In this article, we will be taking a look at the top 20 cocoa producing countries in the world. If you are not interested in reading the detailed analysis of the global cocoa market, head straight to the Top 5 Cocoa Producing Countries In The World.
Cocoa, often called the "food of the gods," holds a special place in the global agricultural landscape. As a critical ingredient in producing chocolate and other delectable treats, it plays a pivotal role in the world's economy. The top cocoa-producing countries in the world like Ghana and Ivory Coast wield significant influence over the cocoa industry, driving its production and direction.
The Global Cocoa Landscape
The global cocoa market is on a robust growth trajectory, with projections indicating an impressive expansion from $48.29 billion in 2022 to an estimated $67.88 billion by 2029, showcasing a CAGR of 4.98% throughout the forecast period. This growth is mainly driven by the rising demand for cocoa ingredients, which are used in various products in the confectionery industry, non-alcoholic beverages and indulgent baked goods.
The International Cocoa Organization (ICCO) anticipates a 10% increase in global cocoa production over the next decade, underscoring the industry's potential. The food and beverage sector, a pivotal player in this surge, is witnessing global flourishing, with cocoa-infused products, especially chocolate, leading in new launches within beverages, bakery items, and confectionery. This trend is expected to fuel the demand for cocoa butter and cocoa powder further in the foreseeable future.
The cocoa market's recent growth can be chiefly attributed to the burgeoning demand for confectionery products. This global demand for cocoa ingredients and flavors reflects their increasing presence across various food and beverage products. However, to sustain this growth, the industry must focus on maintaining sustainability, emphasizing the need for additional investments to meet these evolving market requirements.
In light of these developments, the Sustainable Agricultural Network/Rainforest Alliance cocoa program has grown significantly over the past five years, covering 1 million hectares of cocoa production. This ambitious project impacts at least 10% of the world's cocoa output, totaling 350,000 tonnes, cultivated on 750,000 hectares by 250,000 farmers.
Mondelez International, Inc. (NASDAQ:MDLZ) is one of the world's largest chocolate manufacturers, and is renowned for their iconic confectionery brands, including Cadbury, Toblerone, and Milka. The company is deeply committed to sustainable cocoa sourcing, with a goal of sourcing 100% certified and sustainable cocoa by 2025. Mondelez pursues this vision through its Cocoa Life program, focused on enhancing the well-being of cocoa farmers and their communities, preserving forests, and advocating for gender equality in cocoa-growing regions.
Mondelez International, Inc. (NASDAQ:MDLZ) is also doing well on the market front. The company reported a robust Q2 2023 performance. Revenues surged by 17% YoY, primarily due to a 15.8% growth in Organic Net Revenue in 3 out of 4 regions. Diluted EPS rose by 27.8% to $0.69, and Adjusted EPS grew by 21.5% in constant currency. The Chief Executive Officer of Mondelez International, Inc. (NASDAQ:MDLZ) -- Dirk Van De Put -- said the following in the Q2 earnings call:
"You can see that the first half of 2023 showed continued momentum across our entire business. We delivered the first half organic net revenue growth of $2.7 billion, up nearly 18% versus prior year and significantly ahead of our already strong 12% in full year 2022. This includes a 15.8% growth for the quarter. We also delivered adjusted gross profit dollar growth of more than $1 billion. Again, we are well ahead of last year’s pace with 18.9% growth."
Ghana, a vital player in global cocoa production, contributes 20% of the world's cocoa. The Cocoa Processing Company Limited (CPC) in Ghana, listed as "CPC" on the stock exchange, processes raw cocoa into iconic chocolate varieties and champions sustainability through initiatives like the Cocoa Abrabopa Association (CAA) and the Cocoa Health and Extension Division (CHED).
Top 20 Cocoa Producing Countries In The World
Our Methodology
In our methodology, we ranked the world's top cocoa-producing countries for the year 2021, using data sourced from Our World in Data.
Here is our list of the top 20 cocoa producing countries in the world.
20. Haiti
Total Cocoa Production: 2,000 tons
Haiti's cocoa industry is expected to grow at the rate of 2.3% YoY. Export markets, notably Spain, Netherlands, and Italy, are expanding. However, challenges such as low productivity, limited access to finance, and infrastructure issues persist. On top of that, the politico-economic crisis in the country is no help either.
19. Togo
Total Cocoa Production: 8,000 tons
Togo, one of the top cocoa producers, is a significant contributor to the global cocoa bean production. In 2021, Togo's cocoa production decreased by 47.2% to 2,810 metric tons, yet it typically yields more than 5000 metric tons annually. The cocoa market in Togo has a projected growth of 5.05% from 2023 to 2028, reaching US$8.6 million. Togo is known for producing high-quality cocoa, with over 90% cultivated in the Plateaux region. Additionally, Togo has cocoa bean exporters and suppliers like Selina Wamucii, offering competitive market prices.
18. Madagascar
Total Cocoa Production: 11,000 tons
Madagascar's cocoa industry offers promising prospects, with the World Bank's backing to boost cocoa and related sectors, targeting a substantial increase in cocoa exports from $20 million to $35 million and a minimum 25% rise in beneficiary incomes. The nation is poised for enhanced cocoa production, exemplified by a local producer's ambitious goal of reaching 100 tons annually. Sustainability is a growing priority, as demonstrated by initiatives such as Barry Callebaut's collaboration with vanilla farmers, ensuring 100% sustainable sourcing.
