74 CAMINO/ LA SIEMBRA: BUYING CAPACITY 86 TABLE 75 MARS INC.: COMPANY OVERVIEW 87 TABLE 76 MARS INC.: BUYING CAPACITY 87 FIGURE 1 RESEARCH PROCESS OF MRFR 14 FIGURE 2 PRIMARY RESEARCH PROCESS 15 FIGURE 3 SECONDARY RESEARCH PROCESS: TOP DOWN & BOTTOM UP APPROACH 16 FIGURE 4 FORECAST MODEL 17 FIGURE 5 MARKET SEGMENTATION: GLOBAL ORGANIC COCOA MARKET 19 FIGURE 6 PRODUCT LIFECYLE: GLOBAL ORGANIC COCOA MARKET 19 FIGURE 7 DRIVERS & RESTRAINTS IMPACT ANALYSIS OF ORGANIC COCOA 23 FIGURE 8 TRENDS IN CONVENTIONAL COCOA BEAN EXPORTS (2012-2016), TONS 31 FIGURE 9 GLOBAL CONVENTIONAL COCOA BEAN EXPORT SHARE ANALYSIS (2012 VS 2016) 32 FIGURE 10 TREND IN CONVENTIONAL COCOA BEAN IMPORTS (2012-2016), TONS 33 FIGURE 11 GLOBAL CONVENTIONAL COCOA BEAN IMPORT SHARE ANALYSIS (2012 VS 2016) 33 FIGURE 12 VALUE CHAIN ANALYSIS OF GLOBAL ORGANIC COCOA MARKET 38 FIGURE 13 STAGES IN VALUE CHAIN PROCESSING OF ORGANIC COCOA 39 FIGURE 14 SUPPLY CHAIN ANALYSIS OF GLOBAL ORGANIC COCOA MARKET 40 FIGURE 15 STAGES INVOLVED IN THE SUPPLY CHAIN OF ORGANIC COCOA 40 FIGURE 16 PORTER'S 5 FORCES ANALYSIS OF GLOBAL ORGANIC COCOA MARKET 42 FIGURE 17 BRAND SHARE ANALYSIS 46 FIGURE 18 BRAND SHARE ANALYSIS 47 FIGURE 19 BRAND SHARE ANALYSIS 48 FIGURE 20 PRICE TREND OF ORGANIC COCOA IN AFRICA, USD/TON, 2007-2017 58 FIGURE 21 PRICE TREND OF ORGANIC COCOA IN AFRICA, USD/TON, 2018-2022 58 FIGURE 22 PRICE TREND OF CONVENTIONAL COCOA IN AFRICA, USD/TON (2007-2017) 59 FIGURE 23 PRICE TREND OF CONVENTIONAL COCOA IN AFRICA, USD/TON (2018-2022) 59 FIGURE 24 PRICE TREND OF ORGANIC COCOA IN AMERICA, USD/TON, 2007-2017 66 FIGURE 25 PRICE TREND OF ORGANIC COCOA IN AMERICA, USD/TON, 2018-2022 66 FIGURE 26 PRICE TREND OF CONVENTIONAL COCOA IN AMERICA, USD/TON, 2007-2017 67 FIGURE 27 PRICE TREND OF CONVENTIONAL COCOA IN AMERICA, USD/TON, 2018-2022 67 FIGURE 28 PRICE TREND OF ORGANIC COCOA IN REST OF WORLD, USD/TON, 2007-2017 74 FIGURE 29 PRICE TREND OF ORGANIC COCOA IN REST OF WORLD, USD/TON, 2018-2022 74 FIGURE 30 PRICE TREND OF CONVENTIONAL COCOA IN REST OF WORLD, USD/TON 75 FIGURE 31 PRICE TREND OF CONVENTIONAL COCOA IN REST OF WORLD, USD/TON, 2018-2022 75