Case 15: Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar C-171

Case 15
Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar
“Pacari is a company that was born from a dream. A dream
that seeks to generate a positive impact on earth, changing the
world’s history through its chocolate.”
“Our fundamental mission is to take care of the planet by giv-
ing back the life it brings to us through a quality and socially
responsible international chocolate.”
Carla Barbotó and Santiago Peralta founded SKS Farms in
Ecuador in as a family business selling organic flow-
ers. In , they gave up the flowers in favour of chocolate.
Their chocolate—Pacari—grew to become an award-winning
premium brand. From it was named “World’s Best
Chocolate” at the International Chocolate Awards in London
for five consecutive years. Certified Fair Trade, kosher, and
organic, Pacari chocolate is used by top chefs including Chile’s Source: Pacari.com

Carolina Bazan and Rodolfo Guzman, Colombian chef Jorge

Rausch, Michelin-starred chefs Martin Berasategui, Paco Mexico. Beans were used as currency in ancient times, when
Perez, and Maria Jose San Roman, And Ecuador’s Carolina the Mayans and Aztecs believed they had magical properties.
Sanchez. It was also a favourite of Oprah Winfrey. Following the Spanish colonization of the Americas, cocoa
By , with net sales expected to reach US million beans came to Europe (see Exhibit ). By the th century, the
and a staff of , Pacari was present in countries, selling word ‘chocolate’ applied to a range of products—often richer
different SKUs ranging from cocoa powder to chocolate in sugar, milk powder and additives than cocoa, and made
bars (see Exhibits , and ). It was unique in terms of its from the hardiest (but least flavour-some) beans.
quality, ethical standards (see Exhibit ) and origin— % In the st century, a growing interest in high-quality,
Ecuadorian from the farm to the final product. non-industrial chocolate derived from sustainably grown cocoa
The challenge was now to take Pacari to the next level— was transforming the industry. For example, Hershey’s expanded
targeting revenues of US million by (see Exhibits its artisanal chocolate line, purchasing smaller producers known
and ). for premium chocolate such as Scharffen Berger and Dagoba,
and independent chocolatiers continued to flourish.
By the global chocolate confectionery market was
Origins of the Global Chocolate worth US billion, up from US billion in . It
was dominated by six conglomerates that together accounted
Industry for . % of the market: Mars Inc. ( . %), Mondelez
The word “chocolate” comes from the Aztec “xocoatl”—which International ( . %), Fererro International ( . %), Nestlé
signifies a bitter drink brewed from cocoa beans. The Latin SA ( . %), Hershey Co ( . %) and Chocaledefriken Lindt
name for the tree, Theobroma cocoa, means “food of the gods”. ( . ). These global chocolate giants bought cocoa directly
Chocolate consumption is believed to date back , years from farmers (through tier suppliers who worked with
to pre-Colombian cultures of Mesoamerica and the Olmec, farmers’ cooperatives) and semi-processed cocoa from pro-
although recent research suggests that Ecuador’s cocoa heri- cessors. (Note: “Cocoa” refers to the tree, the beans, and the
tage could date back , years, , years before it reached powder. “Chocolate” refers to the processed product).

This case study was written by Amitava Chattopadhyay, Professor of Marketing and the GlaxoSmithKline Chaired Professor of Corporate Innovation at INSEAD,
Fabrizio Noboa and Alexandra Velasco, both Professors at Universidad San Francisco de Quito, USFQ Business School, Anne-Marie Carrick, Senior Research
Associate, and Andrew Lee, Research Associate, both at INSEAD. It is intended to be used as a basis for class discussion rather than to illustrate either effective or inef-
fective handling of an administrative situation.

The support of Carla Barboto and Santiago Peralta, co-founders of Productos SKSfarms Cia Ltda, is gratefully acknowledged. The funding for this research through the
Patrick Cescau/Unilever Endowed Fund is also gratefully acknowledged.

To access INSEAD teaching materials, go to https://publishing.insead.edu/. Copyright © INSEAD

COPIES MAY NOT BE MADE WITHOUT PERMISSION. NO PART OF THIS PUBLICATION MAY BE COPIED, STORED, TRANSMITTED, TRANSLATED,
REPRODUCED OR DISTRIBUTED IN ANY FORM OR MEDIUM WHATSOEVER WITHOUT THE PERMISSION OF THE COPYRIGHT OWNER.
C-172 Part 4: Case Studies

Exhibit 1 Income Statement for Productos SKS Farms CIA. LTDA.

