You are on page 1of 9

The Optimization of Cocoa Processing in Small and Medium

Enterprises in South Sulawesi


Astuti1, a), Waqif Agusta1, Wahyu Purwanto1, Subandrio1, Nenie Yustiningsih1,
Arief Arianto1, Himawan Adinegoro1, and Lamhot Parulian Manalu1

Author Affiliation
1
Research Center for Agroindustry, National Research and Innovation Agency (BRIN) Gd.614
Puspiptek Serpong, Tangerang Selatan, 15314, Indonesia

Author Emails
a)
Corresponding author: astu001@brin.go.id
b)
waqi001@brin.go.id, c) wahy004@brin.go.id, d) suba001@brin.go.id, e) neni001@brin.go.id,
f)
arie010@brin.go.id, g) hima001@brin.go.id, and h) lamh001@brin.go.id

Abstract. The Indonesian government has developed small-medium enterprises focusing on downstream production to
strengthen the national cocoa industry. However, previous studies showed that performing the business of cocoa beans
processing to intermediate products was not profitable. Integration of the cocoa production stages could increase the
opportunity to reach higher production capacity and revenue. Based on this recommendation, the shortcut method has been
introduced by eliminating the pressing and powdering process, which means the production line is shortened until the cocoa
liquor production. Furthermore, this intermediate product can be directly processed into various downstream products. This
study aimed to optimize the production capacity using a shortcut process to increase SMEs' income. The methods used in
this study were a technology review, audit, and techno-economic analysis that includes data collection by interviews,
interactive discussions, and field surveys for making inventory types of equipment, observing, measuring, and testing the
technical aspects. Analysis of data and evaluation were carried out using quantitative and qualitative methods. The techno-
economic analysis was also performed to evaluate the feasibility of the business by determining the NPV and BC ratio. The
study was conducted in a cocoa SME in the Luwu Regency of South Sulawesi. The results showed without implementing a
shortcut method, SMEs could produce 80 kg of powder and 40 kg of cocoa butter in a month, equivalent to 160 dried beans
per month. In comparison, the shortcut method could increase the capacity to 5,000 kg of dried beans or 4,000 kg of liquor
per month. In addition, the processing costs were reduced 30 times lower, so the income increased significantly. This
condition conveys the SME with a BC ratio of 1.44 and an NPV of IDR 309,176,269, indicating that the business is feasible.

Keywords: capacity, cocoa, shortcut process, SME, techno-economy.

INTRODUCTION
The cocoa plantation in Indonesia in 2018 was 1,611,014 hectares; 95.4% is cultivated by smallholder farmers,
while the rest are managed by large estates. Cocoa production centres are found in the provinces of Central Sulawesi,
South Sulawesi, Southeast Sulawesi, West Sulawesi, West Sumatra, Aceh, and North Sumatra. Total cocoa production
in 2018 was 767,280 tons, and less than 20% of the total production was processed and marketed as intermediate and
downstream products [1]. However, these products have higher added value, a larger potential market, and more
employment opportunities [2, 3].

Cocoa is a primary commodity in Sulawesi; the cocoa plantation reaches 901,737 ha or 56% of the total cocoa
plantation in Indonesia, where almost 96% is owned by smallholder farmers [1]. However, efforts to develop the cocoa
industry in Sulawesi face challenges such as constraints in cultivation, technology, policy, and infrastructure. Although
the planted area is increasing, cocoa productivity at the national level tends to decrease due to environmental problems
such as a decrease in soil fertility rate [4, 5].

Indonesian cocoa products are also facing problems with the low quality of cocoa beans. Cocoa beans produced by
smallholders are mostly sold as unfermented beans. The low quality causes it to be uncompetitive in the global market.
This situation drives domestic cocoa industries to import higher-quality cocoa from other countries [6, 7, 8, 9, 10, 11,
12].

The problems that cocoa small-medium enterprises (SMEs) face include optimization processing technology,
providing machinery with acceptable and reliable performance, business scale, and capital. A preliminary study shows
cocoa processing SMEs in Indonesia spread from Aceh to Papua. The type and capacity of the equipment are generally
almost the same and are obtained from either central or local government assistance.

