Where Data Tells the Story
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Cocoa prices didn’t surge simply because of rising demand. The sharp increase was largely driven by tightening global supply.
During the 2023/24 cocoa season, production was affected by adverse weather, pests, diseases, and ageing trees across major cocoa-producing countries. This was forecast to result in a 462,000-tonne production deficit, further reducing global cocoa stocks.
With Supply < Demand, the market became increasingly tight, pushing cocoa prices sharply higher. The monthly average price reached $10,710.35 per metric ton in January 2025, the highest level in the monthly dataset.
📊 This infographic tracks global cocoa prices from 1992–2026 and highlights the key supply-side factors behind the dramatic price surge in 2024–2025.
Sources: FRED (IMF) — Global Price of Cocoa; International Cocoa Organization (ICCO)