2018 2019 2020

Revenue 5,361,329.84 4,793,484.73 4,018,432.19

Cost of Goods Sold 2,906,952.71 2,662,189.98 2,545,965.54

GROSS PROFIT 2,454,377.13 2,131,294.75 1,472,466.65

Sales Expenses 1,002,019.69 1,114,619.02 730,449.20

Administrative Expenses 877,584.12 755,490.54 867,721.66

Financial Expenses 126,249.98 95,731.34 155,594.94

TOTAL EXPENSES 2,005,853.79 1,965,840.90 1,753,765.80

EBITDA 448,523.34 165,453.85 281,299.15

Source: Pacari

Exhibit 2 Pacari Sales by Market (Value) The processors bought beans from farmers or tier
suppliers to make cocoa powder, butter, liquor and other
Country % Share of Pacari Business
types of fats for use by chocolate manufacturers. Three
Ecuador 60 players dominated the processing industry: Barry Callebaut
( . million metric tonnes), Cargill ( K metric tonnnes),
Chile 20 and Olam ( K metric tonnes). It was a capital-intensive,
Germany 3 low-margin business.
Chocolate is sold in various formats. In , tablets
Paraguay 3 were the most popular, with sales exceeding US billion,
Dubai 2 countlines US billion, boxed assortments US billion,
and chocolate pouches/bags US billion. The majority is
Spain 1.5 sold in supermarkets, hypermarkets and independent gro-
cers. Chocolate is mass produced and mass consumed. The
Canada 1.5
Swiss have the highest per capita consumption (see Exhibit )
USA 1 and the US is the world’s largest importer.
UK 1
Remaining 7% spread across some 30+ countries, including Japan, Malaysia, Egypt,
The Cocoa Supply Chain and Players
France, Switzerland, Sweden, Italy, Mexico, Peru, Guatemala, Singapore, New Zealand, Cocoa requires special conditions to grow, which are mainly
Australia, and Israel.
found in the region ° north and south of the equator
Source: Pacari
(the / zone). There are many steps involved in making
chocolate, from cultivating the trees, harvesting the beans,
to packaging the confectionery (see Exhibit ). First, farm-
Exhibit 3 Pacari Sales by Product and Geography ers grow, ferment and dry the beans. Some are organized in
% of Product % of Product
cooperatives/associations, but most are independent. The
Portfolio in Portfolio beans are transported to exporters, traders and processing
Product Type Ecuador Internationally companies, which roast, grind and transform them into
semi-finished cocoa products (liquor, butter and powder) for
Chocolate Bars 55 70
use by chocolate manufacturers.
Cocoa Liquor38 20 15 There is a vast divide between producers and consumers—
the former living in poverty, the latter indulging their love
Chocolate Covered Fruits 10 5
of luxury products. In , Ivory Coast was the largest
Sweetners, Nibs, Cereals, 5 5 exporter of cocoa, accounting for . % of global exports
Spreads, Ice Cream* worth US . billion, while neighbouring Ghana had
. %. The two countries were home to . million cocoa
Gift Boxes 10 5
farmers who earned less than a dollar per day (well below the
* Sold only in Ecuador through the Pacari flagship store in Quito. ‘poverty line’ of US . ). An estimated . million children
Source: Pacari worked in cocoa production, often illegally. The problem
Case 15: Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar C-173

Exhibit 4 Ethiscore of Chocolate Producers

Using the Tables Environment Animals People Politics +ve Using the Tables

Ethiscore (out of 14 + 6 extras)

Ethiscore: the higher the score, the Positive ratings (+ve):
better the company. Scored out
of 14. Plus up to 1 extra point for

Supply chain management

Company ethos:

Controversial technologies
Company Ethos and up to 5 extra

Environmental reporting
= full mark

Irresponsible marketing
Arms & Military supply
points for Product Sustainability.

Product sustainability
= half mark

Habitats & Resources

Green (good) = 12+

Anti-social nance
Pollution & Toxics
Product sustainability:
Amber (average) = 11.5–5

Factory farming

Company Ethos
Political activity
Climate change

Workers' rights
Animal testing
Various positive marks available

Human rights
Red (Poor) = 4.5–0

Animal rights

Tax conduct
depending on sector.

Boycott call
= worst rating
= middle rating

Palm oil
= best rating/no criticisms found Best Buys are highlighted in blue

Brand Company group

Pacari [F,O,S,V] 18.5 3.5 Pacari Chocolate, LLC
Beyond Good [F,O,S,V] 18 3.5 Beyond Good
MIA [FS] 17 2 Kuanza Ltd
Ombar [F,O,V] 17 3 Mood Foods Ltd
Plamil [F,O,V] 17 2.5 Plamil Foods Ltd
Fairafric [F,O,S] 16.5 3 Weinrich/Fairafric/Reimers
Moo Free [O,V] 16.5 2 Moo Free Ltd
Vego [F,O,V] 16.5 2.5 VEGO Good Food UG
Booja Booja [O,V] 15.5 2 Mr C G Mace
Chocolat Madagascar ‘milk’ [V,F,S] 15 2.5 Ramanandraibe family
Cocoa Loco [F,O] 15 2 Payne Family
Chocolat Madagascar [F,S] 14.5 2 Ramanandraibe family
Equal Exchange [F.O] 14 2 Equal Exchange Inc
Seed and Bean [F,O] 14 2 Organic Seed & Bean Co Ltd
Biona [O] 13 1 Windmill Organics Ltd
Divine [F,O] 12.5 2 Ludwig Weinrich/Kuapa Kokoo
Tony’s Chocolonely [F,S] 12.5 2 Tony’s Factory B.V.
Traidcraft [F,O] 12 2 Traidcraft Foundation
Willies [F,S] 11.5 2 Willies Cacao Ltd
Waitrose Duchy [F,O] 10.5 2 John Lewis/The Prince’s Charities
iChoc [O,V] 10 1.5 Ludwig Weinrich GmbH & Co. KG
Vivani [0] 9.5 1 Ludwig Weinrich GmbH & Co. KG
Montezuma’s “milk” [O,V] 9 1.5 Revenge Holdings Ltd
Hotel Chocolat “milk” [V] 8.5 0.5 Hotel Chocolat Group Plc
Ritter Sport 8.5 Alfred Ritter GmbH & Co. KG
Hotel Chocolat 8 Hotel Chocolat Group Plc
Co-op [F] 7 1 Co-operative Group Ltd
Lindt 7 Lindt & Sprüngli AG
Marks and Spencer [F] 7 1 Marks & Spencer Group plc
Waitrose [F] 5.5 1 John Lewis Partnership
Ferrero, Kinder, Thorntons 5 Ferrero International SA
Godiva 5 Yildiz Holding A.S
Aldi [F] 4.5 1 Aldi South
Hershey’s 4 The Hershey Trust Company
Lidl [F] 4 1 Schwarz Group
Guylian 3.5 Lotte Group
Morrisons [F] 3.5 1 Wm Morrison Supermarkets plc
Sainsbury’s [F] 2.5 1 J Sainsbury plc
Galaxy “milk” [V] 2 1 Mars Inc
Green & Black’s [F,O] 2 2 Mondelez International
Maltesers [F] 2 1 Mars Inc
Galaxy Smooth Milk [RA] 1.5 0.5 Mars Inc
Mars 1 Mars Inc
Tesco [RA] 1 0.5 Tesco plc
ASDA [RA] 0.5 0.5 Walmart Inc.
Kit Kat, Nestlé [RA] 0.5 0.5 Nestlé SA
Cadbury 0 Mondelez International
[0] = organic [F] Fairtrade [RA] = Rainforest Alliance [S] = goes beyond certi cation [V] = vegan

Source: Ethical Consumer, January/February 2021, p. 12

of deforestation has intensified as impoverished farmers Ecuador’s Cocoa Heritage

encroach on forest land to plant cocoa.
Cocoa imports are highest in developed countries. The “Ecuador sits on a gold mine of cocoa...The nation is now
Netherlands, for example, is in the top ten importers of famous for its single-origin chocolate.”
cocoa-based products and a top exporter. Prices world-wide
are determined on the London NYSE-LIFFE and New York Cocoa trees, which are native to lowland rainforests of the
ICE Cocoa Futures markets. Amazon and Orinoco river basins, were first grown on
C-174 Part 4: Case Studies

Exhibit 5 Imports of Chocolate by Country

6
5.21
5

4
US $ billion 3.09
3

2.08 2.02
2 1.74 1.67
1.44 1.42
0.97 0.86
1

Source: UN Comtrade via Statista, accessed November 2020.