The Indonesian government has developed small-medium enterprises focusing on downstream production to
strengthen the national cocoa industry as one of the strategies. Downstream processing of cocoa is part of the overall
development of agroindustries. The program for developing the downstream cocoa industry is expected to encourage
and attract other sectors of the economy. That makes agroindustry development closely related to the development of
agricultural-based economic activities that increase gross regional domestic product (GRDP), job opportunities,
development more SMEs, investment, and foreign exchange [13]. As a result, cocoa agroindustries can overcome the
economic gap and reduce poverty in Indonesia [14].

In addition, the government has made some efforts to integrate the on-farm and off-farm sectors so that the coaching
and support to the industry will be more straightforward. This vertical integration of the cocoa business makes the
company more efficient and allows farmers to gain a higher price for the cocoa produced [15]. However, the increasing
cost of this vertical integration is achieved by the business chain between raw material-producing entities and
consumers/market [16, 17].

Cocoa processing into various chocolate products can be divided into several stages. The first is postharvest, which
produces fermented-dried cocoa beans. The second stage is intermediate processing which produces liquor, butter, and
powder. The third stage is processing the downstream product in the form of various food, beverages, cosmetics, etc.
The fourth stage is the creative industry, such as a chocolate café, a chocolate house, or a chocolate shop [18, 19].
Vertical integration of cocoa processing stages resulted in a positive correlation with the feasibility of the cocoa
industry. Integrating the first and second stages resulted in an unfeasible business with a BC ratio of 0.96. Integration
of the 1st - 3rd stage and the 1st - 4th stage resulted in a feasible business with a BC ratio of 1.12 and 1.29, respectively
[19]. With the approach of the shortcut production method, it was expected that the feasibility of the cocoa industry
could be reached in a shorter industry chain.

However, previous studies showed that performing the business of cocoa beans processing to intermediate products
was not profitable. Based on this recommendation, the shortcut method has been introduced by eliminating the pressing
and powdering process, which means the production line is shortened until the cocoa liquor production. Furthermore,
this intermediate product can be directly processed into various downstream products.

This study was conducted in collaboration with the provincial government of South Sulawesi to develop cocoa
SMEs in the province through the implementation of shortcut method production. The object of the study was a cocoa
SME “Koperasi Bina Harapan”, in the Luwu Regency. The SME was selected because the existing cocoa processing
equipment types are found in many other locations. The objectives were to analyze the techno-economy of the business
process of a cocoa SME that implemented a shortcut method in producing intermediate products, optimize the
performance of cocoa processing equipment in “Koperasi Bina Harapan”, and analyze the feasibility of the cocoa
SME through B/C analysis.

METHODOLOGY
The methods used in this study were a technology review, audit, and techno-economic analysis that includes data
collection by interviews, interactive discussions, and field surveys for making inventory types of equipment, observing,
measuring, and testing the technical aspects. Analysis of data and evaluation were carried out using quantitative and
qualitative methods.

The technology audit implementation was divided into three stages: pre-audit, on-site audit, and post-audit. The
preaudit stage specifically formulated the objectives of this study and audit as well as the performance, current
positioning, compliance, prevention or planning.
Visual observations conduct the on-site audit stage, measurements, and testing to obtain accurate data. The
observation objects are the performance of technical/field personnel, the condition and performance of the
machine/equipment, and the performance of the process, including procurement of raw material up to the storage of
the final product. Audit findings are auditor opinions that refer to auditing criteria and have to be transparent and
objective. No finding means there is an agreement between facts and standards, or it has some discrepancies (minor,
major, critical finding). The reporting stage (post-audit) is based on more than one source of evidence (documents,
interviews, questionnaires, observation, and testing). Finally, evaluation is carried out for improvement, correction
(including performance), agreement, and achievement [20].

In general, technology audits aim to [20]:

1. Diagnose technology & innovation capacity, company needs & opportunities that can assist companies in
developing & increasing competitiveness.
2. Perform benchmarking between companies to evaluate the company's competitiveness position & to encourage
continuous performance improvement.
3. Define the services that the technology infrastructure can offer, program conception & orientation of company
policies towards industry so that the company can better understand its actual needs.

The study and audit were carried out thoroughly (according to the stages above), so they did not only provide
technical data but also recommendations that would be useful for planning, improving performance, increasing
competitiveness, and preventing problems.

