Global Cocoa Market and Trends in Georgia

The global cocoa market in 2024 has been marked by significant challenges and shifting trends. Cocoa prices, which have been steadily rising in recent years, increased by an additional 13% this year. The main factors behind this growth include climate change, reduced production, and rising demand.

In key cocoa-producing countries, such as Côte d’Ivoire and Ghana, farmers face climate-related challenges. In Côte d’Ivoire, which accounts for over 30% of the world’s cocoa production, yields decreased by 10% due to prolonged droughts. In Ghana, the rapid spread of pests has negatively impacted both the quality and quantity of cocoa, further driving up prices.

Demand growth has also played a significant role in shaping the market. Asian markets, particularly China and India, have seen a 14% increase in demand for cocoa products in 2024. This growth reflects the rising popularity of chocolate and other cocoa-based products in the region.

In Georgia, the increase in cocoa and cocoa-based product prices has been evident. According to official statistics, $104 million was spent on the import of “chocolate and other ready-to-eat products containing cocoa” in 2024, a notable rise compared to previous years. Additionally, imports of “cocoa powder without added sugar or other sweeteners” amounted to $5 million (source: Geostat). Other cocoa products have relatively low import volumes. Cocoa powder, often considered a more economical alternative, has shown greater price stability and is less sensitive to fluctuations in the global market.

It is evident that Georgia is experiencing growing demand for cocoa and its products. This trend is largely driven by increasing consumer interest in premium chocolate and cocoa-based goods. Import volumes have risen significantly, despite notable price increases of 12.6% in 2024.

The dynamics of the global cocoa market, combined with Georgia’s growing appetite for cocoa products, highlight the country’s evolving consumption patterns amid broader global challenges.