Co-authored by Stasha Igrutinovic
On 7 July 2023, chocolate lovers around the world unite to celebrate World Chocolate Day, paying homage to this timeless guilty pleasure in all its shapes and flavours.
Most of us will be familiar with staple chocolate brands such as Lindt, Nestlé and Cadbury, and might even have some of their last remaining tidbits in our cupboards.
Although countries like Switzerland, Belgium and France have long been famous for their chocolates, the EBRD’s regions are home to some of the most innovative chocolate artisans who honour both the art and science of chocolate making.
As we indulge in our favourite cocoa-based treats, let’s take a moment to explore why this day is special, what makes chocolate so wonderful, the challenges faced by the industry, and the social considerations surrounding this beloved indulgence, as told by two companies the EBRD has recently supported together with its donors.
‘Moko’ loko!
Based in Egypt, Moko was founded through trial and error. Its initial chocolate products sold well without professional packaging or marketing so, recognising the potential to scale up, founder Mahmoud Barakat decided to actively develop the brand Meringo, which eventually became Moko - and the EBRD played a significant role in shaping the business.
The main objective of the EBRD advisory project supported by the European Union was to gain a comprehensive understanding of the chocolate market in Egypt and define a unique entry point for Moko.
Founder Mahmoud Barakat says, “The market study, facilitated by the EBRD, laid the foundation for our brand ethos and guided our decision-making processes regarding strategy, product development, and overall market approach. Operationally, it has been instrumental in defining our brand identity and providing direction for our ongoing product innovations.”
The company certainly has a unique visual style, with vibrant, eye-catching packaging, unique flavours, and most importantly a commitment to quality and attention to detail.
Mahmoud Barakat says, “In just four years, we have expanded our range to over 200 products, which are sold in our own shops as well as supermarkets. Additionally, we continuously strive to innovate and create new products. On average, we develop around 30 to 40 new products each year and currently offer 70 different flavours.”
This ranges from the wildly innovative wasabi flavour, to matcha, strawberry cheesecake, karkade, tahini, Turkish coffee, and many more… Delicious!
Moko sources all its chocolate from European suppliers who practice fair trade and employ sustainable farming methods.
By working with these suppliers, they try to ensure that their cocoa is ethically sourced and contributes positively to the communities involved in its production.
Industry challenges
The chocolate industry faces various challenges that impact both producers and consumers. Mahmoud says of Moko, “The main challenges we currently face include supply chain issues, foreign exchange shortages and inflation. Since most of our ingredients are imported, these factors have significantly increased our costs over the past year.”
The market in which the company operates is already sizeable and presents significant opportunities for growth. Indeed, Moko has also received numerous requests for expansion in the Middle East and North African region, which Mahmoud is already planning to explore, indicating the potential appetite for the brand.
Where to get your sugar fix in Uzbekistan
Making our way to Uzbekistan, we meet Maria Portnova, a pioneering artisan and rising chocolate star in her hometown Tashkent.
Originally a hairdresser by profession, Maria discovered her passion and talent for chocolate after attending a masterclass at a chocolate academy abroad. She brought her aptitude back home, where she started crafting chocolates for friends, family and loved ones.
Maria’s handmade chocolates quickly surged in popularity, prompting her to launch a Facebook page on which to sell her wonderful creations. The business quickly outgrew her home, and she moved her company Viva Maria into its first official premises. After a few years, demand for her confectionary reached sugar high, and soon it was time to find a home for her chocolates on the bustling streets of Tashkent.
Maria imports chocolate from Italy, Belgium and France, but concocts her own variations using local Uzbek ingredients – nuts, dried fruit and fruit purees – bestowing her chocolates with artisanal notes and distinctive national flavours that sets hers apart from those of her competitors.
All of the chocolate is handmade at her shop, where Maria also organises regular workshops for her staff, inviting international chocolatiers of the highest pedigree to share their knowledge and prized techniques.
Maria never had any formal training in business or finance, but she allowed her innate leadership talent and love for her craft to guide her decision-making.
The EBRD supported Maria with a range of consulting projects, from warehouse management and financial accounting, to market research and e-commerce. The advisory projects, supported by the Bank’s Small Business Impact Fund (Italy, Ireland, Japan, Korea, Luxembourg, Norway, Sweden, Switzerland, TaiwanBusiness – EBRD Technical Cooperation Fund and the USA) along with the Women Entrepreneurs Finance Initiative helped Maria automate her business processes and gain a clearer picture of her company’s financial situation.
Inspired by her own experience, Maria joined the EBRD’s Women in Business programme as a mentor in a bid to give back to her community of women entrepreneurs and encourage peers who might be facing the same challenges she once did.
“I believe that a chocolatier can infuse love, kindness, and their unique vision in the world through chocolate. We really enjoy what we do and approach every day with the same enthusiasm we started out with. That’s the secret of our chocolate,” says Maria.
Appeal and benefits
Chocolate has long been treasured for its taste, but it is also an instant mood booster, known to contain certain compounds that stimulate the release of endorphins – also referred to as “feel-good” hormones – so it is a treat that not only tastes delicious but also makes us feel good, going some way to explaining its enduring popularity.
Adding to these benefits, cocoa is known to contain antioxidants that are said to have many positive effects on our health. It’s no wonder chocolate has global appeal!
A day for chocoholics to rejoice!
Today, chocolate has become a symbol of love, indulgence and gift-giving, making it an integral part of special occasions and cultural practices across the globe.
World Chocolate Day serves as a reminder to appreciate the pleasure and benefits that this tasty treat brings to our lives.
From enjoying its mouth-watering flavours and mood-enhancing properties to addressing the challenges faced by the industry and the importance of supporting ethical practices, this day encourages us to savour chocolate in all its glory.
So, let’s celebrate the magic of chocolate and show some appreciation to all those who have brought this luxury into our lives!