The techno-economic analysis is based on benefit-cost calculations and net present value with steps as follows [21,
22]:

1. Describe the inputs and outputs of the program quantitatively, in this case, the institutional changes that occur.
2. Estimate costs and social benefits of inputs and outputs; benefits and costs must be expressed in monetary value to
be compared. However, benefits and costs often do not have a market value (intangible), so they must be estimated
with institutional valuation techniques. If quantitative assessment cannot be made, then it can be explained
qualitatively and quantified as optimally as possible.
3. Calculate the program's performance criteria or institutional changes, i.e., a) Calculate the value of the cost
component. b) Calculate the Value of the Benefit Component. c) Assess the feasibility of vertical integration with
the BC ratio. The formula for Benefit Cost Ratio is as follows:

∑𝐧𝐭=𝟎(𝟏𝐁𝐭+𝐫)𝐭

𝐁/𝐂 = 𝐧 𝐂𝐭 ( )
∑𝐭=𝟎(𝟏+𝐫)𝐭 where: r is the discount rate; Bt is Benefits in
period t; Ct is Cost in period t; n is the last period during which cash flow is expected. The investment is financially
feasible if the BC ratio is more than one [22].

The net present value (NPV) is a standard measure of the net benefit resulting from an investment over time. By
calculating the NPV changes within a certain period, the net benefits of the cocoa agroindustry MSEs could be
measured more precisely and comprehensively [12]. The NPV is calculated with the following formula:

𝐶𝐹𝑡
𝐍𝐏𝐕𝑇𝐼 ( )
where: r is the discount rate; CFt is the cash flow in
time period t; TI is the total investment cost. The investment is financially feasible if NPV ≥ 0.

The cash flow in each year could be determined using the following calculation scheme:
Revenues (R) =pxQ
Cost (C) = FC + VC
p = output price
Q = output quantity
FC = fixed cost
Tax = 1% x PBT (Profit before tax)

The macroeconomic assumptions underlying this benefit-cost analysis calculation were an interest rate of 12% [23]
and a tax of 1% (according to government tax regulation: PP No. 46/2013). Another assumption was that office and
machinery maintenance costs average 1% per year, depreciation was calculated by the straight-line method, and the
plant operated for 240 days a year. The value of benefits is obtained from the sales revenue of chocolate liquor. As the
primary data, the price of dried cocoa beans and cocoa liquor are IDR 25,000/kg and IDR 60,000/kg, respectively. The
cost component includes investment and operating expenses (fixed and variable costs).

RESULTS AND DISCUSSION


Performance of Intermediate Product Processing Equipment
The intermediate product processing equipment available on-site consists of two sets of equipment from different
vendors. One set of equipment (made in Bogor) could not function because of poor manufacturing, and some parts of
the equipment were not complete. However, another apparatus could work even though its performance was not
optimal. This process equipment comprised a roaster, a nibs-shell separator, a coarse grinder, a cocoa butter press, a
milling machine, and a cocoa powder sieve. The specifications of the equipment can be seen in Table 1, while the
process line can be described as follows:

TABLE 1. The intermediate product processing equipment in the cooperative


No. Equipment Amount Information
1 Roaster 1 unit For roasting cocoa beans (0.5 hp with gas heater)
2 Nibs shell separator 1 unit For breaking the fruit and separating the seeds (1+ 0.5 hp)
3 Coarse grinder 1 unit 2 hp
4 Manual cocoa butter press 1 unit Jack type, 20 tons
5 Milling machine 1 unit 2 hp + 500 W
6 Cocoa powder sieve 1 unit 200 mesh, vibrating type (0.5 hp)

SME Processing Capacity


Based on the observations of the intermediate cocoa product processing equipment at Koperasi Bina Harapan, six
processing equipment could still operate properly, namely the roaster, the nibs shell separator, the coarse grinder, the
cocoa butter press, the milling machine, and the cocoa powder sieve. Therefore, it was necessary to determine the
capacity of every six equipment units to evaluate the suitability of the existing equipment capacity. The unit used in
stating the capacity was kg dried beans per day (8 hours) (Table 2). Then based on the capacity, the power or energy
required by each intermediate product processing equipment was calculated in kWh/month (1 month = 20 working
days).