Exhibit 6 Principal Export Destinations of Chocolate Products from Ecuador—201839

Indonesia 59.678
USA 53.909
Malaysia 48.460
Netherlands 36.850
Mexico 23.892
Germany 15.923
China 15.058
Belgium 10.340
Canada 8.453
Japan 8.265

0 15 30 45 60
Volume in metric tons
Source: ANECOCOA, 2019 SECTOREXPORTADORDE COCOA, accessed November 2020. http://www.anecocoa.com/index.php/en/estadisticas/estadisticas-actuales.html

Exhibit 7 History of Chocolate

Sweetened chocolate did not exist before the Europeans found their way to the Americas. European taste buds found the
bitter taste unpleasing and added sugar. By the 17th century, chocolate had become a fashionable drink throughout Europe
with its nutritious, medicinal and allegedly aphrodisiac properties. It remained, however, a luxury product reserved for the
wealthy. With the invention of the steam engine, enabling mass production in the late 1700s, chocolate became more accessi-
ble to the masses.
In 1828, a Dutch chemist discovered how to make powdered chocolate by removing half the natural fat (cocoa butter)
from chocolate liquor, pulverizing the remainder, then treating the mixture with alkaline salts to remove the bitter taste.
His invention, “Dutch cocoa”, led to the creation of solid chocolate. In 1847, Joseph Fry learned how to make a mouldable
chocolate paste by adding melted cocoa butter to Dutch cocoa. By 1868, a company called Cadbury began marketing box-
es of chocolate confectionery in England. Milk chocolate hit the market a few years later, pioneered by the Swiss company
Nestlé.
Source: Authors’ research, various sources
Case 15: Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar C-175

Exhibit 8 Global Chocolate Consumption (kg per capita) by Key Countries (2017)
10
9
8
7
6
5
4
3
2
1
0

The Netherlands
Switzerland

Germany
Ireland

United States

South Africa
Australia
Belgium

Russia
Great Britain
Sweden

Denmark
Slovakia

Brazil
Poland

France
Austria

Norway

Finland

New Zealand
Estonia

China
Czech Republic

Japan
Source: Lindt & Sprüngli - Annual Report 2017, page 55 via Euromonitor and Statista 2020.

Market Share of Chocolate Confectionery

Worldwide in 2019, by Region

South
America
7%

Asia Paci c
Western Europe
14%
33%

North America
22%

EEMEA*
24%

Source: Euromonitor, 2019 Statista

plantations in Ecuador in , on San Cristobal Island. The quality classification. Locally known as “Arriba Nacional”, the
country’s importance in global cocoa production was unde- beans were from the Forastero cocoa tree native to Ecuador
niable until the s, when the trees were ravaged by disease and yielded the purest and rarest form of cocoa. Fine flavour
and bananas came to replace cocoa as the main export crop. cocoa (FFC) is famous for its distinct flavour (nutty, fruity
By , Ivory Coast, Ghana and Cameroon were the dom- with a hint of orange and jasmine). The variety of the tree,
inant cocoa producers, supplying respectively %, % and the type of soil and local climate influenced the flavour pro-
% of global cocoa. Ecuador was in fourth place with . %. file - akin to the terroir in wine-growing regions. Attracting
The global trade in cocoa beans was valued at US . interest from chocolatiers worldwide, FFC had secured a
billion. Ecuador’s cocoa exports earned US million, good reputation for Ecuador’s chocolate for over a decade.
of which US million ( %) was from beans. The bulk Small farmers (owning between one and five hectares)
of it— %—was cultivated on the coast in the Manabí, Los made up % of Ecuador’s cocoa producers, of which
Rios, Esmeraldas and Guayas regions. The remainder was – % lived below the poverty line. Relying on tradi-
grown in the Amazon provinces and a few plantations in the tional cultivation methods to grow the Arriba Nacional
south. trees, they did not use insecticides and chemical fertilizers
While Ecuador was the source of a mere % of the world’s and grew native plants like yams and coconuts alongside
cocoa, it produced % of Fino de Aroma beans, the highest the cocoa.
C-176 Part 4: Case Studies

Exhibit 9 From Bean to Bar

Sources: Cacoa Magazine, Bean to Bar: How Chocolate is Made, September 19, 2019 readcacao.com blog

1. Harvesting
The cocoa tree (Theobroma cocoa) grows in tropical climates throughout the world and has the unusual
trait of having both flowers and fruit on the tree at the same time. The fruit of the tree is known as the
cocoa pod, which grows on the trunk and branches. Each pod ripens at a different time, so expertise is
needed in choosing the right time to pick the pod. Picking is usually done with a machete, and great care
is needed to ensure that the flower cushion on the tree is not damaged so that more pods can grow in the
future.
2. Fermenting
After the pods are opened and the beans are exposed to oxygen, the fermentation begins. The beans © International Cocoa
and pulp may be contained in banana leaves or wooden boxes, which contain holes for excess liquid Organization
to escape. The beans are mixed or turned to enable this process and the temperature naturally raises source: https://www.icco
to 40–50C. This stage is a major factor in developing the cocoa flavour and can take up to eight days, .org/harvesting-post
depending on the bean type. -harvest-new/

