Cocoa

Beans of a shade-loving tropical tree, the raw material of chocolate, grown mostly by West African smallholders.

Softs · No. 99

• Not on a critical list
• HHI 1,748 · moderately concentrated

Cocoa prices more than doubled in a single year, because two neighbouring West African countries grow almost half the beans.

Chart: Illustration: Cocoa

Where it comes from

Chart: Map of where it comes from

Cocoa trees need warmth, humidity and shade near the equator, and new trees take around seven years to fruit, so supply reacts slowly. Output was 5.23 Mt in 2024.

Three things to know

1. Côte d'Ivoire and Ghana grew about 46% of the world's cocoa beans in 2024, exposed to the same weather and disease.
2. In real 2010 dollars, cocoa prices more than doubled between 2023 ($2.88/kg) and 2024 ($6.37/kg).
3. Ghana's share of world cocoa fell from 40% to 14% between the early 1960s and early 1980s, largely through export taxes.

The journey

1. 1 PodsCut by hand from shaded trees
2. 2 FermentingFermented and sun-dried for flavour
3. 3 ExportDried beans shipped abroad
4. 4 GrindingRoasted and ground to cocoa liquor
5. 5 PressingSplit into cocoa butter and powder
6. 6 ChocolateMade into bars and confectionery

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