a) Roasting: The roasting process of dried cocoa beans is critical in developing taste, aroma, and colour. It is crucial
to maintain the roasting process in optimal condition to produce cocoa products with good texture and taste [24].
The heat for the roasting process should be supplied in sufficient intensity and duration to develop cocoa flavour
and taste. Excessive heat can result in spoilage or loss of antioxidants [25]. The quality of roasted cocoa products
is determined by initial beans quality and roasting conditions [26].
b) Cracking and Winnowing: The roasted beans are crushed using a crusher machine (nibs shell separator) to separate
the shell and kernel. Because the kernel is elastic, the kernel fraction has a relatively large and uniform size. On the
other hand, because the shell is brittle, its fraction has a finer size. With such a significant difference in physical
size, the two are easily separated with a blower fan. The heavier kernel fraction will fall and can be collected under
the machine, while the shell fraction will be sucked into the bag of the air filter system.
c) Nibs Crushing: Liquor production is the process of crushing nibs which has been roasted into a specific size
(150160 mμ) using a coarse grinder. With such a size, the nibs being crushed would become thick liquor. This
liquor is produced due to the content of cocoa beans which consists of 50% cocoa butter. Therefore, the purpose of
crushing (size reduction) is to increase the surface area of cocoa, increasing the amount of extracted cocoa butter
when pressed in hot conditions.
d) Butter Pressing: Pressing separates or removes cocoa butter by pressing the liquor. The process produces two
product phases: the solid is called cocoa cakes. and the liquid is cocoa butter. Cocoa butter or fat comes from the
pressing chamber/cylinder through the filter while the cake is retained in the cylinder. Cocoa butter yield obtained
from compression is influenced by kernel temperature, moisture content, kernel particle size, protein content,
pressure applied, and compression time. There are two types of cocoa liquor pressing equipment: mechanical and
hydraulic. The mechanical type is pressing equipment with human power, and the system works using a jack. The
hydraulic presser is a cocoa butter compression equipment that uses the pressure principle. In this study, the
maximum butter yield of 0.5 kg liquor per batch was achieved at the pressure of 200 kg/cm 2, with 10-15 minutes
per cycle.
e) Conching: The resulting cake from the pressing process is refined into cocoa powder with a milling machine. After
refining, powder sieving is carried out to obtain the finest fraction. This process is complex and essential because
cocoa beans are relatively more difficult to be refined than grains from other agricultural products due to the
influence of fat content. In addition, the fat remaining in the powder will melt when refined due to friction and
causes the components of the refining equipment not to work optimally [24].
f) Sieving: Powder mashed in the conching process above, then sieved with a cocoa powder sieve. The result of
powder sieving is expected to comply with Indonesian Standard SNI 01-3747 [27].

TABLE 2. Intermediate product processing equipment capacity


kg dry beans Power
No Equipment Capacity Amount kWh/month IDR/month
/day (hp)
1 Roaster 40 kg/batch 1 unit 640 0.5 0.54 810
2 Nibs shell separator 50 kg/hour 1 unit 421 1.5 0.43 641
3 Coarse grinder 25 kg/hour 1 unit 235 2 1.02 1,530
4 Manual cocoa butter 0.5 kg/batch 1 unit 10 0 0 -
press
5 Milling machine 4 kg/batch 1 unit 10 2.75 41.25 61,875
6 Cocoa powder sieve 20 kg/hour 1 unit 320 0.5 0.19 281

From Table 2 and the graph in Figure 1, it can be seen that the existing intermediate products processing capacity
varies widely. The manual cocoa butter presser and milling machine have little ability. Based on calculations, the
maximum capacity of the intermediate product processing unit was about10 kg of dried beans per day which could
produce about 8 kg of liquor or 5 kg of powder and 3 kg of butter per day or about 100 kg of powder and 60 kg of
butter in a month. It required 43.43 kWh of electricity every month, and 95% of it was used for the process of conching
or milling.

FIGURE 1. Equipment capacity of cocoa SME Koperasi Bina Harapan


If the processing of intermediate products unit is limited to producing cocoa liquor, the capacity will be 200 kg per
day or 4 tons of cocoa liquor per month. Limiting the end product to liquor will significantly reduce energy and
electricity consumption because there will be no pressing and conching process (Figure 2). However, the liquor
produced is still rough (>100 µm) to be used as raw material in various chocolate products. Therefore, adding a fine
milling machine is necessary to reduce the particle size to about 10–30 µm and less than 0.5% with a particle size
above 75 µm. According to Stokes’ law, this is essential in reducing sedimentation and increasing the liquid phase
viscosity [28].

