GLOBAL COCOA BEAN EXPORTS: PRICING FACTORS AND INDUSTRY REGULATION IN AFRICA

Cocoa beans are a unique agricultural product and commodity category with significant economic influence and a variety of applications in the global market. Since the crop is produced in a limited number of countries, cocoa bean pricing depends on the growing conditions of the crop in every one of them. The largest cocoa bean producers are concentrated in Africa (Côte d’Ivoire, Ghana, Cameroon and Nigeria), and they have a significant impact on the state of the global cocoa bean market. This market quickly adapts to shocks and, according to expert forecasts, will show consistent growth associated with increasing demand from industry, as well as with the growth of consumption of cocoa products in developed countries and in countries with rapidly developing economies. There have been significant changes in the composition of the leading cocoa bean exporters, and African countries have strengthened and improved their positions in this rating. However, despite the growth in revenue, there was a significant decrease in the volume of beans sold. Experts attribute this to several factors. The most significant impact was exerted by events in the leading cocoa bean producing country – Côte d’Ivoire, where the political situation worsened, leading to interruptions in the supply of products. There was also a reduction in cocoa plantations in Nigeria due to fires, crop losses due to prolonged drought, mass infestation of trees, etc. All this caused the depletion of cocoa bean stocks both among cocoa product producers and in the export market. Accordingly, the growth in revenue was caused by an unprecedented rise in cocoa bean prices, which reached a historical maximum in 2024. The current cocoa sector management policy in all selected African countries is aimed at stabilizing cocoa bean production. The sector receives quite strong state support, but there is a need to continue working to improve the living standards of farmers-producers, improve raw cocoa materials, and strengthen the competitiveness of African cocoa in the world market.