3. Drying
Following the fermentation stage, the beans contain a high level of moisture, which needs to be reduced in order to avoid
overdeveloping, which can adversely affect the flavour. In most origins, cocoa beans can be sun-dried. In wetter climates,
however, this is not possible, so alternative methods are used. For example, in Papua New Guinea, beans are dried using open
fires, giving them a distinctly smoky flavour. Once dried, the beans are then sorted and bagged, before being shipped to
makers around the world.
4. Roasting
The next step is for chocolate-makers to roast their dried cocoa beans. The roasting time and temperature will vary by bean
type and quality, as well as the objectives of the chocolate-maker. In addition to being an important factor for flavour devel-
opment, the roasting process also further reduces the moisture content and kills off any lurking bacteria.
5. Cracking & Winnowing
Following the roasting process, the outer shell becomes thin and brittle. The beans are then cracked manually or with a ma-
chine, after which the shells can be winnowed from the bean kernels, also known as cocoa nibs. The cocoa nibs are used in the
production of chocolate, whereas the antioxidant-packed shells can be used for other purposes, such as making cocoa tea or
even garden fertiliser.
6. Grinding & Conching
These two processes are commonly combined into one with the use of a melangeur. First, the nibs are ground into a thick
paste known as cocoa mass. This paste consists of both cocoa solids and cocoa butter, the natural fat of the cocoa bean.
During the conching stage, some chocolate-makers add extra ingredients such as sugar, milk or vanilla. This step may take
anything from two hours to two days, and the particulars of the process are crucial as they will affect the final texture and
flavour.
7. Tempering
This is the process of raising and lowering the temperature of the chocolate so that it is formed into the right consistency
through the treatment of the crystals. Without tempering, the chocolate would be dull and crumbly, missing the tempting
(cont.)
Case 15: Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar C-177

Exhibit 9 (cont.) From Bean to Bar

shine and recognisable snap of a finished chocolate bar. This is traditionally done by hand but
the process can also be sped up with a tempering machine.
8. Moulding
Once tempered, the melted chocolate is poured into the chosen mould and tapped against a
hard surface to remove air bubbles. Craft chocolate-makers often do this by hand, while for
larger manufacturers the process is mechanised for efficiency.
9. Wrapping
After the chocolate has cooled and solidified it is inspected for quality control. The final bar is
then carefully wrapped in foil or paper packaging to keep it fresh and labelled with a best be-
© International Cocoa Organization
fore date and ingredients list. After the long journey from bean-to-bar, the chocolate is finally
source: https://www.icco.org
ready to be enjoyed!
/harvesting-post-harvest-new/
Source: Cocoa Magazine, Bean to Bar: How Chocolate is Made, September 19, 2019
https://readcocoa.com/blog/bean-to-bar-how-chocolate-is-made/

They also grew the hybrid Pacari was the brainchild of Carla Barboto and Santiago
cocoa CCN- variety developed Peralta, who in created SKS Farms, building on Carla’s
in the s by an Ecuadorian experience of organic farming gained during a year study-
agronomist for its resistance to ing in Vermont, USA. They sold organic flowers to the USA
disease. This accounted for % through Whole Foods but became disillusioned by consumer
of the country’s cocoa produc- attitudes—customers were less concerned about the envi-
tion (on large-scale monoculture ronment and more about themselves. Helping the environ-
plantations) because of its higher ment wasn’t enough; they needed personal benefits from the
productivity. However, the cocoa purchase. This prompted them to expand to organic fruit,
was more acidic and bitter than vegetables and cocoa, since consumers were increasingly
fine flavoured cocoa. Some man- convinced of the benefits compared with industrially farmed
© Pacari.com ufacturers refused to include it in and genetically modified produce.
https://www.pacari.com their recipes, but others includ- Although SKS Farms processed cocoa from , it was
/sustainable-cacao-community
/?lang=en
ing giants Mondelez and Barry only in that Pacari was launched as the first brand
Callebaut favoured its introduc- to manufacture premium, single-origin, organic chocolate,
tion. This put FFC at risk of extinction, despite its superior % from Ecuador. When they started Pacari, the couple
taste and quality. had no training in the cocoa and chocolate sector. Within six
Cocoa was the most lucrative cash crop for Ecuadorian years they were exporting bars and “challenging the market
farmers. Most was exported to the US and EU as beans. The and mentality of a globalized world.” Pacari was the first
industry provided jobs for % of the country’s economically chocolate company to receive biodynamic certification from
active population and % in rural areas. , Demeter International.

Ecuador’s Chocolate Industry 2020 Building a Sustainable Cocoa Farming

In , the chocolate industry in Ecuador was valued at Community
US . million. The largest player in the local confection-
ery market was Universal Sweet Industries (La Universal) with “Each bar of chocolate is the result of a human process. It
. % (see Exhibit ). Manicho, a g chocolate and peanut is the manifestation of the soul of the community, inspired
countline, was its most popular offering. Line extensions by a sustainable and ancestral culture of chocolate.”
included bonbons, white chocolate, chocolate chip cookies
and spreadable chocolate. Second was Nestlé Ecuador ( . %), From the outset, Carla and Santiago were determined to be a
then Unidal Ecuador (subsidiary of Arcor of Argentina; %), “tree-to-bar” operation – “From the farmer to the consumer”
Cia Nacional de Chocolate ( . %) and Ferrero del Ecuador was a statement not a slogan. They couldn’t understand why
( . %). Smaller producers, including Pacari ( . %), had Ecuador exported beans and imported chocolate.
begun to take a share of the domestic market.
“We cut out the middleman, we traded directly with small
producers at a time when no one was talking to these
Pacari—A Global Brand from Ecuador guys. They were the losers in the big export game—and
no one was talking vegan, biodynamic, or organic. We
“Made in Ecuador with local and international flavours. paid above market prices, offering an incentive for quality
Pacari means Nature in Quechua” control and loyalty.”
C-178 Part 4: Case Studies

Exhibit 10 Competitive Landscape in Ecuador Chocolate Market (% value share)

Universal Sweet Industri... 23.9%

Nestlé Ecuador SA 10.0%
Cia Nacional de Chocolat... 8.0%
Ferrero del Ecuador SA 6.6%
Unidal Ecuador SA 6.3%
Dipor SA 4.7%
Quifatex SA 2.5%
Mondelez Ecuador C Ltda 1.9%
Fábrica de Chocolates Bi... 1.3%
Others 34.9%

Source: Euromonitor, Chocolate Confectionery in Ecuador, 15 September 2020.

