Manya Rathore
Research expert covering India
Cocoa industry - statistics & facts
Cocoa beans are the dried, fermented seeds of the cacao tree, a tropical plant native to Central and South America. They serve as the essential raw material for chocolate, cocoa powder, and cocoa butter, making them one of the most traded agricultural commodities on earth. In recent years, supply shortages and volatile weather have reshaped the market. During the 2023/2024 crop year, global cocoa production dropped by over 500,000 tons, sending cocoa prices to more than double their 2023 average.
West Africa's outsized influence on cocoa supply
About two thirds of the world's cacao is grown in Africa. In 2024, production of cocoa beans on the continent reached approximately 3.4 million metric tons, more than half of which, around 1.9 million tons, was produced in the Ivory Coast. In the 2023/2024 crop years, cocoa beans output in Ghana and Ivory Coast declined significantly due to unsustainable agricultural practices and deforestations, adverse weather, and an outbreak of pests. This caused instability in both cocoa and chocolate markets across the world. In January 2025, monthly prices for cocoa peaked at over 10,700 U.S. dollars per metric ton, a record high. Prices have since retreated substantially, dipping back toward 2023 levels by early 2026, though the market remains susceptible to supply-side shocks.
Processing hubs and a reshuffled snack landscape
The Netherlands and Côte d'Ivoire are the two biggest processors of cocoa beans worldwide. In the fiscal year of 2024/25, Côte d'Ivoire processed approximately 730,000 tons of cocoa beans, while the Netherlands processed around 580,000 tons. Alone in Europe over 1.4 million tons of cocoa beans were processed in 2024, slightly less than in 2023. In that year, Mondelēz International was the leading chocolate and cocoa manufacturer worldwide, with net sales of 36 billion U.S. dollars. Mars Wrigley and Ferrero Group rounded out the top three companies, both exceeding 19 billion U.S. dollars in net sales. In December 2025, Mars completed its acquisition of Kellanova, formerly Kellogg's snacking division, uniting brands like Pringles and Cheez-It with Snickers and M&M's. This deal expanded Mars's footprint well beyond confectionery, a strategic hedge against the kind of cocoa-driven cost pressures that have squeezed chocolate makers worldwide.
