The price trend for chocolate liquor in 2025 indicated a strong fluctuation throughout the year due to the supply and demand. During the first quarter of the year, the price for chocolate liquor went up due to heavy rains that caused flooding and disease among cocoa crops in Côte d’Ivoire and Ghana. The global supply for chocolate was also experiencing a shortage; therefore, the demand for chocolate remained high, causing the prices for chocolate liquor to rise.
However, the prices remained highly volatile in the second quarter. The market experienced a temporary downturn due to expectations of a good crop. However, fears of low crop quality and dry weather in West Africa caused a rise in prices again. Delays in exports and supply caused buyers to be cautious, thus maintaining the volatility of the market. In the third quarter, the market started to fall as demand for chocolate products weakened. Improvement in crop output and supply from Ecuador helped stabilize the market. In the fourth quarter, the market continued to fall due to a decline in purchases, which caused a stable market.
Analyst Insight
According to Procurement Resource, Chocolate Liquor prices are expected to be stable or moderately stable depending on weather conditions and the improvement of cocoa crops.
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In 2024, the price trend for chocolate liquor continued strong, with most price movements being upward. This was attributed to the low supply of cocoa, which is used in the production of chocolate liquor, and the higher production costs. This was evident in the first half of the year, where prices for chocolate liquor went up due to a decline in cocoa production in West Africa, which was caused by bad weather, diseases, and old trees. This resulted in a reduction in the quality of crops, which was also caused by heavy rainfall followed by hot weather, thereby impacting the availability of cocoa beans used in the production of chocolate liquor.
In the second quarter, the market was tight, and Ghana and Côte d’Ivoire, which are major producers of cocoa, produced less than expected. Also, logistics issues, coupled with increased freight costs, posed a problem. The demand for premium and specialty chocolates also remained favorable, which contributed to the increase in chocolate liquor prices.
In the second half of the year, prices remained high even though there was a slight correction in the prices, which had previously hit a peak. The harvest was poor, and there was also a problem of illegal mining in Ghana, which contributed to the pressure on the supply of chocolate. The chocolate manufacturers, however, increased the cost of chocolate liquor, which remained high during the year.
Chocolate Liquor or the cocoa liquor is basically pure cocoa mass in solid or semi-solid form. It is a smooth liquid form of chocolate. Chocolate Liquor is composed of both cocoa solids as well as cocoa butter in roughly equal proportion, just like the cocoa beans (nibs) from which it is prepared. It is the primary ingredient in the production of chocolates.
Cocoa Liquor, Cocoa Paste, Cocoa Mass
Dark Chocolate, White Chocolate, Milk chocolate, Chocolate Bars, Chocolate Powders
Guan Chong Berhad (GCB), Wuxi Huadong Cocoa Food Co.,Ltd, Lotus Chocolate Co. Ltd, Olam International
CurrencyUS$ (Data can also be provided in local currency)
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Chocolate Liquor is derived from the cocoa beans which have been fermented, cleansed, dried, and separated from their outer shells. The obtained cocoa nibs are then roasted and ground to a very fine, liquid mass, thus producing Chocolate Liquor. Thereafter, this liquor can either be processed into two components, that is, cocoa powder and cocoa butter, or can be used directly in chocolates as an ingredient.
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