17. Guatemala
Total Cocoa Production: 11,640 tons
Guatemala's cocoa industry holds investment potential, with its growing exports valued at $28.5 million in 2020. Sustainability is a key focus, with Rainforest Alliance certifying over 10,000 hectares of cocoa farms and companies adopting green practices like solar energy. The country is known for its high-quality cocoa, offering a unique flavor profile that appeals to the specialty chocolate market, making it one of the top cocoa producing countries in the world.
16. Sierra Leone
Total Cocoa Production: 15,000 tons
Sierra Leone is one of the largest cocoa bean exporters globally, with $33.2 million in exports in 2019. The country recently inaugurated its first cocoa factory to enhance the cocoa industry by enabling local processing. Cocoa production is projected to grow by 0.4% by 2026, reaching 26,770 metric tons, but remains 11.1% below 1966 levels. However, Sierra Leone's cocoa sector needs more productivity, finance access, and infrastructure.
15. India
Total Cocoa Production: 27,000 tons
India is a significant global cocoa producer, yielding more than 20,000 metric tons annually. The Indian cocoa market is poised for growth, with a projected 8.8% CAGR from 2023-2028, as reported by IMARC Group. India's cocoa production is steadily increasing, with exports primarily directed to the Netherlands, Germany, and the United States.
14. Venezuela
Total Cocoa Production: 27,222 tons
Venezuela is another one of the top cocoa producing countries and its chocolate and confectionery market has steadily grown. Key export markets for Venezuelan cocoa beans include Indonesia, the United States, and Japan. Venezuela's total export revenue in 2018 was $35 billion, with cocoa significantly contributing, though the specific amount is unspecified. Venezuelan cocoa production is expected to have an annual growth rate of 0.4% despite a historical decline of 0.2% yearly since 1966.
13. Mexico
Total Cocoa Production: 28,105 tons
Cocoa is produced in Mexico's Tabasco, Chiapas, and Guerrero states. It's exported to the United States, Canada, and Europe, where demand for its unique high-quality cocoa is increasing. In 2022, cocoa bean prices in Mexico averaged around 2,877 Mexican pesos (169.02 USD) per ton. Mexico's cocoa sector has growth potential, with government efforts to boost production and exports and support small-scale farmers.
12. Uganda
Total Cocoa Production: 40,000 tons
Uganda is a notable cocoa producer in Africa, yielding approximately 40,000 metric tons annually. Cocoa production is expected to grow to 45,000 metric tons by 2026, with an average annual growth rate of 2.5%. Ugandan cocoa is mainly exported to Europe, the United States, and Asia and is sought after for its unique flavor by gourmet chocolate makers. As of September, Uganda cocoa beans retail for $2 to $3.5 per kilogram, approximately $0.91 to $1.59 per pound.
11. Papua New Guinea
Total Cocoa Production: 42,000 tons
Cocoa production is a significant industry in Papua New Guinea, constituting about 15% of exported agricultural commodities and benefiting over 150,000 households. In 2019, cocoa bean production in the country reached 36,000 tons, slightly increasing to around 38,000 metric tons in 2020. The cocoa industry's size in Papua New Guinea is approximately $85.8 million. While cocoa production has fluctuated over the years, it generally showed an upward trend from 1972 to 2021, with nearly 42,000 tons produced in 2021.
10. Colombia
Total Cocoa Production: 65,164 tons
Colombia ranks tenth globally in cocoa production, with 2021 yielding 65,164 metric tons from 194,428 hectares. Over the past 12 years, cocoa production in Colombia has increased by more than 60%. Colombia exports to 70 countries, with Mexico, Malaysia, Germany, the United States, and Argentina as the top destinations, accounting for over 90% of the market share. Colombian cocoa is predominantly recognized as 95% fine or flavor cocoa, surpassing South American competitors, owing to its exceptional quality and unique flavor, making Colombia one of the top cocoa producing countries in the world.
9. Dominican Republic
Total Cocoa Production: 70,630 tons
The Dominican Republic is renowned for its high-quality cocoa. The country produced over 70,000 metric tons in 2021, often in small production units crucial for farmer livelihoods. It's the world's top Fair Trade organic cocoa exporter, with significant players like Rizek Cacao SAS. Cooperative efforts, exemplified by the National Confederation of Dominican Cocoa Farmers (CONACADO), have been instrumental in the industry's development, particularly in organic cocoa exports and the enhancement of small farmers' productivity and income.
8. Peru
Total Cocoa Production: 160,221 tons
Peru standing eighth on our list is one of the largest cocoa producers globally, generating around 160,221 tons annually. Cocoa farming is predominantly on small two-hectare farms in the Eastern Andes and Amazon rainforest, with yields ranging from 1 to 2.5 metric tons per hectare. Over the past two decades, Peru's cocoa exports have soared from under $10 million in 2000 to over $158 million in 2021, as reported by OEC.
7. Nigeria
Total Cocoa Production: 280,000 tons
Nigeria's cocoa production has steadily increased to 280,000 metric tons in 2021. The Nigerian Export Promotion Council (NEPC) actively promotes cocoa exports, contributing to Nigeria's ₦122.9 billion earnings in 2022, with ₦89 billion coming from raw cocoa beans and products. The Nigerian cocoa processing market is set to grow at a 6.67% CAGR from 2023 to 2028 due to increased demand in the food and beverage industry, as reported by IMARC Group.
6. Cameroon
Total Cocoa Production: 290,000 tons
Cameroon, one of the world's top cocoa producing countries has seen steady production growth. In the 2021-2022 season, the country produced around 290,000 tonnes of cocoa beans. Certification has positively impacted cocoa production. In 2021, Cameroon exported $563 million in cocoa beans, mainly to the Netherlands and Malaysia, indicating a promising outlook for the cocoa industry.
