Global Cocoa Bean Market 2024

Cocoa Bean Market Size

In 2022, the global cocoa bean market decreased by X% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, saw a mild increase. Global consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Cocoa Bean Production

In value terms, cocoa bean production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, global production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The country with the largest volume of cocoa bean production was Cote d'Ivoire (X tons), comprising approx. X% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (X tons), twofold. The third position in this ranking was taken by Indonesia (X tons), with a X% share.

In Cote d'Ivoire, cocoa bean production expanded at an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Ghana (X% per year) and Indonesia (X% per year).

In 2022, the global average yield of cocoa beans dropped to X kg per ha, which is down by X% against the previous year. In general, the yield showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X kg per ha, and then contracted in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cocoa beans production worldwide expanded slightly to X ha, picking up by X% against 2021 figures. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to cocoa bean production reached the maximum at X ha in 2020; however, from 2021 to 2022, the harvested area failed to regain momentum.

Cocoa Bean Exports

Exports

In 2022, after two years of growth, there was significant decline in overseas shipments of cocoa beans, when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the global exports reached the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, cocoa bean exports shrank to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Cote d'Ivoire represented the major exporter of cocoa beans in the world, with the volume of exports amounting to X tons, which was near X% of total exports in 2022. It was distantly followed by Ghana (X tons), Ecuador (X tons), Nigeria (X tons), Belgium (X tons), the Netherlands (X tons) and Cameroon (X tons), together making up a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ecuador (with a CAGR of X%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest cocoa bean supplying countries worldwide were Cote d'Ivoire ($X), Ghana ($X) and Ecuador ($X), with a combined X% share of global exports.

Among the main exporting countries, Ecuador, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average cocoa bean export price stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price recorded a noticeable contraction. The most prominent rate of growth was recorded in 2020 an increase of X%. The global export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Ghana ($X per ton) and Belgium ($X per ton), while Nigeria ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cameroon (X%), while the other global leaders experienced a decline in the export price figures.

Cocoa Bean Imports

Imports

After two years of growth, purchases abroad of cocoa beans decreased by X% to X tons in 2022. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by X%. Global imports peaked at X tons in 2021, and then declined in the following year.

In value terms, cocoa bean imports contracted remarkably to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X%. Global imports peaked at $X in 2021, and then fell sharply in the following year.

Imports by Country

In 2022, the Netherlands (X tons), distantly followed by Germany (X tons), Malaysia (X tons), the United States (X tons), Belgium (X tons), Indonesia (X tons) and France (X tons) represented the major importers of cocoa beans, together making up X% of total imports. Canada (X tons), Italy (X tons), Singapore (X tons), Spain (X tons), Turkey (X tons) and the UK (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of X%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2022, together accounting for X% of global imports. The United States, Belgium, Indonesia, France, Canada, Italy, Singapore, Spain, Turkey and the UK lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2022, falling by X% against the previous year. Overall, the import price continues to indicate a mild slump. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Italy ($X per ton) and France ($X per ton), while the Netherlands ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (X%), while the other global leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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