CocoBanas cocoa beans Research Paper Example | Topics and Well Written Essays - 2000 words

CocoBanas Cocoa Beans - Research Paper Example This is because Canada has lower manufacturing costs compared to America. As a matter of facts, Canada accounts for 2/3 of the total cocoa imported to America. It has been observed over the past years that many American based plants are either transferred to Canada or Mexico to lower the production costs. The cocoa product market in Canada is expected to continue growing despite increased health concerns. In 2012, the consumption of chocolate was increased by 4% and was projected to increase further in the year 2013-2014. Canadians have been known for their love of sweet foods and snacks which accounts for 24% of their overall food consumption. The growth in the industry is as a result of population growth combined with expansion into new markets.   The market is expected to continue growing at a constant value of 2% up to the year 2017. The growth trend will be defined by two factors: planned purchases by consumers as the expansion of the luxury products market ((PrideM., Hughes& Kapoor, 2012: 235). 2.2 Target Market of CocoBana and their Characteristics in Canada Chocolate consumption is higher among the females than males with 8% of males and 91% of female reported to consume chocolate products. The younger people, below the age of 35 are seen to consume more chocolate and candy compared to the older generations. This is because the youths are less concerned about their health and may not have many health complications like the older generations. Consumption of chocolate is uniform across earning levels. Despite the economic recession, people consider the consumption of chocolate as an affordable luxury. This explains why the consumption has not been affected.