Cocoa beans are used to produce butter and powder. These products are widely used in confectionery and cosmetics. Cocoa butter is the only butter that melts at human body temperature, which makes chocolate such a popular treat in the food market.Key facts about the global cocoa market
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Key themes affecting the global cocoa market
Ivory Coast and Ghana play the most significant role in the cocoa market as two of these countries produce about two-thirds of the world’s cocoa. The weather also plays a significant role in determining overall production: too much dry weather leads to cocoa pods abortion; too much wet weather may cause diseases (the black pod disease is the most common one). Another factor making cocoa prices volatile is political instability in African countries.
In 2019, Ghana and Ivory Coast announced that the countries will charge an additional USD400/tonne premium (Living Income Differential) to raise the low incomes of local farmers. This has complicated price determination by traders and has caused a price rally on the futures market for the preceding crop without the additional premium.
Grinding statistics are the cocoa sector’s best demand indicator. The confectionery and food industry are the main users of cocoa products. But the cosmetic industry is also striving to include more natural ingredients in their products and cocoa butter is increasingly in demand.
| Cocoa price ranges | |||
| 2017 | 2018 | 2019 | |
| Cocoa beans, New York, USD/tonne | 1800-2200 | 1800-2900 | 1900-2700 |
| Cocoa beans, London, GBP/tonne | 1400-1600 | 1300-1600 | 1600-2000 |
| Cocoa Butter, cents/lb | 220-280 | 265-348 | 273-310 |
| Cocoa Powder, cents/lb | 81-95 | 80-90 | 90-100 |
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