Cocoa, the main ingredient in chocolate and chocolate products, plays a crucial role in West Africa’s economy. The International Cocoa Organization reported that Africa produced a significant 73,4% of the world’s cocoa in the 2022/2023 season.
Which country is the biggest cocoa producer?
Cocoa is a key export that helps farmers in different communities earn a living, boosts food security, and contributes to economic development in the area. Markedly, Côte d’Ivoire is the largest cocoa producer worldwide.
According to the latest data from the International Cocoa Organization, the 2024/25 season started with mixed sentiments regarding cocoa exports from the top producer, Côte d’Ivoire. Although exports increased, so did cocoa prices.
Typically, in economics, more supply leads to lower prices. However, this has not been the case recently. For example, London prices increased by 33% in November 2024. In New York, prices climbed by 26% in November 2024, compared to a 17% increase in November 2023. With both exports and prices increasing at the same time, concerns about supply risks remain a significant issue.
The second largest cocoa producer, Ghana, is also in Africa.
Concerns about influencing factors
Recent weather reports point out that temperatures in Côte d’Ivoire and Ghana are currently higher than average for this time of year and could pose a risk to crop development. Moreover, with the approaching Harmattan season whose intensity could affect cocoa, there are expectations of a decline in humidity. Dryness has also been reported in Ecuador, the third-largest producer.
Other factors compounding the supply situation include exchange stock levels and Cocoa Swollen Shoot Virus Disease (CSSVD).
Furthermore, the prevalence of CSSVD continues to cause havoc for cocoa production in the main producing regions of West Africa. As the region caters for the bulk of global supplies, CSSVD in the region is a major concern.
Majority of the world’s cocoa comes from Africa
According to a research report by Afreximbank, Africa produced 73,4% of global cocoa output in the2022/2023 season. Closely following the lead of Africa in global cocoa production is the Americas with a combined output of 21,2%, dominated by production in Ecuador and Brazil.
In 2022, the top five largest importers were the Netherlands, Malaysia, the United States, Germany, and Indonesia. Europe accounts for 56% of global imports of cocoa beans, with about 79% of this import sourced from Ghana and Cote d’Ivoire.
The top five cocoa producing countries globally are:
1. Côte d’Ivoire
2. Ghana
3. Ecuador
4. Cameroon
5. Nigeria
How often do you enjoy chocolate or chocolate products?
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