Cocoa beans market in Western Africa

Earlier Report Observations

Cocoa bean production in West Africa rose from 3.4 million tons in 2018 to a peak of 3.6 million tons in 2021. This growth was supported by significant investments in processing capacity, such as Cargill's $100 million expansion in Côte d'Ivoire, and broader sustainability initiatives within the supply chain. During this period, the regional market size for cocoa beans also expanded sharply, reaching over 1.3 million tons in 2020, driven by strong global demand from emerging economies.

From 2022, production entered a pronounced decline, falling to 2.9 million tons by 2023. This downturn was primarily caused by widespread crop diseases and unfavorable weather conditions in key producing nations, Côte d'Ivoire and Ghana, which led to a supply deficit. The resulting drop in harvest volumes directly reduced the regional market size, which fell to 798 thousand tons in 2023, and contributed to cocoa bean prices more than doubling to record levels above $6 000 per ton.

The market structure, characterized by state-owned entities like Ghana's COCOBOD controlling exports, remained influential throughout the period. Policy measures, including the introduction of a decent income differential for farmers in 2022, aimed to improve producer compensation. Simultaneously, traceability projects gained momentum to address deforestation and labor concerns, reflecting evolving sustainability pressures on the industry.

Production cocoa beans in Western Africa

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 Western Africa experienced a slight decline of 0.6%. However, by 2020, output rebounded to 3 476 thousand tonnes, marking a 3.6% increase compared to the previous year. Over the four-year period from 2017 to 2020, production grew by 4%, with an average annual growth rate of 1.3%.

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

In value, 2017-2020, M $ US

The value of cocoa bean production in Western Africa reached its lowest point in 2019 at 7 841 million US dollars, reflecting a 2.2% decrease. In 2020, output surged to 8 779 million US dollars, showing a strong 12.0% increase year-over-year. From 2017 to 2020, production value rose by 11.6%, with an average annual growth rate of 3.7%.

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

Exports cocoa beans from Western Africa

Exports in kind, K t

Cocoa bean exports from Western Africa peaked in 2018 at 2 541 thousand tonnes, representing an 11.2% increase. In 2019, volumes began to decline, and by 2020, exports fell to 2 147 thousand tonnes, a sharp 12.8% decrease compared to 2019. Over the 2017-2020 period, exports decreased by 6.1%, with an average annual decline of 2.1%.

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

Between 2017 and 2020, the export structure for cocoa beans in kind was highly diversified. The top three partners—the Netherlands with 24.8%, the United States with 12.9%, and Malaysia with 9.7%—collectively accounted for 47.4% of total exports. The remaining 52.6% was distributed among numerous smaller markets.

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

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

Exports in value, M $ US

Export values for cocoa beans from Western Africa reached their highest level in 2018 at 6 036 million US dollars, up 12.2% from the previous year. In 2019, values started to drop, and by 2020, exports amounted to 5 423 million US dollars, a 5.7% decrease compared to 2019.

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

From 2017 to 2020, no single market dominated cocoa bean exports in value terms. The Netherlands held 22.8%, Malaysia 12.9%, and the United States 12.6%, together making up 48.3% of total export value. The rest was spread across many smaller partners, each with modest individual shares.

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

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

Imports cocoa beans to Western Africa

Imports in kind, K t

Cocoa bean imports into Western Africa grew significantly over the 2017-2020 period, increasing by 22 581.1% with an average annual rate of 509.8%. In 2019, imports were minimal, but by 2020, volume surged to 7 thousand tonnes, a dramatic 2 621.4% increase compared to the prior year.

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

Throughout 2017-2020, China was the leading supplier of cocoa beans to Western Africa in kind, consistently accounting for 0.9% of total imports.

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

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

Imports in value, M $ US

Imports of cocoa beans into Western Africa in value terms expanded substantially from 2017 to 2020, rising by 22 322.2% with an average annual growth rate of 507.5%. In 2020, imports reached 23 million US dollars, up by 9 300.9% year-over-year.

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

In the 2017-2020 period, China was the primary source for cocoa bean imports in value terms, representing 0.5% of total flows.

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

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