Dairy milk sales in the US are recovering after years of decline, driven in part by lower milk prices that drew cost-conscious consumers back from plant-based alternatives. Growing consumer focus on protein content and ingredient transparency is further supporting demand for dairy over plant-based options.
Cocoa prices erased early gains as forecasts for drier Ivory Coast weather eased harvest disruptions. However, El Niño formation and poor crop development for the 2026/27 season offer support, limiting the decline.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Cocoa Butter | Europe | EXW | USD 9,755.00/MT | August 2026 |
| Cocoa Butter | Europe | EXW | USD 10,049.00/MT | July 2026 |
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Cocoa butter prices strengthened through Q3’26 as the market shifted attention from comfortable current-season supply toward risks surrounding the current crop season. Ghana’s weaker production outlook, disease, excessive rainfall, ageing trees, and potential El Niño conditions increased uncertainty over future bean availability and consequently cocoa butter production. The ICCO reported 2024/25 global cocoa production at 4.733 million tonnes and end-season stocks of 1.309 million tonnes. Ivory Coast port arrivals remained strong during July, providing temporary supply relief, but concerns over the following crop increasingly dominated market sentiment. Regional processing trends were mixed: European grindings weakened, while Asian grindings increased strongly, supporting demand for cocoa-derived products. For cocoa butter, tighter bean availability was particularly important because butter is obtained through cocoa processing and therefore remains directly exposed to bean supply and processing economics. Downstream demand from chocolate, confectionery, cosmetics, and pharmaceutical formulations provided additional support, although high cocoa input costs encouraged cautious procurement in some markets.
Analyst Insight
According to Procurement Resource, cocoa butter conditions are likely to remain sensitive to West African crop developments, bean availability, processing activity, and downstream chocolate demand.
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Cocoa butter prices increased during Q2 2026, driven primarily by weather-related supply uncertainty and continued volatility in the global cocoa market despite improving production prospects in West Africa. Expectations of a stronger Côte d’Ivoire harvest, supported by better farm investment and improved arrivals, periodically eased upward price pressure, while concerns over weaker pod development and crop conditions preserved a weather-related risk premium. On the supply side, the revised global cocoa surplus and improved inventory outlook prevented a sharper rally but were insufficient to eliminate market fluctuations. In Europe, weak chocolate consumption and subdued industrial demand limited processor buying, with regional cocoa bean usage declining year over year, while major manufacturers also reported lower sales volumes as food producers reduced procurement. Conversely, stronger processing activity in Asia provided support to overall demand, partially offsetting weaker grindings across Europe and North America.
Cocoa Butter, also called theobroma oil, is basically a pale-yellow, edible fat that is derived or obtained from the cocoa bean. The beans are roasted and finely ground into chocolate liquor that is pressed to extract the butter. Its separation from the fibrous powder present in chocolate liquor allows both the products to recombine at varying levels to prepare chocolate. It is known for its cocoa flavour and aroma and is an essential ingredient in chocolate as well as beauty and cosmetic applications.
Theobroma Oil, Cacao Butter
Bo International, Olam International, Guan Chong Berhad (GCB), Wuxi Huadong Cocoa Food Co.,Ltd, Lotus Chocolate Co. Ltd., Nuts.com
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In this process, cocoa beans are first 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. Finally, the obtained chocolate liquor is pressed to extract Cocoa Butter, thus, separating it from fibrous powder.
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This report provides the cost structure of cocoa butter production from the grinding and pressing methods. When the nibs extracted from cocoa beans are grounded, it produces chocolate liquor.
This report provides the cost structure of white chocolate production from cocoa butter. Cocoa butter is separated from the whole cocoa mass to make a press cake of cocoa beans.
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