UPDATE 3-Callebaut trims growth goals on lower consumption

* 2008/09 net profit rises 10 pct to 227 mln Sfr

* Average forecast for net was 222 mln Sfr

* Lowers three-year financial targets

* CEO says decline in chocolate demand bottomed out

* Shares fall 0.9 pct, slightly underperform sector

(Adds CEO comment, analyst comment, shares, background)

By Katie Reid

ZURICH, Nov 12 (Reuters) - Barry Callebaut (BARN.S), the world's largest chocolate maker, cut mid-term growth goals on Thursday because of lower consumption worldwide and the pressure of high cocoa prices.

The group posted a slightly better-than-expected 10 percent rise in full-year net profit to 227 million Swiss francs ($225.2 million) thanks to outsourcing deals.

Barry Callebaut Chief Executive Juergen Steinemann told Reuters the decline in chocolate demand had bottomed out but the global market was likely to remain flat for the next 12 months.

The group, which makes chocolate for companies such as Nestle (NESN.VX), Cadbury (CBRY.L) and Hershey (HSY.N), is now aiming for annual average volume growth of 6-8 percent and operating profit growth at least in line with this for the three years until the end of August 2012.

"This means our outlook is actually very bullish," Steinemann said after presenting his first set of results since he took over the helm this summer.

Its previous volume growth target for the period 2007/08 to 2010/11 was 9-11 percent and EBIT growth of 11-14 percent.

Barry Callebaut's full-year sales volume rose 4 percent after picking up in the second hal.

Some analysts said Barry Callebaut's guidance cut was no surprise and that it had brought the group more in line with expectations.

"The share price reaction will mainly depend on the degree management can convince investors that their new volume growth target is realistic," Helvea analyst Andreas von Arx said.

By 1131 GMT, shares in the group were trading some 0.9 percent lower at 593.00 francs, while the Dow Jones Stoxx European food and beverage index .SX3P was 0.4 percent lower.

The traditionally more recession resilient global chocolate market has declined by more than 2 percent as consumers in the United States, Britain and Spain reined in spending on treats.

Barry Callebaut's move to lower its goals contrasts with Cadbury, currently fending off a takeover bid from rival Kraft Foods, which last month raised its full-year targets after its third-quarter sales beat forecasts. [ID:nL9380032]

HIGH COCOA PRICES

The group, which also provides the food manufacturing industry with cocoa and chocolate products, coatings and cocoa powders, said its operating profit would be hit by the unfavourable combined cocoa ratio, which measures the combined sales prices of cocoa butter and powder relative to bean prices.

Steinemann said cocoa prices were likely to remain high. "We don't see big downward potential for cocoa prices".

Last month, local rival Lindt & Spruengli (LISP.S) said it would struggle to meet its operating profit target if cocoa prices stayed at current levels. [ID:nLT342508]

Cocoa futures on ICE CCc1 rose to the highest levels in about 30 years last month but have fallen back in the last couple of weeks, helped by a strong start to the main crop harvests in Ivory Coast and Ghana.

Barry Callebaut, whose main competitors are Cargill and ADM, said it expects to benefit from more outsourcing deals in the future but declined to say when it may sign another contract.

Barry Callebaut estimates its market share in outsourcing to be around 40 percent. ($1=1.008 Swiss Franc) (Reporting by Katie Reid; Editing by David Cowell)