Cocoa Beans: Market Size & Forecast 2026

The global cocoa beans market reached approximately USD 13.7 billion in 2025 (base year), trading in a structural correction that has unwound more than 70 percent of the December 2024 all-time high of USD 12,906 per metric tonne. The category sits at the intersection of two opposing forces: a 2024 price spike driven by West African crop failure and speculative positioning, and a 2025-2026 supply recovery that is pulling benchmarks back toward USD 3,500-4,200/MT range. Chocolate manufacturers who locked in Q4 2024 cover at USD 10,000-plus levels are carrying inventory losses that will flow through H2 2026 earnings. Anyone who read the 2022 cocoa deficit signal as a structural shift rather than a weather-driven correction locked in cover at double the current clearing price. > **Analyst Take.** The 70-percent price collapse from December 2024 highs has reset the category in buyers' favour

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