Cocoa beans market in ECOWAS

Earlier Report Observations

Cocoa bean production in ECOWAS remained relatively stable between 2018 and 2020, before rising to a peak of 3.6 million t in 2021. The domestic market volume in physical terms also grew significantly in 2020, reaching 1.3 million t. From 2021, both production and market volume began a downward trend, with the market contracting to 911 thousand t in 2022.

A sharp turning point occurred in 2023 when production fell to 2.9 million t and the physical market size dropped to 798 thousand t. This decline was driven by the onset of a major cocoa crisis in West Africa, where adverse weather conditions, exacerbated by El Niño, and the spread of the swollen shoot virus severely damaged plantations, reducing harvests in key producing countries like Côte d'Ivoire and Ghana. The supply shortfall led to a dramatic surge in prices, which more than doubled from mid-2023, explaining why the market value in 2023 increased to over $2 billion despite the lower volume.

The supply crisis continued into 2024, sustaining high price volatility and attracting new market entrants, such as Malaysia's Guan Chong Berhad, which invested in local processing. Simultaneously, the implementation of the European Union's strict rules on imported deforestation began imposing new traceability requirements on cocoa exporters, adding a regulatory layer to the market dynamics shaped by the ongoing production constraints.

Production cocoa beans in ECOWAS

In kind, 2017-2020, K t

Top producers of cocoa beans, 2017-2020

World map of production of cocoa beans, 2017-2020

In 2019, cocoa bean production in ECOWAS experienced a slight decline of 0.6%. However, by 2020, output rebounded to 3,476 thousand tonnes, marking a moderate increase of 3.6% compared to the previous year. Over the period from 2017 to 2020, production grew by 4%, which translates to an annualized growth rate of 1.3%.

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

In value, 2017-2020, M $ US

In 2019, the value of cocoa bean production in ECOWAS reached its lowest point at $7,841 million, with a decline of 2.2% that year. By 2020, output value rose to $8,779 million, showing a solid increase of 12.0% compared to 2019. From 2017 to 2020, production value increased by 11.6%, corresponding to a compound annual growth rate of 3.7%.

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

Exports cocoa beans from ECOWAS

Exports in kind, K t

In 2018, cocoa bean exports from ECOWAS peaked at 2,541 thousand tonnes, reflecting a significant increase of 11.2% that year. However, exports declined for the second consecutive year, dropping to 2,147 thousand tonnes in 2020, which represents a robust reduction of 12.8% compared to 2019. Over the period from 2017 to 2020, exports decreased by 6.1%, equating to an annualized decline rate of 2.1%.

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

Between 2017 and 2020, the Netherlands, the United States, and Malaysia were among the largest buyers of cocoa beans from ECOWAS, accounting for 24.8%, 12.9%, and 9.7% of exports in kind, respectively. Together, these three countries represented just 47.4% of total exports in kind, indicating a broadly diversified partner base for ECOWAS.

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

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

Exports in value, M $ US

In 2018, the value of cocoa bean exports from ECOWAS reached its highest level at $6,036 million, with an increase of 12.2% that year. However, exports declined for the second consecutive year, falling to $5,423 million in 2020, which is 5.7% lower year-over-year.

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

From 2017 to 2020, the portfolio of buyers for cocoa beans from ECOWAS was broad. The Netherlands, Malaysia, and the United States contributed 22.8%, 12.9%, and 12.6% of exports in value terms, respectively. Together, they accounted for only 48.3% of total exports in value terms, while many other countries held smaller but non-negligible shares.

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

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

Imports cocoa beans to ECOWAS

Imports in kind, K t

Cocoa bean imports into ECOWAS increased for the third consecutive year. In 2020, imports totaled 2,649.7 thousand tonnes, up by 2,649.7% year-over-year. Over the period from 2017 to 2020, imports surged by 22,581%, equating to an annualized growth rate of 509.8%.

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

Between 2017 and 2020, China stood out as the main supplier of cocoa beans to ECOWAS, accounting for 0.9% of total imports in kind.

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

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

Imports in value, M $ US

ECOWAS's cocoa bean imports increased for the third consecutive year. In 2020, imports amounted to $23 million, representing a sharp increase of 9,607.9% relative to the prior year. From 2017 to 2020, imports grew by 22,322.2%, corresponding to an annualized growth rate of 507.5%.

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

In the period from 2017 to 2020, the main share of cocoa bean imports in value terms to ECOWAS fell on China, which accounted for 0.5% of total flows.

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

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