World - Cocoa Beans - Market Analysis, Forecast, Size, Trends and Insights
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The article provides a comprehensive analysis of the cocoa bean market, projecting an upward consumption trend over the next eight years. Market performance is forecast to expand with an anticipated CAGR of +2.1% in volume and +4.6% in value from 2022 to 2030, reaching 7M tons and $22.4B respectively. Despite a decline in consumption in 2022, the market has shown consistent growth over the years. The article also delves into global production, harvested area, imports, exports, and price trends, highlighting key players in the market such as Cote d'Ivoire, Ghana, Indonesia, and Ecuador.
Market Forecast
Driven by increasing demand for cocoa beans worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 7M tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $22.4B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Cocoa Beans
In 2022, after six years of growth, there was decline in consumption of cocoa beans, when its volume decreased by -1.7% to 5.9M tons. The total consumption volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 6M tons in 2021, and then fell slightly in the following year.
The global cocoa bean market revenue declined to $15.7B in 2022, waning by -6.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Global consumption peaked at $16.7B in 2021, and then contracted in the following year.
Consumption By Country
The countries with the highest volumes of consumption in 2022 were Indonesia (934K tons), Cote d'Ivoire (780K tons) and the Netherlands (532K tons), together comprising 38% of global consumption. Germany, Ghana, Malaysia, the United States, Brazil, France, Nigeria, Canada, Peru and Italy lagged somewhat behind, together comprising a further 42%.
From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Peru (with a CAGR of +11.4%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, the largest cocoa bean markets worldwide were Indonesia ($2.4B), Cote d'Ivoire ($2B) and the Netherlands ($1.2B), with a combined 36% share of the global market. Germany, Brazil, Ghana, the United States, Malaysia, France, Canada, Nigeria, Peru and Italy lagged somewhat behind, together accounting for a further 44%.
Peru, with a CAGR of +11.8%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.
The countries with the highest levels of cocoa bean per capita consumption in 2022 were the Netherlands (30 kg per person), Cote d'Ivoire (28 kg per person) and Ghana (11 kg per person).
From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +9.9%), while consumption for the other global leaders experienced more modest paces of growth.
Production
World Production of Cocoa Beans
In 2022, global cocoa bean production dropped modestly to 5.9M tons, stabilizing at the previous year. The total output volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 9.6%. Global production peaked at 6M tons in 2021, and then fell in the following year. The general positive trend in terms output was largely conditioned by a temperate expansion of the harvested area and a relatively flat trend pattern in yield figures.
In value terms, cocoa bean production fell to $15.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 20%. Global production peaked at $16B in 2021, and then shrank in the following year.
Production By Country
The country with the largest volume of cocoa bean production was Cote d'Ivoire (2.3M tons), comprising approx. 38% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (808K tons), threefold. Indonesia (720K tons) ranked third in terms of total production with a 12% share.
From 2012 to 2022, the average annual growth rate of volume in Cote d'Ivoire totaled +4.2%. The remaining producing countries recorded the following average annual rates of production growth: Ghana (-0.8% per year) and Indonesia (-0.3% per year).
Yield
The global average cocoa bean yield shrank to 504 kg per ha in 2022, therefore, remained relatively stable against 2021. Overall, the yield, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the yield increased by 5.8% against the previous year. Over the period under review, the average cocoa bean yield hit record highs at 522 kg per ha in 2019; however, from 2020 to 2022, the yield stood at a somewhat lower figure.
Harvested Area
The global cocoa bean harvested area dropped to 12M ha in 2022, flattening at the previous year's figure. The harvested area increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2017 with an increase of 9.3% against the previous year. The global harvested area peaked at 12M ha in 2021, and then shrank slightly in the following year.
Imports
World Imports of Cocoa Beans
In 2022, after two years of growth, there was significant decline in supplies from abroad of cocoa beans, when their volume decreased by -6.2% to 3.8M tons. The total import volume increased at an average annual rate of +1.9% 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 with an increase of 17% against the previous year. Over the period under review, global imports hit record highs at 4M tons in 2021, and then shrank in the following year.
In value terms, cocoa bean imports fell rapidly to $9.3B in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 20% against the previous year. Global imports peaked at $11B in 2021, and then fell rapidly in the following year.
Imports By Country
In 2022, the Netherlands (770K tons), distantly followed by Germany (473K tons), Malaysia (459K tons), the United States (344K tons), Belgium (328K tons), Indonesia (239K tons) and France (169K tons) represented the largest importers of cocoa beans, together achieving 74% of total imports. Canada (135K tons), Italy (101K tons), Singapore (95K tons), Spain (93K tons), Turkey (87K tons) and the UK (68K tons) followed a long way behind the leaders.
From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +26.0%), while purchases for the other global leaders experienced more modest paces of growth.
