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World - Cocoa Beans - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Jan 1, 2025

World - Cocoa Beans - Market Analysis, Forecast, Size, Trends and Insights

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Apr 7, 2021

The Global Cocoa Market Struggles for Restoring Plummeted Demand

IndexBox has just published a new report: 'World - Cocoa Beans - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The closure of the HoReCa segment caused the demand for cocoa beans to collapse in 2020, while global production declined only slightly. This led to a surge in unsold cocoa bean stocks in exporter-countries. EU chocolate producers are now trying to enlist a range of measures to ensure stable demand and secure supply chains on the cocoa bean market.

Key Trends and Insights

The pandemic weakened demand for chocolate and cocoa beans. Despite this, global cocoa bean output experienced only a marginal decline. Data from The International Cocoa Organization (ICCO) indicates that cocoa bean production in Africa fell by 2.4%, in Asia and Australasia, by 7.3%, but in America, production saw an increase of 2.7%. The global cocoa bean grindings production fell by 4,784 thousand tons in 2019 to 4,631 thousand tons in 2020.

As of May 2020, global cocoa bean imports slumped sharply and import figures remained low until the end of the 2020 period (IndexBox estimates). In Europe, over the period from March to December 2020, cocoa, chocolate and sugar confectionery production featured a decline against the figures of 2019. The biggest drop was in April 2020 when production fell by 13.9% as compared to the same period in the previous year. American confectionery market, however, remained relatively stable. Côte d'Ivoire, a key exporter, was particularly affected by the slump in demand: huge cocoa bean stocks have been accumulating in farm warehousing facilities and export terminals since December 2020.

The overproduction resulted in a slump in prices. The ICCO daily price for cocoa beans (the average of the quotations of the nearest three active futures trading months on ICE Futures Europe (London) and ICE Futures US (New York) at the time of London close) peaked at $2,716 per ton in February 2020; by March 2021, the price had fallen to $2,462 per ton. The price hike seriously affected the cocoa bean growers in Côte d'Ivoire and other major cocoa bean producing countries, threatening their income and the potential to invest in expanding production.

The re-opening of the HoReCa segment following the lifting of the coronavirus restrictions and a recovery in the demand are both set to be key drivers of the cocoa bean market recovery. The EU investment (25 million Euros) into cocoa bean production in Côte d'Ivoire, Ghana and Cameroon, which together assume 70% of global output, should improve supply chain stability, at least for particular involved companies.

The Netherlands, Germany, Switzerland and Belgium have all signed a Memorandum of Understanding (MOU) in a bid to ensure stable cocoa bean demand to 2025; through cooperation under the Memorandum (MOU), the objective remains improved market transparency, involvement in multinational companies, sustainable communication, improved working conditions for farmers and measures to protect the environment near the farms.

Cote d'Ivoire to Remain the Key Manufacture and Exporter of Cocoa Beans

In 2019, after two years of growth, there was a decline in the production of cocoa beans, when its volume decreased by -3.8% to 5.7M tons. The total output volume increased at an average annual rate of +2.6% over the period from 2012 to 2019 (IndexBox estimates).

In value terms, cocoa bean production contracted slightly to $14.2B in 2019 estimated at export prices. The total output value increased at an average annual rate of +1.9% from 2012 to 2019.

Cote d'Ivoire (2.2M tons) remains the largest cocoa bean producing country worldwide, accounting for 38% of the total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (812K tons), threefold. The third position in this ranking was occupied by Indonesia (784K tons), with a 14% share.

In Cote d'Ivoire, cocoa bean production expanded at an average annual rate of +5.6% over the period from 2012-2019. The remaining producing countries recorded the following average annual rates of production growth: Ghana (-1.1% per year) and Indonesia (+0.8% per year).

Cote d'Ivoire was the major exporter of cocoa beans in the world, with the volume of exports reaching 1.6M tons, which was near 40% of total exports in 2019. Ghana (668K tons) occupied a 16% share (based on tons) of total exports, which put it in second place, followed by Nigeria (7.8%), Cameroon (7.7%), Ecuador (6.6%) and Belgium (4.9%). The Netherlands (168K tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire increased at an average annual rate of +7.0% from 2012 to 2019. At the same time, Ecuador (+9.1%), Cameroon (+8.8%), Belgium (+8.2%), Nigeria (+6.3%), the Netherlands (+2.4%) and Ghana (+1.9%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in the world, with a CAGR of +9.1% from 2012-2019. Cote d'Ivoire (+5.8 p.p.), Cameroon (+1.9 p.p.) and Ecuador (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while Ghana saw its share reduced by -3.3% from 2012 to 2019, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($3.6B), Ghana ($1.9B) and Nigeria ($730M) were the countries with the highest levels of exports in 2019, with a combined 63% share of global exports. These countries were followed by Cameroon, Ecuador, Belgium and the Netherlands, which together accounted for a further 23% (IndexBox estimates).

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global cocoa bean market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 661 - Cocoa beans

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2024
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption, By Country, 2018–2024
    5. Production, In Physical Terms, By Country, 2012–2024
    6. Imports, In Physical Terms, By Country, 2012–2024
    7. Imports, In Value Terms, By Country, 2012–2024
    8. Import Prices, By Country Of Destination, 2012–2024
    9. Exports, In Physical Terms, By Country, 2012–2024
    10. Exports, In Value Terms, By Country, 2012–2024
    11. Export Prices, By Country Of Origin, 2012–2024

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Consumption, By Country, 2024
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2024
    18. Production, In Value Terms, 2012–2024
    19. Production, By Country, 2024
    20. Production, In Physical Terms, By Country, 2012–2024
    21. Imports, In Physical Terms, 2012–2024
    22. Imports, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country, 2012–2024
    25. Imports, In Value Terms, By Country, 2012–2024
    26. Import Prices, By Country, 2012–2024
    27. Exports, In Physical Terms, 2012–2024
    28. Exports, In Value Terms, 2012–2024
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country, 2012–2024
    31. Exports, In Value Terms, By Country, 2012–2024
    32. Export Prices, 2012–2024

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