Global Cocoa Bean Market Overview 2021

Cocoa Bean Market Size

The global cocoa bean market surged to $X in 2020, increasing by X% against the previous year. The market value increased at an average annual rate of +X% over the period from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Cocoa Bean Production

In value terms, cocoa bean production surged to $X in 2020 estimated in export prices. in general, the total production indicated resilient growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, production increased by +X% against 2016 indices. The pace of growth was the most pronounced in 2008 with an increase of X% year-to-year. Over the period under review, global production reached the peak level in 2020 and is likely to see steady growth in years to come.

Cote d'Ivoire (X tonnes) constituted the country with the largest volume of cocoa bean production, accounting for X% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (X tonnes), threefold. Indonesia (X tonnes) ranked third in terms of total production with a X% share.

In Cote d'Ivoire, cocoa bean production increased at an average annual rate of +X% over the period from 2007-2020. in the other countries, the average annual rates were as follows: Ghana (-X% per year) and Indonesia (+X% per year).

The global average cocoa bean yield amounted to X kg per ha in 2020, remaining relatively unchanged against 2019 figures. 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 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X kg per ha. from 2019 to 2020, the growth of the average cocoa bean yield remained at a lower figure. 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 rose slightly to X ha in 2020, picking up by X% on the previous year's figure. The harvested area increased at an average annual rate of +X% over the period from 2007 to 2020; 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 the harvested area increased by X% y-o-y. The global harvested area peaked in 2020 and is likely to see steady growth in years to come.

Production by Country

The country with the largest volume of cocoa bean production was Cote d'Ivoire (X tonnes), accounting for X% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (X tonnes), threefold. The third position in this ranking was occupied by Indonesia (X tonnes), with a X% share.

In Cote d'Ivoire, cocoa bean production increased at an average annual rate of +X% over the period from 2007-2020. The remaining producing countries recorded the following average annual rates of production growth: Ghana (-X% per year) and Indonesia (+X% per year).

Cocoa Bean Exports

Exports

After three years of growth, overseas shipments of cocoa beans decreased by -X% to X tonnes in 2020. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2011 when exports increased by X% against the previous year. Global exports peaked at X tonnes in 2019, and then contracted notably in the following year.

In value terms, cocoa bean exports dropped to $X in 2020. in general, total exports indicated noticeable growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of X% y-o-y. Global exports peaked at $X in 2015; however, from 2016 to 2020, exports stood at a somewhat lower figure.

Exports by Country

In 2020, Cote d'Ivoire (X tonnes) represented the key exporter of cocoa beans, mixing up X% of total exports. It was distantly followed by Ghana (X tonnes), Ecuador (X tonnes) and Cameroon (X tonnes), together achieving a X% share of total exports. Nigeria (X tonnes), Malaysia (X tonnes), the Netherlands (X tonnes), the Dominican Republic (X tonnes) and Peru (X tonnes) held a minor share of total exports.

From 2007 to 2020, average annual rates of growth with regard to cocoa bean exports from Cote d'Ivoire stood at +X%. at the same time, Peru (+X%), Malaysia (+X%), Ecuador (+X%), Cameroon (+X%), the Netherlands (+X%) and the Dominican Republic (+X%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in the world, with a CAGR of +X% from 2007-2020. by contrast, Ghana (-X%) and Nigeria (-X%) illustrated a downward trend over the same period. From 2007 to 2020, the share of Cote d'Ivoire, Ecuador, Cameroon, Malaysia and Peru increased by +X%, +X%, +X%, +X% and +X% percentage points, while Nigeria (-X p.p.) and Ghana (-X p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest cocoa bean supplier worldwide, comprising X% of global exports. The second position in the ranking was occupied by Ghana ($X), with a X% share of global exports. It was followed by Ecuador, with a X% share.

From 2007 to 2020, the average annual growth rate of value in Cote d'Ivoire stood at +X%. in the other countries, the average annual rates were as follows: Ghana (-X% per year) and Ecuador (+X% per year).

Export Prices by Country

The average cocoa bean export price stood at $X per tonne in 2020, growing by X% against the previous year. Over the last thirteen-year period, it increased at an average annual rate of +X%. The pace of growth appeared the most rapid in 2009 when the average export price increased by X% y-o-y. Global export price peaked at $X per tonne in 2010; however, from 2011 to 2020, export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. in 2020, major exporting countries recorded the following prices: in Ghana ($X per tonne) and the Netherlands ($X per tonne), while Nigeria ($X per tonne) and Cameroon ($X per tonne) were amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire, while the other global leaders experienced more modest paces of growth.

Cocoa Bean Imports

Imports

In 2020, overseas purchases of cocoa beans decreased by -X% to X tonnes, falling for the second year in a row after four years of growth. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. Over the period under review, global imports reached the peak figure at X tonnes in 2018; however, from 2019 to 2020, imports remained at a lower figure.

In value terms, cocoa bean imports fell to $X in 2020. The total import value increased at an average annual rate of +X% from 2007 to 2020; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2009 when imports increased by X% y-o-y. Global imports peaked at $X in 2011; however, from 2012 to 2020, imports stood at a somewhat lower figure.

Imports by Country

In 2020, the Netherlands (X tonnes), distantly followed by Malaysia (X tonnes), the U.S. (X tonnes), Germany (X tonnes), Indonesia (X tonnes) and France (X tonnes) were the largest importers of cocoa beans, together committing X% of total imports. Turkey (X tonnes), the UK (X tonnes), Canada (X tonnes), Italy (X tonnes), Spain (X tonnes), Singapore (X tonnes) and Belgium (X tonnes) followed a long way behind the leaders.

From 2007 to 2020, the biggest increases were in Indonesia, while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the U.S. ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2020, together accounting for X% of global imports. These countries were followed by Germany, Indonesia, France, Turkey, the UK, Italy, Spain, Canada, Belgium and Singapore, which together accounted for a further X the main importing countries, Indonesia recorded the highest growth rate of 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 2020, the average cocoa bean import price amounted to $X per tonne, increasing by X% against the previous year. Over the period from 2007 to 2020, it increased at an average annual rate of +X%. The pace of growth was the most pronounced in 2008 an increase of X% y-o-y. Global import price peaked at $X per tonne in 2010; however, from 2011 to 2020, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. in 2020, major importing countries recorded the following prices: in Italy ($X per tonne) and France ($X per tonne), while Canada ($X per tonne) and Turkey ($X per tonne) were amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the Netherlands, while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform