Cocoa beans market in ASEAN

Earlier Report Observations

From 2018 to 2023, the cocoa beans market volume in ASEAN fluctuated, reaching 1.45 million tons in 2023 after a period of volatility. The market grew to 1.40 million tons in 2019, then fell to 1.27 million tons in 2020 before recovering to 1.38 million tons in 2021. This recovery coincided with new market activity, such as Hershey's acquisition of Lily's Sweets, which signaled increased demand for cocoa in innovative chocolate products. Growth to 1.45 million tons in 2023 was supported by the premiumization trend, with consumers seeking high-quality and ethically sourced chocolates, alongside the rising popularity of e-commerce platforms which expanded market access.

In 2024, the market landscape was influenced by record-high cocoa prices, which led major producers to adjust volume forecasts. Companies like Nestlé and Barry Callebaut launched new product lines emphasizing sustainably sourced beans, reflecting strong consumer and regulatory pressure for traceability and ethical sourcing. Digital tools like Cargill's CocoaWise™ platform were introduced to enhance supply chain transparency, while government support for crop diversification in some regions aimed to bolster supply-side stability.

Production cocoa beans in ASEAN

In kind, 2017-2020, K t

Top producers of cocoa beans, 2017-2020

World map of production of cocoa beans, 2017-2020

ASEAN's cocoa bean production declined for the second consecutive year. In 2020, the region produced 732.8 thousand tonnes of cocoa beans, reflecting a modest 2.0% decrease compared to the previous year. Over the 2017-2020 period, production grew by 22.4%, with an average annual growth rate of 7.0%. The highest production level was recorded in 2018 at 776.2 thousand tonnes. The largest year-over-year decline occurred in 2019 at 3.7%, while the most significant increase was in 2018 at 29.6%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

Exports cocoa beans from ASEAN

Exports in kind, K t

The market showed noticeable fluctuations during this period. The lowest export volume was recorded in 2018 at 33.9 thousand tonnes, while the peak occurred in 2017, creating a 3.2-fold difference between these two years. In 2020, ASEAN's foreign cocoa bean supplies reached 104.2 thousand tonnes, representing a substantial 198.4% increase over the previous year. The most significant decline was observed in 2018 at 69.0%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, K t

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, M $ US

Cocoa bean shipments from ASEAN to international markets declined for the second consecutive year. In 2020, export value amounted to 336 million US dollars, indicating a modest 5.7% decrease compared to the previous year. Over the 2017-2020 period, exports decreased by 11.9%, with an average annual decline of 4.1%. The highest export value was recorded in 2018 at 439 million US dollars. The largest year-over-year decline occurred in 2019 at 18.8%, while the most significant increase was in 2018 at 15.0%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, M $ US

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports cocoa beans to ASEAN

Imports in kind, K t

After two years of growth, ASEAN's cocoa bean imports declined. In 2020, the region imported 643.9 thousand tonnes of cocoa beans, equivalent to a 6.9% reduction compared to the previous year. Over the 2017-2020 period, imports increased by 15.7%, with an average annual growth rate of 5.0%. The highest import volume was recorded in 2019 at 691.9 thousand tonnes. The largest year-over-year increase occurred in 2018 at 16.2%.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, K t

Throughout the 2017-2020 period, Côte d'Ivoire (24.0% of import volume), Ghana (16.7% of import volume), and Ecuador (15.1% of import volume) served as the key partners for ASEAN's cocoa bean imports. Together, these three countries accounted for 55.9% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, M $ US

The value of ASEAN's cocoa bean imports increased for the third consecutive year. In 2020, the region imported 1 706 million US dollars worth of cocoa beans, representing a limited 4.8% advance compared to 2019. Over the 2017-2020 period, import value grew by 24.7%, with an average annual growth rate of 7.6%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, M $ US

During the 2017-2020 period, Côte d'Ivoire (23.9% of import value), Ghana (16.9% of import value), and Ecuador (15.5% of import value) formed the main group of sources for ASEAN's cocoa bean imports in value terms. Collectively, these three countries represented 56.3% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020