Chocolates El Rey is one of the oldest

chocolate Chocolate is a food made from roasted and ground cocoa beans that can be a liquid, solid, or paste, either by itself or to flavoring, flavor other foods. Cocoa beans are the processed seeds of the cacao tree (''Theobroma cacao''); unprocesse ...

manufacturers in

Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and many Federal Dependencies of Venezuela, islands and islets in the Caribbean Sea. It com ...

. It has a strong reputation for quality in international markets, producing chocolates primarily using more expensive, rare

cocoa beans The cocoa bean, also known as cocoa () or cacao (), is the dried and fully fermented seed of ''Theobroma cacao'', the cacao tree, from which cocoa solids (a mixture of nonfat substances) and cocoa butter (the fat) can be extracted. Cacao trees ...

than competitors. El Rey has faced decreased sales in the context of the

crisis in Venezuela An ongoing socioeconomic and political crisis began in Venezuela during the presidency of Hugo Chávez and has worsened during the presidency of successor Nicolás Maduro. It has been marked by hyperinflation, escalating starvation, disease, c ...

History

Chocolates El Rey was founded in 1929. During the 1990s, the company invested in a

hacienda A ''hacienda'' ( or ; or ) is an estate (or '' finca''), similar to a Roman '' latifundium'', in Spain and the former Spanish Empire. With origins in Andalusia, ''haciendas'' were variously plantations (perhaps including animals or orchards ...

in an effort to increase profitability by implementing experimental techniques to speed up cocoa bean production. The project failed, according to the CEO, when the land became occupied by

Hugo Chávez Hugo Rafael Chávez Frías (; ; 28 July 1954 – 5 March 2013) was a Venezuelan politician, Bolivarian Revolution, revolutionary, and Officer (armed forces), military officer who served as the 52nd president of Venezuela from 1999 until De ...

supporters. In 1994, El Rey began exporting single-origin chocolate to the United States, soon following with exports to Europe and Japan. For many years, they were the only company in South America to engage international chocolate markets. In 1995, they opened a plant in

Barquisimeto Barquisimeto (; ) is a city in Venezuela. Barquisimeto is located in the Central-Western Region, Venezuela. It is the capital of the state of Lara (state), Lara and head of Iribarren Municipality. It is an important urban, industrial, commercial a ...

. As of 2006, El Rey primarily served a domestic market, split into four segments: bulk products such as

chocolate chip Chocolate chips or chocolate morsels are small chunks of sweetened chocolate, used as an ingredient in a number of desserts (notably chocolate chip cookies and muffins), in trail mix and less commonly in some breakfast foods such as pancakes. ...

s, chocolate powders for

chocolate milk Chocolate milk is a type of flavoured milk made by mixing cocoa solids with milk (either dairy or plant-based). It is a food pairing in which the milk's mouthfeel masks the dietary fibres of the cocoa solids. Types The liquid carbohy ...

, custom made chocolate products for manufacturers of chocolate-flavored products (such as McDonald's ice cream), and

chocolate bar A chocolate bar is a confection containing chocolate, which may also contain layerings or mixtures that include nut (fruit), nuts, fruit, caramel, nougat, and wafers. A flat, easily breakable, chocolate bar is also called a tablet. In some variet ...

s. These were sold wholesale through distributors to customers such as supermarkets and bakeries. That year, the company sold 3,000 tons of chocolate worth , a dominant position in the Venezuelan chocolate market. During the 2000s, El Rey brought eleven cocoa processors into a partnership called Aprocao. Aprocao purchased beans for distribution and ran a research institute that looked at best cocoa production practices. Most of the beans El Rey purchased were more rarer and more expensive. In 2015, El Rey spent upgrading its factory in Barquisimeto, allowing it to meet all of their cocoa bean processing needs internally. At the same time, the company attempted to expand its exports, using its good reputation in overseas markets. This was necessary in the context of an unstable domestic market. The effects of this instability were apparent by 2018. Production had dropped to 820 tons of chocolate and sales were worth . Investments in the firm ceased as inflation devalued the Venezuelan currency. As of 2020, the situation had worsened further with the effects of the

COVID-19 pandemic in Venezuela The COVID-19 pandemic in Venezuela was a part of the worldwide pandemic of coronavirus disease 2019 () caused by severe acute respiratory syndrome coronavirus 2 (). The first two cases in Venezuela were confirmed on 13 March 2020; the ...

. Despite this, the company still held a very strong reputation for quality internationally, and were attempting to gain funding to expand the Venezuelan chocolate industry.

Cacao Route

Chocolates El Rey runs tours of cacao farms, chocolate factories and chocolateries named the "Cacao Route", marketed to international chefs and food writers. The tours, which include cultural performances related to cocoa, market the company and Venezuela more broadly.

References

{{Reflist Food and drink companies of Venezuela Venezuelan cuisine Venezuelan chocolate companies Manufacturing companies based in Caracas Food and drink companies established in 1929 1929 establishments in Venezuela Venezuelan brands

History

Cacao Route

See also

References