In value terms, the largest cocoa bean importing markets worldwide were the Netherlands ($1.8B), Germany ($1.2B) and Malaysia ($1.1B), with a combined 43% share 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 46%.
Indonesia, with a CAGR of +24.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries 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 $2,468 per ton in 2022, with a decrease of -10.4% against the previous year. In general, the import price showed a slight contraction. The most prominent rate of growth was recorded in 2014 an increase of 18% against the previous year. Over the period under review, average import prices reached the maximum at $3,215 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 ($2,795 per ton) and France ($2,711 per ton), while the Netherlands ($2,276 per ton) and Indonesia ($2,288 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+0.8%), while the other global leaders experienced mixed trends in the import price figures.
Exports
World Exports of Cocoa Beans
In 2022, the amount of cocoa beans exported worldwide reduced to 3.8M tons, shrinking by -5.9% on the previous year. The total export volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when exports increased by 19% against the previous year. The global exports peaked at 4M tons in 2021, and then shrank in the following year.
In value terms, cocoa bean exports fell dramatically to $8.8B in 2022. The total export value increased at an average annual rate of +1.2% 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 2014 when exports increased by 23% against the previous year. The global exports peaked at $10.7B in 2021, and then declined markedly 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 resulting at 1.5M tons, which was approx. 39% of total exports in 2022. Ghana (447K tons) held the second position in the ranking, followed by Ecuador (392K tons), Belgium (246K tons), the Netherlands (238K tons), Cameroon (236K tons) and Nigeria (220K tons). All these countries together took approx. 47% share of total exports.
From 2012 to 2022, average annual rates of growth with regard to cocoa bean exports from Cote d'Ivoire stood at +3.8%. At the same time, Ecuador (+10.3%), Belgium (+7.9%), the Netherlands (+5.3%) and Cameroon (+3.1%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.3% from 2012-2022. Nigeria experienced a relatively flat trend pattern. By contrast, Ghana (-2.7%) illustrated a downward trend over the same period. Ecuador (+5.4 p.p.), Cote d'Ivoire (+4.6 p.p.), Belgium (+2.6 p.p.) and the Netherlands (+1.5 p.p.) significantly strengthened its position in terms of the global exports, while Ghana saw its share reduced by -8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Cote d'Ivoire ($3.2B) remains the largest cocoa bean supplier worldwide, comprising 36% of global exports. The second position in the ranking was held by Ghana ($1.2B), with a 13% share of global exports. It was followed by Ecuador, with a 10% share.
In Cote d'Ivoire, cocoa bean exports expanded at an average annual rate of +3.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-5.2% per year) and Ecuador (+10.2% per year).
Export Prices By Country
The average cocoa bean export price stood at $2,327 per ton in 2022, waning by -13% against the previous year. Overall, the export price continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2014 when the average export price increased by 15% against the previous year. The global export price peaked at $3,012 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 Belgium ($2,714 per ton) and Ghana ($2,576 per ton), while Cameroon ($2,039 per ton) and Cote d'Ivoire ($2,185 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (-0.1%), while the other global leaders experienced a decline in the export price figures.
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:
- USA
- 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
+ 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:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
- HARVESTED AREA AND YIELD BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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. 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
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Harvested Area, By Country, 2012-2023
- Yield, By Country, 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Harvested Area, By Country, 2023
- Harvested Area, By Country, 2012-2023
- Yield, By Country, 2012-2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
Discover the top 10 countries by import value of cocoa beans in the global market. Learn about key statistics and market trends in the cocoa bean industry.
The closure of the HoReCa segment caused the demand for cocoa beans to collapse in 2020, while the production remained stable. 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.
In 2016, the amount of cocoa bean imported worldwide stood at X tons, surging by X% against the previous year figure. The total import volume increased at an average annual rate of +X% from X>
In 2016, the global cocoa bean exports totaled X tons, falling by -X% against the previous year level. The total export volume increased at an average annual rate of +X% over the period from ...
Global cocoa consumption amounted to X thousand tons in 2015, picking up by +X% against the previous year level.
In value terms, cocoa beans exports amounted to $X in 2016. Overall, it indicated a strong increase from 2007 to 2016: the total exports value increased at an average annual rate of +X% over the l...
In value terms, cocoa beans imports stood at $X in 2016. The total import value increased at an average annual rate of +X% over the period from 2007 to 2016; the trend pattern indicated some notic...
In 2015, the countries with the highest levels of cocao production were Côte D'Ivoire (X thousand tons), Ghana (X thousand tons), Indonesia (X thousand tons), together accounting for X% of total output.
Côte d'Ivoire dominates in the global сocoa bean trade. In 2014, Côte d'Ivoire exported X thousand tons of сocoa beans totaling X million USD, X% over the previous year. Its primary trading partner was the U.S., where it supplied X% of its