Universal Sweet Industries (La Universal) is Ecuador’s national manufacturer of confectionery. Though the company was incor-
porated in 2005, it has had a much longer standing presence in Ecuador, having recently celebrating its 130th anniversary. Since
2018, Universal Sweet Industries has seen a decline in revenue with a net sales of US$41 million USD in 2019, down 35% from
2017. Manicho, the company’s leading chocolate brand, is also Ecuador’s most popular and recognisable chocolate with a brand
share of 19.3%.
Source: Euromonitor, Chocolate Confectionery in Ecuador—Analysis, September 2020.
Source: La Universal, Manicho, https://usi.com.ec/product/manicho

Unidal Ecuador is owned by multinational Arcor, and is an importer and distributor of confectionery manufactured from South
American countries such as Argentina, Peru, Chile, and Brazil. Incorporated in 1996, the company currently has 14 employees. In
2019, Unidal generated a net sales revenue of US$16.566 million with an operating profit of US$1.051 million. Its chocolate brands
Bon o Boon, Nikolo, and Golpe are among the most popular chocolate brands in Ecuador.
Source: EMIS University, Unidal Ecuador S.A. (Ecuador), accessed November 2020.
Source: Latin Flores, Bombones Bon O Bon—Negro, https://www.latinflores.com/es/bolivia/7105-chocolates/bombones-bon-o-bon-negro- p15384.html?osCsid=agr4q3gdibaplkdvgb-
25knt0h1

Compania Nacional de Chocolate is a Colombian based confectionery company owned by the Nutresa group. It produces and
distributes from multiple Latin American countries including Ecuador. The company produces 27 different brands of confectionery
products including Jet which is among the leading brands in Ecuador. Its net sales revenue for 2019 was US$975 million with an
operating profit of US$135 million. It has a total of 2,335 employees.
Source: EMIS University, Compania Nacional de Chocolate, accessed November 2020.
Source: Amazon.com, Chocolates Jet Milk Chocolate Leche, accessed Novermber 2020, https://www.amazon.com/CHOCOLATES-JET-MILK-CHOCOLATE-LECHE/dp/B008HQ15I0

The couple approached farmers who produced organic cocoa. produce based on outsiders’ knowledge of when the cocoa
Farmers in the Guayas region were tied into -year contracts beans had been fermented, dried and were ready for sale.
with major European buyers, so they had no choice but to Others had been approached by buyer organisations that did
approach regular cocoa farmers. In search of suitable partners, not follow through on their propositions.
Santiago travelled to the regions of Los Rios, Esmeraldas and Building trust was therefore the first priority, if Pacari was
Manabi, where the climate and type of soil would make for to persuade them to work towards organic certification. Carla
variations in flavour. He also contacted small-scale farmers explained:
who cultivated from one to ten hectares with the biodiversity
to enhance flavour variations. These farmers used traditional “The going farm-gate rate at the time for non-certified
farming practices (without chemicals, pesticides or industrial organic [chemical free] beans was US per quintal
fertilizer). This ensured that Pacari chocolate would be chemi- [ Kg], but we offered US . Once they are certified
cal-free even if farmers were not yet officially certified organic. organic, we paid US . This is a great incentive for the
In his quest to find suitable cocoa, Santiago discovered farmers to persevere with the organic certification plan—
the harshness of the farmers’ existence. Trapped in a cycle of and we help them obtain this. This ensured that all the
poverty, it was hard for them to save any money. Getting paid cocoa we used was organic even though a small portion
once a year in July meant that by December they were strug- had not yet been officially certified.
gling financially. To generate more income, many farmers
had shifted to cultivate CCN- cocoa trees to ensure higher In the countryside there is no credit, and the farmer has
productivity. The price difference between FFC and CCN- to pay cash for everything. Therefore, at the beginning
cocoa was insignificant. Their previous experiences had we paid % in advance. However, this did not allow us
left farmers wary—some collectives had been robbed of their to reward or penalise according to good or bad quality:
Case 15: Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar C-179

when the farmer arrived with his product, we had already Farmers working in coops cultivated their own crop, and
paid the full value, so we had to accept the beans regard- when ready to sell, sold the pods to the coop. The coop
less of the quality. Later, we agreed to pay % down with received an advance from Pacari, visually checked the beans
the remainder on receipt of the product. This way, we did to ensure there was no fungus and the flesh was white, paid
not affect the farmer’s income stream, but we could adjust the farmers, then fermented and dried the cocoa before deliv-
the payment if necessary, according to the bean quality, ering the dried beans to Pacari’s factory in Quito, which paid
although we very rarely returned dried cocoa beans.” the transport cost of the five-hour journey.
Once they reached the factory, beans were sam-
The higher rate encouraged farmers to work with Pacari pled. If % were fermented it was considered fine cocoa.
and cultivate the Arriba Nacional beans. Pacari could sup- They were tasted to ensure the desired flavour. If a
port farmers willing to switch back to the Arriba Nacional farmer tried to sell Pacari low-quality cocoa, he would be
trees thanks to a loan earmarked by the Inter-American thwarted by stringent quality checks and reminded that
Development Bank. The renaissance of these high-quality he could only get better rates for high-quality cocoa. The
beans that had become endangered put Pacari on the map. beans were inspected visually and organoleptic tests were
Initially, Pacari could not purchase the farmer’s entire used to verify quality. Standards were high and certified
crop and encouraged farmers to sell beans to other chocolate producers had to follow strict guidelines to assure organic
companies on condition they received the same price that production.
Pacari offered. Carla noted: Initially, Carla and Santiago had no idea about processing
beans and making chocolate, but they came to believe it was
“We made not only a change in the pricing of cocoa but
for this reason that they went beyond the industry “standard”,
in the mindset of cocoa farmers in Ecuador. Pacari has
learning by trial and error—an approach “that generates a
helped farmers recognise the worth of their products and
better chocolate”. Santiago noted:
demand higher rates for their beans—to ask for more,
whether it’s from Pacari or another buyer. By paying “We learned alongside the farmers, designing equipment
higher rates, we also discourage farmers from focusing to better ferment and grind cocoa beans. It gave us a real
on short term goals that produce lower quality beans for understanding of how production affects flavours. We
the sake of higher yields.” began getting fantastic quality.”
Pacari supported farming communities through training and They invented their own machines to clean and roast the dried
infrastructure to improve bean quality. This was crucial for cocoa beans, experimenting with different levels of roasting
farmers who lacked the facilities for the post-harvest process and grinding to determine what gave the best flavour. They
and had to pay high rents during that part of the season. The took single-origin cocoa batches to capture interesting fla-
president of one farming community in Santa Rita described vour profiles by blending beans from different “terroirs” such
how their lives had been transformed through Pacari’s support: as Esmeraldas, Los Rios, and Manabi, launching varieties
named after the terroir. As the first tree-to-bar, single-ori-
“Before meeting Santiago in , our community had
gin organic chocolate made in Ecuador, their reputation was
never fermented our beans. We would often dry our cocoa
built on local ingredients, with flavours such as Andean rose,
beans on the roadside. Santiago taught us new methods for
guayusa and wild blueberries from Imbabura.
the post-harvest process and built us fermentation boxes
All elements of the process came under scrutiny to
and cots for drying the beans. They also taught us how to
ensure they were humane and sustainable. One example
graft new shoots onto older trees. Through methods like
was changing the weight of cocoa bags– lbs–which dated
these we have seen a significant increase in our yield.”
from the era of slavery when it was considered the most a
Pacari taught the farmers how to become biodynamic—an person could carry. Carla and Santiago cut the size of the
integral part of its philosophy. An expert trained the farmers bags by lbs.
on site once a year, customised according to the climate and As community was of upmost importance, once the final
type of soil in each region. Not all the farmers were certified product was ready, they took samples to the farmers who had
biodynamic, but the expert helped them to use the relevant cultivated the cocoa. Santiago noted:
techniques. Carla explained:
“It was the first time they had eaten the chocolate they
“Teaching the farmers biodynamic agriculture is good helped create. Each farmer involved with Pacari is part
because it is a holistic way of agriculture. The require- of our team. Pacari is more than a chocolate brand. It is
ments are stricter than organic as the entire farm needs a brand of people. Pacari’s success is the farmers’ success.
to be treated with biodynamism, not just a specific plant Each award that Pacari has won is translated into recogni-
or product. At the same time, biodynamic agriculture is tion for the brand and visibility for the farmers.”
less expensive as we teach the farmers how to prepare
and apply biodynamic fertilizer on their own so that they The result was that farmers started to take pride in their pro-
don’t need to purchase additional fertilizers.” duce as representatives of Ecuadorian cocoa worldwide.
C-180 Part 4: Case Studies

