Global cocoa deficit expected to increase to 374 thousand tons in 2023/24, says ICCO

The global cocoa market is expected to have a deficit of 374 thousand tons in 2023/24 (October/23 to September/24), the International Cocoa Organization (ICCO) said in a note, in its first estimate for the season . For 2022/23, the organization reduced its deficit estimate from 99 thousand to 74 thousand tons. According to ICCO, supply from major producers is expected to fall significantly in 2023/24, reflecting unfavorable weather conditions and disease. “Furthermore, old trees in these countries are producing at lower yields,” the organization said. World production in 2023/24 was estimated at 4.449 million tons, a drop of almost 11% compared to the previous season (4.996 million tons). Demand is expected to fall by almost 5%, to 4.779 million tons, ICCO ...