Current cocoa market scenario as climate challenges impact global production

In February 2024, Consultoria Agro Itaú BBA released a detailed overview of the global cocoa market, highlighting important trends in the production, consumption and prices of this fundamental commodity. Currently, more than 70% of world cocoa production is concentrated on the African continent, led by Côte d'Ivoire, Ghana, Ecuador, Cameroon and Nigeria. Brazil, ranking as the sixth largest global producer, stands out with a production of 220 thousand tons per year, with the states of Pará and Bahia responsible for approximately 96% of the national supply. The distribution of cocoa bean processing is more equal across continents, led by Europe, followed by Africa, Asia & Oceania and the Americas. The chocolate industry, in turn, has Ivory Coast, the Netherlands, Indonesia, Germany and Malaysia as the main processing countries, totaling 5 million tons of almonds processed in 2022/23, according to ICCO. The global cocoa market faces a persistent supply shortage, resulting in a ...