In , Santiago became the first person from Latin we do is related to nature; we are sustainable. After this we
America to be named “Outstanding Chocolate Maker” by the put in ‘premium organic chocolate from tree to bar’.”
Fine Chocolate Industry Association, providing valuable visi-
bility for the brand. This and other awards helped the farmers The design of the logo was based on a petroglyph dating back
too, as it signaled high quality to potential buyers. Community , years.
collaboration led to the construction of an information centre
“The man and a tree depict the story of a farmer and
(Ruta de Chocolate y Cocoa) where tourists could learn about
food. The farmer takes care of and fixes the tree, and the
the history of cocoa and the Quechua culture.
tree feeds the farmer. It portrays a joyful and simplistic
Originally, Pacari sold bulk products including cocoa
relationship. It also supports the trend ‘you are what you
liquor/ paste (pure cocoa mass in a solid or semi-solid form),
eat’ and reflects our brand and personal story.”
powder (cocoa beans that were ground into a powder) and
nibs (chips of crushed cocoa), but this did not generate the The product offerings were equally distinctive:
value they sought. Santiago explained:
“The market is full of cheap chocolate, but we are creating
“Some of the companies we were supplying used our a niche of quality products. Mass-produced chocolate is
products to develop high-quality products such as choco- boring. Customers are looking for something with per-
late bars and then raked in the profits. One company was sonality, like the wine industry - years ago. Little by
even bought by Hersheys for US million after using little it is changing as more people are educated about the
Pacari’s paste.” different flavours and terroir. If you put together some
new flavours, such as one we just launched with juniper,
So Pacari shifted from bulk products to a branded business.
which is really like a gin tonic—it’s fantastic. But no one
With bulk products, institutional sales had represented %
has done that before. Why? Because the industry has been
of the business; after the change in focus this fell to % and
kind of lazy about introducing new products and refresh-
branded products accounted for %. This generated a %
ing the market” (see Exhibit ).
increase in volume. Santiago noted:
Consistent with its name and philosophy, Pacari began using
“I want to build a relationship with the final consumer.
biodegradable packaging in (that would decompose in
Once a final consumer gets hooked on Pacari and its phi-
days, unlike plastic that takes centuries).
losophy, they will become an ambassador for our brand.
At the Pacari store, customers were encouraged to purchase
This wouldn’t be possible if we focused on bulk products.
products by weight (including cocoa powder, coconut sugar,
In two years, we probably won’t be selling any more bulk
chia and organic muesli). People who purchased chocolates
products. This is also to avoid competition from other
“paper-free” by using their own container received a discount.
brands using Pacari to develop their own products.”
“We want to create awareness in consumers and in indus-
By , Pacari’s factory was producing , -gram bars
tries. We have found a way to offer a quality product that
a day, with the capacity to double production, and was on a
does not pollute the environment. Our business model
path to tripling it.
‘From the tree to the bar’ supports our mission of respect-
ing the principles of the earth, caring for it and giving
back what it gives us.”
Building the Brand
Entering the market for branded chocolate was ambitious
given that it was saturated. Pacari needed to differentiate
Brand Communication
itself in terms of consumer perceptions by developing a Word of mouth was key to promotion. Carla and Santiago
brand that reflected the company’s mission and values. Its wanted the Pacari story to be meaningful for the con-
philosophy (Exhibit ) echoed the founders’ approach to sumer. They did not invest in advertising, preferring to
life: respect the basic principles of Mother Earth by caring build relationships with well-known chefs such as Martin
for it and giving back the life it provides. They believed in Berasategui, Paco Perez, Maria Jose San Roman and
community and sustainability as the new norms for busi- Carolina Sanchez, who were committed to quality and sus-
ness, and in the core values of respect, trust, leadership and tainability and could act as influencers. Santiago explained:
sustainability. In line with this, the name Pacari was chosen,
meaning “dawn” or “nature” in Quechua-speaking countries. “These chefs are people who really care. They buy from
Santiago explained: us because they love the product, our story and philos-
ophy. Our marketing is through these ‘chef influencers’
“Dawn means the beginning of a new day, which is our Our product is good, but the chefs are also drawn by the
story—where we change all this blindness. Dawn is the personal relationship we have built with them and who
time light is coming and we will see things clearly. Nature is also support the ethics behind the business…it’s a differ-
another beautiful word that is applicable because everything ent way of getting word out about the Pacari brand.”
Case 15: Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar C-181

