U.S.: Cocoa Bean Market 2023

Cocoa Bean Market Size in the U.S.

In 2021, the U.S. cocoa bean market increased by 28% to $X, rising for the second consecutive year after four years of decline. The market value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Cocoa Bean Exports

Exports from the U.S.

In 2021, after two years of growth, there was significant decline in overseas shipments of cocoa beans, when their volume decreased by -23.7% to X tons. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 199% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, cocoa bean exports plummeted to $X in 2021. In general, exports recorded a perceptible contraction. The pace of growth appeared the most rapid in 2014 with an increase of 263%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for cocoa bean exports from the United States, with a 80% share of total exports. Moreover, cocoa bean exports to Canada exceeded the volume sent to the second major destination, the Netherlands (X tons), more than tenfold. Belgium (X tons) ranked third in terms of total exports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada totaled -2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-7.9% per year) and Belgium (+7.6% per year).

In value terms, Canada ($X) remains the key foreign market for cocoa bean exports from the United States, comprising 78% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 5.4% share of total exports. It was followed by Indonesia, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to Canada totaled -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+0.7% per year) and Indonesia (-11.6% per year).

Export Prices by Country

In 2021, the average cocoa bean export price amounted to $X per ton, remaining constant against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 21%. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, the countries with the highest prices were Indonesia ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Germany ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into the U.S.

In 2021, supplies from abroad of cocoa beans increased by 25% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, cocoa bean imports soared to $X in 2021. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Cote d'Ivoire (X tons) constituted the largest supplier of cocoa bean to the United States, accounting for a 59% share of total imports. Moreover, cocoa bean imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, Ecuador (X tons), fourfold. The third position in this ranking was held by Ghana (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Cote d'Ivoire stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+4.5% per year) and Ghana (+0.1% per year).

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of cocoa bean to the United States, comprising 59% of total imports. The second position in the ranking was taken by Ecuador ($X), with a 16% share of total imports. It was followed by Ghana, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Cote d'Ivoire stood at +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+4.8% per year) and Ghana (+0.5% per year).

Import Prices by Country

In 2021, the average cocoa bean import price amounted to $X per ton, flattening at the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Ghana ($X per ton) and Democratic Republic of the Congo ($X per ton), while the price for Nigeria ($X per ton) and Papua New Guinea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :