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The International Cocoa Organization today releases its revised estimates for the 2022/23 and 2023/24 cocoa years of world production, grindings, and stocks of cocoa beans, summarized below. The data published in Issue No. 4 – Volume L – Cocoa Year 2023/24 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of November 2024.
The commentary of this issue of the Bulletin points out that both the 2022/23 and 2023/24 seasons were affected by supply challenges and ended with a supply deficit. World production of cocoa beans for the 2023/24 season ended with a significant reduction as unconducive weather conditions, diseases and pests took a toll on the major producing countries in West Africa. At 4.382 million tonnes, global production of cocoa beans is now estimated to be 50,400 tonnes higher than the Secretariat’s earlier projection in the previous Bulletin.
Global grindings fared better than estimated in the previous Bulletin by 65,000 tonnes from 4.751 million tonnes to 4.816 million tonnes. Though, for the 2023/24 season, cocoa bean shortage and high cocoa prices slowed down processing activities, cocoa demand still outstripped supply.
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Summary of revised estimates |
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Cocoa year (Oct-Sep) |
2022/2023 |
2023/2024 |
Year-on-year change |
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Revised |
Previous |
Revised |
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estimates |
estimates a/ |
estimates |
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(thousand tonnes) |
(Per cent) |
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World production |
5 044 |
4 332 |
4 382 |
- 662 |
- 13.1% |
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World grindings |
5 058 |
4 751 |
4 816 |
- 242 |
- 4.8% |
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Surplus/deficit b/ |
- 64 |
-462 |
-478 |
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End-of-season stocks |
1 778 |
1 324 |
1 300 |
-478 |
- 26.8% |
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Stocks/Grindings ratio |
35.2% |
27.9% |
27.0% |
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Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. L - No. 3 - Cocoa year 2023/2024
b/ Surplus/deficit: net world crop (gross crop adjusted for loss in weight) minus grindings.
Totals may differ due to rounding.
Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2020/21 to 2022/23 and quarterly statistics for the period October-December 2022 to April-June 2024. Details on destinations of exports and origins of imports for leading cocoa exporting countries are also provided.
Caution should be exercised in the interpretation of the data in this issue of the Bulletin as they may be subject to revisions in subsequent Bulletins and reports from the Secretariat.
Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the ICCO e-Shop: www.icco.org/shop or by email: statistics.section@icco.org
About ICCO
The International Cocoa Organization (ICCO) is an inter-governmental organization established in 1973 under the auspices of the United Nations and operating within the framework of successive International Cocoa Agreements. The ICCO is headquartered in Abidjan, Côte d’Ivoire.
The Organization comprises 51 Member countries, of which 22 are cocoa exporters and 29 are cocoa importers: https://www.icco.org/who-we-are/
For further information, please contact: info@icco.org
