Cocoa beans market in MERCOSUR

Earlier Report Observations

Cocoa bean production in MERCOSUR grew steadily from 239 thousand tons in 2018 to 302 thousand tons in 2021, while the market volume expanded from 302 thousand tons to 362 thousand tons over the same period. The strongest increase occurred in 2021, with production rising by 12% and market volume by 14.5%.

In 2022, production remained stable at 301 thousand tons, but the market volume contracted sharply to 312 thousand tons, a 13.7% drop, before recovering to 340 thousand tons in 2023 despite a slight dip in production. This recovery was supported by a significant rise in imports, which more than tripled from the previous year.

By 2023, a severe price crisis in the cocoa market, with prices soaring 150% to 200%, squeezed margins for the chocolate industry in Brazil and Europe, leading to reduced cocoa processing. In 2024, the provisional application of the EU-MERCOSUR trade agreement began to impact regional trade flows, while improved weather in West Africa and historic price volatility introduced further uncertainty into the global supply chain.

Production cocoa beans in MERCOSUR

In kind, 2017-2020, K t

Top producers of cocoa beans, 2017-2020

World map of production of cocoa beans, 2017-2020

Cocoa bean production in MERCOSUR has increased for the third consecutive year. In 2020, the region produced 269.7 thousand tonnes of cocoa beans, marking a 4.0% gain over the previous year. From 2017 to 2020, production grew by 14.4%, with a compound annual growth rate of 4.6%.

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

In value, 2017-2020, M $ US

In 2020, cocoa bean output in MERCOSUR was valued at 1 045 million US dollars, representing a 6.2% rise compared to 2019. Over the 2017-2020 period, production increased by 12.9%, with a compound annual growth rate of 4.1%. The largest decline occurred in 2019 at 4.6%, while the largest increase was recorded in 2018 at 11.5%.

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

Exports cocoa beans from MERCOSUR

Exports in kind, t

After a two-year decline, cocoa bean exports from MERCOSUR have increased. In 2020, exports stood at 634 tonnes, showing a sharp advance of 29.2% from the previous year. Between 2017 and 2020, exports decreased by 15.3%, equating to an annualized rate of 5.4%. The minimum value was recorded in 2019 at 491 tonnes, with the largest decline that year at 20.3%.

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

From 2017 to 2020, Japan, France, and the Netherlands remained the leading destinations for cocoa bean exports in kind from MERCOSUR. Japan accounted for 65.1% of exports, France for 14.7%, and the Netherlands for 7.7%, with these three countries together representing 87.5% of total export flows.

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

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

Exports in value, M $ US

Following a two-year contraction, MERCOSUR's cocoa bean exports in value terms have increased. In 2020, the region exported 2.5 million US dollars worth of cocoa beans, indicating a sudden improvement of 31.9% compared to 2019. Over the 2017-2020 period, exports decreased by 16.4%, with a compound annual growth rate of 5.8%. The minimum value was recorded in 2019 at 1.9 million US dollars, with the largest decline that year at 29.9%.

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

From 2017 to 2020, Japan, France, and the Netherlands continued to be the top destinations for cocoa bean exports in value terms from MERCOSUR. Japan held 54.2% of exports, France 19.9%, and the Netherlands 10.2%, with these three countries accounting for a combined 84.3% of total export flows.

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

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

Imports cocoa beans to MERCOSUR

Imports in kind, t

Cocoa bean imports into MERCOSUR have declined for the second consecutive year. In 2020, imports reached 46 772 tonnes, indicating a strong drop of 17.4% year-over-year. Over the 2017-2020 period, imports decreased by 23.8%, with a compound annual growth rate of 8.6%. The maximum value was recorded in 2018 at 62 922 tonnes, with the largest increase that year at 2.6%.

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

In the 2017-2020 period, the partner structure for cocoa bean imports in kind into MERCOSUR relied mainly on Ghana and Côte d'Ivoire, which together accounted for 99.3% of total import flows.

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

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

Imports in value, M $ US

Cocoa bean imports into MERCOSUR have declined for the third consecutive year. In 2020, imports amounted to 124.8 million US dollars, amounting to a gradual reduction of 9.0% year-over-year. Over the 2017-2020 period, imports decreased by 24.8%, with a compound annual growth rate of 9.1%.

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

Throughout 2017-2020, Ghana and Côte d'Ivoire remained the primary suppliers of cocoa beans to MERCOSUR in value terms, with a combined share of 99.2% of total imports, while other countries made up the remainder.

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

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