
World - Cocoa Beans - Market Analysis, Forecast, Size, Trends and Insights
Global Cocoa Bean Market 2023
Cocoa Bean Market Size
The global cocoa bean market rose notably to $X in 2021, growing by 5.5% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked in 2021 and is likely to continue growth in years to come.
Cocoa Bean Production
In value terms, cocoa bean production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when the production volume increased by 21%. Global production peaked at $X in 2020, and then declined slightly in the following year.
Cote d'Ivoire (X tons) remains the largest cocoa bean producing country worldwide, accounting for 37% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (X tons), threefold. Indonesia (X tons) ranked third in terms of total production with a 13% share.
In Cote d'Ivoire, cocoa bean production expanded at an average annual rate of +4.5% over the period from 2012-2021. The remaining producing countries recorded the following average annual rates of production growth: Ghana (-1.0% per year) and Indonesia (+0.2% per year).
The global average cocoa bean yield rose significantly to X kg per ha in 2021, with an increase of 6.2% against the previous year's figure. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 7.6% against the previous year. As a result, the yield reached the peak level of X kg per ha. From 2019 to 2021, the growth of the average cocoa bean yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
The global cocoa bean harvested area reduced slightly to X ha in 2021, flattening at 2020 figures. The harvested area increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2017 with an increase of 10%. The global harvested area peaked at X ha in 2020, and then fell modestly in the following year.
Cocoa Bean Exports
Exports
In 2021, shipments abroad of cocoa beans increased by 9.3% to X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 18% against the previous year. Over the period under review, the global exports hit record highs in 2021 and are likely to see steady growth in the immediate term.
In value terms, cocoa bean exports rose rapidly to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 22% against the previous year. The global exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.
Exports by Country
In 2021, Cote d'Ivoire (X tons) was the main exporter of cocoa beans, generating 37% of total exports. Ghana (X tons) took the second position in the ranking, followed by Nigeria (X tons), Ecuador (X tons), Cameroon (X tons), the Netherlands (X tons) and Belgium (X tons). All these countries together held approx. 49% share of total exports.
Exports from Cote d'Ivoire increased at an average annual rate of +4.0% from 2012 to 2021. At the same time, Ecuador (+9.4%), Belgium (+7.0%), Nigeria (+6.4%), the Netherlands (+5.8%) and Cameroon (+3.6%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in the world, with a CAGR of +9.4% from 2012-2021. By contrast, Ghana (-1.0%) illustrated a downward trend over the same period. While the share of Ecuador (+3.5 p.p.), Cote d'Ivoire (+2.8 p.p.), Nigeria (+2.3 p.p.) and Belgium (+1.5 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Ghana (-6.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Cote d'Ivoire ($X) remains the largest cocoa bean supplier worldwide, comprising 39% of global exports. The second position in the ranking was taken by Ghana ($X), with a 16% share of global exports. It was followed by Ecuador, with an 8% share.
From 2012 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to +6.1%. In the other countries, the average annual rates were as follows: Ghana (-2.4% per year) and Ecuador (+10.0% per year).
Export Prices by Country
The average cocoa bean export price stood at $X per ton in 2021, with an increase of 2.3% against the previous year. In general, the export price, however, continues to indicate a perceptible contraction. The growth pace was the most rapid in 2020 an increase of 9.9% against the previous year. The global export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.
There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+2.0%), while the other global leaders experienced more modest paces of growth.
Cocoa Bean Imports
Imports
In 2021, global cocoa bean imports rose sharply to X tons, picking up by 9.1% against the previous year. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when imports increased by 16% against the previous year. Over the period under review, global imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.
In value terms, cocoa bean imports rose remarkably to $X in 2021. The total import value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 20%. Global imports peaked in 2021 and are likely to see gradual growth in the immediate term.
Imports by Country
In 2021, the Netherlands (X tons), distantly followed by Malaysia (X tons), the United States (X tons), Germany (X tons), Belgium (X tons) and Indonesia (X tons) were the major importers of cocoa beans, together committing 69% of total imports. France (X tons), Canada (X tons), Turkey (X tons), Italy (X tons), Spain (X tons), Singapore (X tons) and the UK (X tons) followed a long way behind the leaders.
From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Indonesia (with a CAGR of +30.0%), while imports for the other global leaders experienced more modest paces of growth.
In value terms, the largest cocoa bean importing markets worldwide were the Netherlands ($X), the United States ($X) and Germany ($X), with a combined 42% share of global imports. These countries were followed by Malaysia, Belgium, Indonesia, France, Italy, Turkey, Canada, Spain, Singapore and the UK, which together accounted for a further 46%.
Among the main importing countries, Indonesia, with a CAGR of +28.9%, 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
In 2021, the average cocoa bean import price amounted to $X per ton, growing by 2.5% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 16%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.
Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Italy ($X per ton) and the UK ($X per ton), while Indonesia ($X per ton) and Canada ($X per ton) were amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+0.9%), while the other global leaders experienced more modest paces of growth.
Base Year | Historical Period | Forecast Period | Units |
---|---|---|---|
2022 | 2012-2022 | 2023-2030 | US$, Tons |
Frequently Asked Questions (FAQ) :
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.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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