Current cocoa market scenario as climate challenges impact global production

Published 2024년 2월 15일

Tridge summary

A report by Consultoria Agro Itaú BBA reveals that Africa dominates global cocoa production, accounting for over 70% of the total, with Brazil ranking as the sixth largest producer. However, cocoa bean processing is more evenly spread across continents, with Europe at the forefront. The cocoa market is grappling with a persistent supply shortage due to weather conditions, causing a global crop deficit for the third year in a row. This has led to a substantial surge in cocoa prices, with a 63% increase on the New York Stock Exchange in 2023 and further rises in 2024.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Portal Do Agronegocio