The results showed that cocoa butter pressing and conching are critical processes because they are the most
complicated and require the highest cost and energy. In addition, cocoa powder products from the SME cannot meet
the standard requirements (SNI) because the product is not being handled properly, so it is easily contaminated. The
low performance of existing pressing and conching equipment makes the line process bottleneck, affecting production
capacity. This situation occurs in almost all cocoa SMEs in Indonesia [24].

FIGURE 2. Energy consumption of intermediate processing equipment

Improvement of Intermediate Product Processing


The modified process was made to overcome the bottleneck line production by eliminating the pressing and sieving
stages. The process was limited to liquor production (shortcut method), but it should be produced in finer particle size
to reduce sedimentation. Implementing this method resulted in shorter line production and higher production capacity.
Analysis of equipment capacity using the shortcut method is shown in Table 3. The shortcut method's application
increased production capacity up to 250 kg dried beans/day, much higher than the conventional production method,
which only amounted to 10 kg dried beans/day.

TABLE 3 . Improvement capacity in the intermediate product using a shortcut processing method
kg dry Power
No Equipment Capacity Amount kWh/month IDR/month
beans/day (hp)
1 Roaster 15 kg/batch 2 units 360 3.7 304.92 653,393
2 Nibs Shell Separator 100 kg/hour 1 unit 800 4.5 167.78 359,534
3 Cocoa Nibs cooler 15 kg/batch 1 unit 565 2.5 132.03 282,919
4 Colloid mill 25 kg/hour 1 unit 250 1.5 178.97 383,503

Techno-Economic Analysis
The results showed that the shortcut method increases not only the production capacity but also revenue. A simple
techno-economic analysis was conducted to see how far the benefits of implementing this shortcut method in increasing
the income of SME. In Table 4 and Table 5, a simple calculation shows that increasing processing capacity could
significantly increase SMEs’ revenue.
TABLE 4. The added value of intermediate cocoa products (from 1 kg of dry beans
Commodity Price/kg Yield IDR amount
Dried beans 25,000
Powder 51,000 0.50 25,500
Butter 85,000 0.25 21,250
46,750
Value added powder & butter 21,750
Liquor 60,000.00 0.75 45,000
Value added liquor 20,000

TABLE 5. Turnover in 1 month


kg dry Liquor (kg) Butter (kg) Powder Turnover (IDR) Value added
Process
beans/month (kg) (IDR)
Existing 160 0 40 80 7,480,000 3,480,000
New 5000 4000 0 0 240,000,000 100,000,000
(Shortcut)
When the processing of intermediate products is limited to liquor production, the capacity could be increased from
160 kg dried beans/month up to 5000 kg dried beans/month or equivalent to 4000 kg liquor/month. In this condition,
the sales turnover of the SME may reach IDR 240 million. It is a significant value compared to the conventional
method, which only IDR 7.48 million. The income of the SME increases almost 30 times higher due to the higher
capacity production and the higher added value reached from its product.

Furthermore, BC analysis was carried out to measure the feasibility of the cocoa processing business using shortcut
methods. The main components of costs consisted of:

1) investment costs: investment costs of process equipment and building.


2) fixed costs: depreciation, administration of business institutions (establishment, licensing, certification),
electrical energy expenses, land leases, and taxes.
3) variable costs: cost of replacing raw materials production, fuel, maintenance of assets, HR, materials and
supporting equipment, and marketing costs.

The working capital requirement in cocoa liquor production implementing the shortcut method is shown in Table
6. The total capital needed each year is IDR 2,437,854,033, or equivalent to IDR 203,154,502/month. The high
expenses following the liquor production capacity. The higher the production capacity, the higher cost would be
required.

Total investment costs, fixed costs, and variable costs were IDR 792,750,000, IDR 776,016,033 per year, and IDR
1,661,836,000 per year, respectively. The selling price of cocoa liquor was IDR 60,000 per kg; thus, in one year, the
SME would benefit by IDR 288 billion. Techno-economic analysis showed that with the shortcut method in 10 years,
the SME obtained a BC ratio and NPV of 1.44 and IDR 309,176,269, respectively. BC ratio obtained greater than 1.0,
and NPV obtained ≥ 0. Thus the application of the shortcut method is financially feasible.

