Global cocoa shortage favored Latin American producers

Published 2024년 8월 5일

Tridge summary

In 2024, the global cocoa market experienced significant fluctuations due to a sharp drop in production, primarily due to climate challenges, especially the Cocoa Swollen Bud Virus in West Africa. This situation led to a surge in prices, which was particularly beneficial for Latin American producers, especially Ecuador and Peru, which saw cocoa export volumes and values soar by nearly 60% and almost tripled, and 47% and 265% respectively. However, the high prices led to domestic shortages and higher costs for cocoa-based products. Southeast Asian processors diversified their supply by targeting Peru and Ecuador, supporting a growth in Peruvian exports to Europe by 34% in volume and 246% in value.

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

Original content

(Agraria.pe) 2024 was marked by significant fluctuations in the global supply—and thus the price—of cocoa beans. The world's main producers are facing a significant drop in volumes due to various factors, especially climate. West Africa suffered the most from the drop in production due to major epidemics of the Cocoa Swollen Bud Virus (CSSVD). The countries in this region are the main suppliers to Europe and North America, which in turn are the main consumers. In general terms, it could be said that Latin American producers benefited the most from this shortage situation. Within the area, the big winners this season are Ecuador and Peru, which showed significant growth due to increases in international prices and were able to increase exported volumes of cocoa beans. Ecuador benefited the most with an increase in its export volume by nearly 60% and almost tripling the value of shipments. With respect to Peru, shipments reached a total of 41,984 tons until June for a value of US$ ...

Source: Agraria