Exhibit 11 Pacari Mission and Values

“Turning back to its natural state by respecting the basic principles of Mother Earth. Simply
by caring for it, and by giving back the life it provides. That is our mission, through organic
habits, fair trade, and biodynamics we want to create new forms of agricultural practices.”
Respect
For us, the history of our products and our chocolate is a unique treasure. That is
why, in our processes, we are always looking out for the rich historical heritage:
OUR COCOA.
Trust
We work directly with more than 3500 small-scale farmers. By working without
intermediaries, we generate trust and transparency giving them fair prices for their
product. We also share knowledge about organic and biodynamic processes, which
allow them to obtain a better product while taking care of their piece of land.
Leadership Carla Barbotó and Santiago Peralta Source: Pacari,
We have become a reference of quality and production processes in the category. Know Our History, 2019, https://www.pacari.com
By prioritizing the producer and helping him to generate quality crops in an organ- /history/?lang=en
ic way, he can take care of his land and his future.
Sustainability
It is fundamental for us to generate a positive impact in the world. It is our responsibility to promote a sustainable and
harmonious development, alongside with our producers. Together with nature, sharing culture and sustainable practices to
whoever is listening.
Source: Pacari, Know Our History, 2019, https://www.pacari.com/history/?lang=en

To reach a broader group of influencers and convince dis- “I was doing zoom chocolate tastings at least once a week,
tributors to carry their products, Pacari held regular tasting including tastings with some well-known chefs worldwide.
events throughout Ecuador and internationally (over by One, was with a Michelin-starred chef from a restaurant
the end of ) in diverse locations such as shopping cen- in Jayda in Spain, who is Ecuadorian, and knows many
tres and hotel function rooms. Santiago travelled to these other Michelin star chefs. This led to a Michelin star
events until the COVID- pandemic hit in , switching tasting—we wouldn’t have been able to reach so many
to zoom sessions with “chocolate kits” sent ahead of the vir- people so quickly without these zoom tastings. It has also
tual meeting: saved me time and money by not travelling.”

Exhibit 12 A Selection of Pacari’s Tropical Flavours

Source: Pacari.com
C-182 Part 4: Case Studies

Pacari had an interesting story to tell in terms of its social chocolate, but all the products where we can discuss the
impact, ethics and sustainability angle, and also how Carla organic process of cocoa. That’s why we call it the ‘Pacari
and Santiago worked together despite having no previous experience house.’”
industry knowledge to build an Ecuadorian brand that won
A mere % of sales came from its online platform, with the
accolades for quality (see Exhibit ). It was featured in news
remaining % from supermarkets. According to the larg-
outlets like Nat Geo, CNN, NBC News, channel T , The
est supermarket in Ecuador, Pacari dominated sales of dark
New York Times and the like.
chocolate with % market share, commanding a premium
To reach the end consumer, beyond the chefs who
price per gram over the most popular brand of chocolate in
acted as influencers through mentioning Pacari chocolate
Ecuador, Manicho.
in their social media posts, Pacari promoted their posts on
its Facebook page. Chefs were given personalized gift boxes
(with the name of their restaurant) containing samples that
Challenges
could be given to celebrity guests in the hope they would By the beginning of , Pacari was selling more directly
promote Pacari on social media. Pacari used Instagram to consumers, removing the middlemen, “some of whom
( K followers on its Spanish language account) and Google were not helping us”. In the US, it was distributed through
ads, as mass media advertising was beyond its reach. Amazon, which provided a platform to reach discriminating
In Ecuador, tastings were held at the Pacari flagship store chocolate lovers and also provided fulfilment services.
in Quito, targeting shoppers, F&B personnel and distributors. However, if Pacari was to grow from revenues of US
Opened in , the Pacari Experience House sold the products, million in to US million by the end of , it had to
had an in-house café, and offered cocoa tours and chocolate address the following issues:
tastings. By , Pacari had opened two more outlets in Quito,
. Was the positioning that had helped achieve US mil-
with sales accounting for % of the company’s total. New prod-
ucts were tested in the shop, offering an opportunity to observe lion in sales sufficient to reach its goal of US million?
Should the company modify its positioning and leverage
customers’ reactions “live”. Santiago explained how it worked:
its roots in sustainability more aggressively?
“There is no single medium but many layers that have . While its manufacturing capacity was easy to scale to
allowed us to build the Pacari brand. Holding tastings at meet revenue goals, could Pacari source a sufficient quan-
events, and at our store, where before the pandemic, we tity of organic Arriba Nacional cocoa beans to triple the
could have – times a day, allowing us to get people to current volume?
try our chocolate and understand the story behind the . Should Pacari continue to focus on all countries where
brand and what we are trying to do. it had a presence, or should it be more selective? If so,
how should it identify which ones to focus on?
Having these tasting trials has helped us to gauge what . Consumer knowledge of Pacari remained low and dis-
type of products we will develop in the future, for exam- tribution was difficult in markets beyond Ecuador. How
ple, the forthcoming Nutella-like product that we are pro- should it grow brand awareness outside its home market
moting. It’s an organic cocoa-based spread with hazelnut where it did not have connections to celebrity chefs to act
that we are prototyping in the shop. Another example is as influencers?
coconut sugar and other types of non-chocolate products. . Despite visibility from its PR efforts how could Pacari be
We also sell vegan ice cream. So it’s not just about selling more strategic in its efforts to gain media attention?