BC ratio obtained is higher than the previous study in West Sumatra, which implements the conventional method
which was 0.96 [19]. The research integrated cocoa cultivation and primary processing chains (products: dried-
fermented cocoa beans) and the intermediate processing industry (products: cocoa liquor, butter, and powder).
Furthermore, comparing the BC ratio of the vertical integration of three stages which was only 1.12, the shortcut
method’s BC ratio is still higher. Thus, implementing the shortcut process is more efficient and profitable for cocoa
SMEs. The vertical integration showed a positive correlation with the feasibility of cocoa agro-industry. If the business
is run separately, it is a worthy effort in the early stage and late-stage chains (culinary).
TABLE 6. Working capital requirement
Total amount
No Group Costs
(IDR/year)
A Fixed cost

1 Administration 130,000,000
2 Equipment and building depreciation 71,347,500
3 Production: human resource, electrical expenses, maintenance 396,179,685
4 Tax and insurance 28,488,848
5 Land rental fee 150,000,000
Total fixed cost 776,016,033
B Variable cost

1 Raw and auxiliary material 1,582,563,000


2 Overhead cost: marketing, transportation, storage 79,275,000
Total variable cost 1,661,838,000

CONCLUSION
The capacity and performance of existing pressing and conching equipment are too low and become the bottleneck
of the conventional production line. The shortcut method optimizes cocoa processing by increasing capacity,
efficiency, B/C ratio and NPV. The shortcut method increased the production capacity to 5000 kg dried
beans/month, equivalent to 4000 kg liquor/month. As a result, the SME sales turnover may reach IDR 240 million,
30 times higher than the base income. The BC ratio obtained by implementing the shortcut process in the cocoa
SME was 1.44. It is higher than the BC ratio of vertical integration of the three stages of conventional cocoa
processing, which is only 1.12.
ACKNOWLEDGMENT
The authors would like to thank the Research Center for Agroindustry, National Research and Innovation Agency
(BRIN) Indonesia, The Government of South Sulawesi Province and Koperasi Bina Harapan for financial support,
facilities, and cooperation.

