Cocoa beans market in Central America

Earlier Report Observations

Cocoa bean production in Central America followed a generally upward path from 50 004 t in 2018 to 54 058 t in 2023. Early support came from regional entities working on genetic improvement of various cocoa varieties, which enhanced bean quality and diversity. The growth trajectory gained momentum from 2022, influenced by a gradual shift in global cocoa exports towards Latin America and Central America as the traditional powerhouse, West Africa, faced production challenges. This search for alternative sources was further amplified in 2023 by a notable drop in West African output, elevating future price expectations and reinforcing the region's role in the supply chain.

The total market volume, however, experienced significant swings, primarily driven by volatile import levels which peaked in 2019 before falling sharply. Structural constraints within the regional cocoa sector, such as persistently low productivity indices and a limited availability of traders in growing areas, curbed the market's expansion potential and affected the competitiveness of the production chain. These factors, alongside the incipient cocoa culture in some municipalities, contributed to a more limited and fluctuating consumption base throughout the period.

Despite the volatility in physical volume, the market's value demonstrated resilience and growth, reaching $310.7 million in 2023. This was underpinned by rising global cocoa prices due to supply deficits and evolving demand patterns. The market was further bolstered by increasing consumption and demand from related industries like cosmetics and pharmaceuticals, as well as a growing consumer preference for premium, sustainable, and high-cocoa-content products, which amplified the value of regional beans.

Production cocoa beans in Central America

In kind, 2017-2020, t

Top producers of cocoa beans, 2017-2020

World map of production of cocoa beans, 2017-2020

Central America's cocoa bean production has grown for the third year in a row. In 2020, the region produced 52 702 tonnes of cocoa beans, marking a 4.4% increase from 2019. From 2017 to 2020, production rose by 8.4%, with an average annual growth rate of 2.7%.

Annual dynamics of production in Central America in kind, 2017-2020, t

In value, 2017-2020, M $ US

Following two years of decline, Central America's cocoa bean production value rebounded. In 2020, the output was valued at 207.0 million US dollars, up 5.7% from the previous year. However, between 2017 and 2020, production value fell by 12.7%, translating to an annualized decline of 4.4%. The lowest point was in 2019 at 195.9 million US dollars, with the sharpest drop occurring in 2018 at 12.5%.

Annual dynamics of production in Central America in value, 2017-2020, M $ US

Exports cocoa beans from Central America

Exports in kind, t

Cocoa bean exports from Central America have increased for the third consecutive year. In 2020, the region exported 4 570 tonnes, showing a strong 14.7% rise compared to 2019. From 2017 to 2020, exports grew by 49.9%, with an average annual increase of 14.4%.

Annual dynamics of product's exports from Central America in kind, 2017-2020, t

Between 2017 and 2020, Belgium, Germany, and the Netherlands were significant buyers of cocoa beans from Central America, accounting for 19.4%, 8.0%, and 6.2% of exports in kind, respectively. Together, they made up 33.5% of total exports, while the remaining 66.5% was spread across numerous other trading partners.

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

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

Exports in value, M $ US

Cross-border shipments of cocoa beans from Central America have risen for the second year in a row. In 2020, exports reached 18.0 million US dollars, up 16.1% from the previous year. Over the 2017-2020 period, exports increased by 20.6%, with a compound annual growth rate of 6.5%. The lowest value was recorded in 2018 at 14.7 million US dollars, which also saw the largest decline of 1.1%.

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

From 2017 to 2020, cocoa bean exports in value terms from Central America were not heavily concentrated on a few key destinations. Belgium, Germany, and the Netherlands accounted for 25.6%, 12.0%, and 11.3% of exports in value, respectively, totaling 48.9% of all flows.

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

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

Imports cocoa beans to Central America

Imports in kind, t

After two years of growth, cocoa bean imports into Central America declined. In 2020, imports totaled 21 214 tonnes, down 55.1% from the previous year. Between 2017 and 2020, imports decreased by 37%, with an average annual decline of 14.3%. The peak was in 2019 at 47 278 tonnes, which also saw the largest increase of 24.0%.

Annual dynamics of product's imports to Central America in kind, 2017-2020, t

During 2017-2020, Ecuador, Côte d'Ivoire, and the Dominican Republic were the main sources for cocoa bean imports into Central America in kind, representing 55.6%, 16.6%, and 6.9% of imports, respectively. Combined, they accounted for 79.1% of total import flows.

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

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

Imports in value, M $ US

Following two years of increase, Central America's cocoa bean imports in value terms fell. In 2020, imports amounted to 58.5 million US dollars, a steep 50.2% drop from the year before. From 2017 to 2020, imports decreased by 35.4%, with an annualized decline of 13.5%. The highest value was in 2019 at 117.5 million US dollars, which also experienced the largest rise of 20.4%.

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

Throughout 2017-2020, Ecuador, Côte d'Ivoire, and the Dominican Republic remained the key sources for cocoa bean imports in value terms to Central America, with shares of 59.7%, 17.7%, and 7.5%, respectively. Together, they made up 84.9% of total import flows.

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

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