Chocolates El Rey is one of the oldest chocolate manufacturers in Venezuela. It has a strong reputation for quality in international markets, producing chocolates primarily using more expensive, rare cocoa beans than competitors. El Rey has faced decreased sales in the context of the crisis in Venezuela.
History
Chocolates El Rey was founded in 1929. During the 1990s, the company invested in a hacienda 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 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.[1] In 1995, they opened a plant in Barquisimeto.[2]
As of 2006, El Rey primarily served a domestic market, split into four segments: bulk products such as chocolate chips, chocolate powders for chocolate milk, custom made chocolate products for manufacturers of chocolate-flavored products (such as McDonald's ice cream), and chocolate bars