REFERENCES
1. BPS, “Statistik Kakao Indonesia”, 2019.
2. WCF [World Cocoa Foundation], “Cocoa market. http: //www.worldcocoafoundation. org/ learn-
aboutcocoa/cocoa-market html.”, 2010.
3. E. M. Bangkele, M. Antara, and L. Damayanti, “Cocoa processing industry feasibility analysis (case study in
house of chocolate department of industry Central Sulawesi province) in Palu”, Agroland: The Agric. Sci. Journal,
Vol 3(1), pp. 57-70, June 2016.
4. A. E. Hartemink, “Nutrient stocks, nutrient cycling, and soil changes in cocoa ecosystems: a review”, Advances
in Agronomy, Vol. 86(1), pp. 227-253. 2005.
5. Effendy, “Changes of technical efficiency and total factor productivity of cocoa farming in Indonesia”, Bul J of
Agric Sci, Vol. 24(4), pp. 566–573. 2018a.
6. Wahyudi, T. Pujiyanto, dan T.R. Panggabean, “Panduan Lengkap Kakao”, Jakarta: Penebar Swadaya, 2008.
7. Effendy, N. Hanani, B. Setiawan, A. W. Muhaimin, “Effect characteristics of farmers on the level of technology
adoption side-grafting in cocoa farming at Sigi Regency-Indonesia”, J of Agri Sci, Vol. 5(12), pp. 72-77, 2013.
8. Effendy, “Increasing of cocoa farmers household income with two stage least squares method”. Mod App Sci,
Vol. 9(6), pp. 120 – 127, 2015.
9. Effendy, M. Antara, “Effect of input production against quality of cocoa beans”, Am J of App. Sci, Vol. 12(10),
pp. 709- 713. 2015.
10. Effendy, “Factors affecting variation of total factor productivity in cocoa farming in the Central Sulawesi,
Indonesia”, AJCS, Vol. 12(4), pp. 655-660, 2018b.
11. W. Saidi, T. Abram, L. Bejjit, M. Bouachrine, “New organic compounds based on biphenyl for photovoltaic
devices: DFT Theoretical Investigation”, Chemical Methodologies, Vol. 2(3), pp. 247-259, 2018.
12. Effendy, M. N. Alam, Zainuddin, M. Antara, Muhardi, A. A. K. Pakanyamong, “Cost-benefit analysis of cocoa
agroindustry micro, small and medium enterprises”, Eurasia J Biosci, Vol. 14, pp. 4555-4558, 2020.
13. M. Iqbal, and I. S. Anugrah, “Rancang bangun sinergi kebijakan agropolitan dan pengembangan ekonomi lokal
menunjang percepatan pembangunan wilayah”, Jurnal Analisis Kebijakan Pertanian, Vol. 7(2), pp. 169–188,
2009. 14. B. M. Sinaga, and S. H. Susilowati, “Dampak kebijakan ekonomi di sektor agroindustri terhadap
distribusi pendapatan sektoral, tenaga kerja dan rumah tangga di Indonesia”, Journal of Socio-Economic of
Agriculture and Agribusiness (SOCA), Vol. 7(2), pp. 1–19, 2007.
15. E. Fischer, M. Qaim, “Linking smallholders to markets: determinants and impacts of farmer collective action in
Kenya”, Journal of World Development. Vol. 40(6), pp. 1255–1268, 2012.
16. A. Trebbin, “Linking small farmers to modern retail through producer organizations – Experiences with producer
companies in India”, Journal of Food Policy, Vol. 45, pp. 35–44. 2014.
17. J Haynes, F. Cubbage, E. Mercer, E. Sills, “The search for value and meaning in the cocoa supply chain in Costa
Rica”, Journal of Sustainability, Vol. 4(7), pp. 1466–1487. 2012.
18. S. Mulato, “Pengolahan Produk Primer dan Sekunder Kakao, 4th ed., Jember: Puslit Kopi dan Kakao Indonesia,
2010.
19. Zulfiandri, M. S. Maarif, A. Hermawan, H. Hardjomidjojo, Transaction cost and benefit cost on vertical
integration of cacao small scale agroindustry value chain”, Transl. Jurnal Manajemen & Agribisnis, Vol. 14(3),
pp. 187-197, November 2017.
20. C. B. Milan, and J.F. Junker, “Industrial Audit Guidebook: A Guidebook for Performing Walkthrough Energy
Audits of Industrial Facilities”, Bonnevile Power Administration, 2000.
21. Commonwealth of Australia, “Handbook of Cost-Benefit Analysis January 2006”, Australia: Department of
Finance and Administration Financial Management Group, 2006.
22. N. Hanley, E. B. Barbier, and E. Barbier, “Pricing Nature: Cost-benefit Analysis and Environmental Policy”,
Cheltenham: Edward Elgar Publishing, 2009.
23. OECDiLibrary, “Financing SME and Entrepreneurs: An OECD Scoreboard”,
https://www.oecdilibrary.org/sites/67ce6854-en/index.html?itemId=/content/component/67ce6854-en
24. L. P. Manalu, M. J. Djafar, T. Y. Wibawa, H. Adinegoro, “Proses pintas pengolahan kakao skala UKM studi kasus
di Luwu Sul-Sel”, Jurnal Pengkajian Industri. Vol. 11, pp. 51-60, 2017.
25. M. Arlorio, M. Locateli, F. Travagila, J. D. Coisson, E. Del Grosso, A. Minassi, G. Appendino, A. Martelli,
“Roasting impact on the contents of clovamide (Ncaffeoyl-L- DOPA) and antioxidant activity of cocoa beans
(Theobroma cacao L.)”, FoodChem, Vol. 106, pp. 967-975, 2010.
26. R. Nazaruddin, H. Osman, S. Mamot, S. Wahid, N. Aini, “ Influence of roasting conditions and volatile plavorof
roasted Malaysian cocoa beans”, J. of Food Process And Preserv., Vol. 30, pp. 280-298, 2006.
27. BSN [Badan Standarisasi Nasional Indonesia], “Bubuk Cokelat”, SNI 01-3747:2013, 2013.
28. W. Bisig, “Liquid Milk Products: Flavored Milks” in Encyclopedia of Dairy Sciences, 2 nd ed., pp. 301-306. 2011.

You might also like