Product
Cocoa Price Trend and Forecast
Cocoa Price Trend and Forecast
Cocoa Regional Price Overview
Get the latest insights on price movement and trend analysis of Cocoa in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Cocoa Price Trend for the Q1 of 2024
| Product | Category | Region | Price | Time Period |
| Cocoa | Agriculture, Farming and Commodity | West Africa | 4415 USD/MT | January |
| Cocoa | Agriculture, Farming and Commodity | West Africa | 5288 USD/MT | March |
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Cocoa Price Chart
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The global cocoa market was struggling with its most severe supply deficit in over six decades, primarily due to environmental disruptions, diseases, and aging trees in West Africa, which produces around 60% of the world's cocoa. The result of this supply disruption was evident in the 19% surge in global cocoa prices from an average of 4415 USD/MT in January to 5288 USD/MT in March.
The International Cocoa Organization forecasts an 11% drop in global cocoa production for the 2023/24 season, leading to a significant supply-demand mismatch and driving up prices of cocoa. The ICCO's first forecasts for the 2023/24 cocoa year indicate a supply drop to 4.449 million tonnes and a demand reduction to 4.779 million tonnes.
Further, El Niño weather conditions worsened the situation, causing unseasonal heavy rains followed by dry heat, particularly affecting the Ivory Coast and Ghana. Major cocoa-producing countries experienced significant drops in output, with Ghana revising its production estimates to a 14-year low. Additionally, farmers also struggled with reduced yields due to black pod disease, swollen shoot virus, and trees that exceeded their optimal yield potential.
The financial strain on farmers was further compounded by fixed pricing policies that limit their ability to benefit from rising market prices. In response to these market dynamics, commercial buyers started to secure available cocoa, further pressuring the market. Overall, this supply shortfall is causing higher global prices, increased unit costs, and potential disruptions for processors.
Analyst Insight
According to Procurement Resource, the price of Cocoa is estimated to escalate. The market is expected to remain under significant pressure, with elevated prices likely to persist throughout 2024 due to the ongoing environmental and systemic challenges facing cocoa production.
Procurement Resource provides latest prices of Cocoa. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About Cocoa
Cocoa, derived from the seeds of the Theobroma cacao tree, is a crucial agricultural commodity primarily used in the production of chocolate. The seeds, known as cocoa beans, undergo a meticulous process of fermentation, drying, roasting, and grinding to produce cocoa mass, cocoa butter, and cocoa powder.
Cocoa butter is valued for its rich, creamy texture and is also widely used in cosmetic products. The powder serves as a key ingredient in various food products due to its rich flavor and antioxidant properties. Native to the Amazon and Orinoco River basins, cocoa plays a significant role in global economies, especially in West Africa, which dominates global production.
Cocoa Product Details
| Report Features | Details |
| Product Name | Cocoa |
| Synonyms | Cacao, Cocoa bean, Chocolate bean |
| HS Code | 18010000 |
| Industrial Uses | Chocolate Production, Baking and Confectionery,Beverages, Cosmetics, Pharmaceuticals, Nutraceuticals |
| Supplier Database | Cargill Incorporated, Cocoa Processing Company Limited (CPC), ECOM Agroindustrial Corp. Limited, PRONATEC AG, Blommer Chocolate Company, Tradin Organic Agriculture B.V. |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Cocoa Production Process
Cocoa is a natural product obtained from cocoa trees (obtained from cocoa bean that serves as its primary feedstock. Cocoa beans are first cleaned and roasted to develop flavor. The beans are then cracked, and shells are removed to obtain cocoa nibs. These nibs are ground into cocoa liquor. Cocoa butter is extracted from the liquor, leaving cocoa powder, both used in chocolate manufacturing.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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