Exhibit 13 Pacari Awards

Source: Pacari, Know Our History, 2019, https://www.pacari.com/history/?lang=en

Case 15: Pacari Chocolate: Building a Brand that Brings Joy from Tree to Bar C-183

Notes
. Pacari, Know Our History, , https://www . Matt Miller, AJOT, Ecuador’s niche cocoa have received a premium between % and %
.pacari.com/history/?lang=en business looks to expand, April , https:// than the official NY stock exchange price.
. Pacari, , https://www.pacari.com/?lang=en: ajot.com/premium/ajot-ecuadors-niche-cocoa . Sarah Barell, National Geographic,
. Smithsonian Magazine, A Brief History of -business-looks-to-expand/P Where to find some of the world’s best
Chocolate, accessed November , https:// . https://www.tridge.com/es/intelligences chocolate, November , https://www
www.smithsonianmag.com/arts-culture/a /cocoa-bean .nationalgeographic.com/travel/article/inside
-brief-history-of-chocolate- / . Cocoa beans grew best in a combination of -a-thriving-sustainable-chocolate-industry
. The Guardian, Origin of chocolate shifts , mineral rich volcanic soil and a warm climate. . The term organoleptic refers to the aspects
miles and , years, accessed November , . Fine or Flavor Cocoa - International Cocoa of food, water or other substances that an
https://www.theguardian.com/science/ Organization (icco.org) individual experiences via the senses. Sensory
/oct/ /origin-of-chocolate-shifts- -miles . Importantly, notwithstanding poverty, testing is a scientific discipline used to evoke,
-and- -years- cocoa-ecuador there were no reported concerns about measure, analyse and interpret responses to
. Smithsonian Magazine, A Brief History of deforestation or the use of child labour in products that are perceived by the senses
Chocolate, accessed November , https:// the Ecuadorian cocoa plantations. There is of sight, smell, touch, taste and hearing.
www.smithsonianmag.com/arts-culture/a no specific data on Ecuadorian farmers. The The terms organoleptic and sensory were,
-brief-history-of-chocolate- / authors based this calculation on the following historically, interchangeable. https://www
. Chocolate Confectionery in World, thesis https://cybertesis.unmsm.edu.pe .sensoryspectrum.com/post/organoleptic
Datagraphics, Euromonitor, Updated July . /bitstream/handle/ . . / /Toscano -testing-or-sensory-testing
. Statista, Mondelez International Dossier, page _rd.pdf?sequence= &isAllowed=y . JMÉNDEZ, El Progresso, Santiago Peralta: de
, . . ANECOCOA, SECTOREXPORTADORDE campesino a mejor chocolatero, December
. Chocolate confectionery has three basic COCOA, accessed November . , https://www.elprogreso.es/articulo
formats: tablets, bonbons, and bars or . It was estimated that , families worked /sociedad/la-historia-de-santiago-peralta
countlines. Chocolate tablets are solid and in cocoa cultivation - % small producers, % -de-campesino-mejor-chocolatero
usually rectangular. Bonbons are small pieces medium and % large producers. - delmundo/ .
of chocolate normally filled with sweet stuffing . Euromonitor, Chocolate Confectionery in html#:~:text=Santiago% Peralta%
and sold in assorted boxes. Countlines, or Ecuador—Analysis, Sept . pas%C %B % de% ser,de% Choc
chocolate bars, are individually wrapped, . Pacari, Know Our History, , https://www olate% Fino% (FCIA).
small oblong bars made of layers of different .pacari.com/history/?lang=en . JMÉNEZ, El Progresso, Santiago Peralta: de
products that could include cookies, fruits, . https://www.theepochtimes.com/new campesino a mejor chocolatero, December
nuts, or caramel and are completely covered -world-chocolate-with-a-conscience_ , https://www.elprogreso.es/articulo
by chocolate (one layer could also be more .html?welcomeuser= /sociedad/la-historia-de-santiago-peralta-de
chocolate). . https://www.theepochtimes.com/new -campesino-mejor-chocolatero- delmundo
. Statista, Leading importers of chocolate and -world-chocolate-with-a-conscience_ / .html#:~:text=Santiago
chocolate containing products worldwide in .html?welcomeuser= % Peralta% pas%C %B % de%
, by country, accessed Nov . . Biodynamic agriculture is a form of alternative ser,de% Choc olate% Fino% (FCIA)
. INSEAD case study ( ): Tony’s Chocolonely. agriculture very similar to organic farming, but . El Universo, Chocolates Pacari ahora se vende
The Road to % Slave-Free Chocolate? By it includes various Aesoteric concepts drawn al granel y deja atrás los empaques de carton
Viktor Pot and Luk N. Van Wassenhove, . from the ideas of Rudolf Steiner ( – ). [Pacari chocolates are now sold in bulk,
. INSEAD case study ( ): Tony’s Chocolonely. Initially developed in , it was the first of the leaving cardboard packaging behind],
The Road to % Slave-Free Chocolate? By organic agriculture movements September , https://www.eluniverso.com
Viktor Pot and Luk N. Van Wassenhove, , . Pacari, Know Our History, , https://www /noticias/ / / /nota/ /chocolate
https://publishing.insead.edu/case/tonys .pacari.com/history/?lang=en. -pacari-granel-venta-ecoamigable- ecuador
-chocolonely . Sarah Barell, National Geographic, . By dark chocolate bars, Santiago means
. Sarah Barell, National Geographic, Where to find some of the world’s best chocolate with no milk.
Where to find some of the world’s best chocolate, November , https://www . According to chocolate experts, the average
chocolate, November , https://www .nationalgeographic.com/travel/article/inside price per gram of chocolate paid by customers
.nationalgeographic.com/travel/destinations -a-thriving-sustainable-chocolate-industry in Ecuador in was US$ . . Pacari sold its
/south-america/ecuador/inside-a-thriving . Farmers normally sell to intermediaries. Most -gram tablets at US$ . (US$ . per gram),
-sustainable- chocolate-industry/ of the intermediaries mix different cocoa almost triple the average cost. It garnered
. https://www.britannica.com/plant/cocoa varieties because it’s easier them to sell to a similar premium compared to the leading
. EMIS Insights – Ecuador Agriculture Sector mass markets/grinders. Few intermediaries Ecuadorian brand, Manicho, which sold for
Report _ are focused, meaning they sell to small US$ . per gram.
. Matt Miller, AJOT, Ecuador’s niche cocoa grinders, who look for fine flavour cocoa. Those . Sold to B B clients such as chefs and
business looks to expand, April , https:// intermediaries pay higher. According to experts chocolatiers.
ajot.com/premium/ajot-ecuadors-niche-cocoa in the sector, specific batches of Aroma cocoa . Semi processed products (no beans)
-business-looks-to-expand/P