Cocoa Beans Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Cocoa Beans Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Cocoa Beans Market size is estimated at USD 22.58 billion in 2024, and is expected to reach USD 27.01 billion by 2029, at a CAGR of 3.60% during the forecast period (2024-2029).

Cocoa beans, the seeds of Theobroma cacao, commonly known as the cacao or cocoa tree, are harvested from its pods. The four primary varieties of cocoa beans—Criollo, Forastero, Trinitario, and Nacional—each possess unique qualities. As reported by the Food and Agricultural Organization, Africa dominated global cocoa bean production, contributing 75% of the total output in the 2022-2023 period. Cote D'Ivoire and Ghana emerged as the leading contributors, together accounting for over 59% of the worldwide production. In 2023, Cote D'Ivoire harvested 1,694.8 thousand metric tons, while Ghana's yield was 654 thousand metric tons. Ecuador secured its position as the third-largest producer with a contribution of 435.1 thousand metric tons. The Netherlands topped the list as the foremost importer of cocoa beans, bringing in 770.8 thousand metric tons in 2023, a rise from 690.1 thousand metric tons in 2022, according to ITC Trade Map estimates. Following closely was Malaysia, with imports totaling 533.1 thousand metric tons in 2023. The Netherlands' leading position in cocoa bean imports can be attributed to its status as a pivotal chocolate processing and distribution center. The nation boasts some of the globe's largest facilities, adept at transforming raw cocoa beans into products such as cocoa butter, powder, and chocolate. Furthermore, with advancements in agricultural methodologies and a commitment to sustainable farming, the cocoa bean market has witnessed enhanced stability and profitability, drawing the attention of stakeholders and investors alike. For instance, in 2024, Rainforest Alliance launched the world’s largest strategic plan to promote sustainable cocoa bean production, aiming to reach 100 million farmers and workers globally by 2030. The global cocoa bean market has been buoyed by robust demand from the chocolate sector, especially with the rising allure for premium, single-origin, and certified chocolates.

Cocoa Beans Market Trends

Global Demand for Chocolate Fuels Cocoa Bean Production

Across the globe, the chocolate sector is witnessing a surge in innovative product launches and advancements in production technologies. With a growing affluent consumer base, manufacturers are adapting to diverse demands, emphasizing clean-label ingredients, traceability, low residual toxicity, and specific preferences in appearance, texture, and taste. Expanding their product lines, chocolate manufacturers are introducing distinct flavors, fillings, and formats, including dark, milk, and white chocolate, as well as vegan and low-sugar alternatives. For instance, in 2024, Hershey Company, North America's leading premium chocolate producer, unveiled 'Hershey's Choco Delights', a milk chocolate bar with crunchy pieces designed for a melt-in-your-mouth experience. This broad spectrum of offerings not only appeals to a wider consumer base but also amplifies the demand for cocoa beans. With trends leaning towards premiumization and indulgence, the global cocoa bean market is set for an upward trajectory, driven by surging consumer demand and the multifaceted applications of cocoa beans in the chocolate industry.

Africa Dominates Global Cocoa Production

According to FAOSTAT, Africa is the leading region for cocoa production worldwide. The Ivory Coast and Ghana together account for about 60% of the global cocoa bean supply. The Ivory Coast (Côte D'Ivoire) stands out as the top cocoa producer globally, contributing roughly 40% to the world's total output. Additionally, Nigeria plays a crucial role in the global cocoa landscape, representing nearly 6.5% of the world's cocoa bean production. Ranking fourth in global standings, Nigeria trails only behind the Ivory Coast, Ghana, and Indonesia. The country not only cultivates a variety of cocoa types but also produces an array of cocoa products, such as cocoa butter, powder, and cake. Furthermore, cocoa, a key ingredient in chocolate, is central to Cameroon's economy. Celebrated for its premium cocoa beans, especially the Forastero variety, Cameroon ranks as Africa's fourth-largest cocoa producer and the fifth-largest in the world. The cocoa sector is vital for the livelihoods of over 500,000 people in Cameroon.

Cocoa is a crucial export for many African countries, especially in the Ivory Coast and Ghana, where it significantly influences GDP and employment. In these nations, millions of smallholder farmers depend on cocoa for their income. African cocoa is predominantly exported to Europe and North America, where it is processed into chocolate and other products. Key importers of African cocoa include the European Union, the United States, and various Asian countries. The climate across Africa, especially in West African countries like the Ivory Coast, Ghana, Nigeria, and Cameroon, is perfectly aligned for cocoa cultivation. Cocoa trees flourish in consistently warm temperatures, ideally between 20-32°C (68-89°F). West Africa's tropical climate provides the necessary warmth for cocoa growth. Unlike areas with significant seasonal temperature fluctuations, West Africa maintains a stable temperature range. This stability not only guarantees a consistent growing season but also enhances yield reliability, solidifying Africa's position as a leader in the global cocoa arena.

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