Risks of Cocoa Agribusiness in Costa Rica: Challenges Identified in an Exploratory Study

Objective. This study aims to assess the main risks associated with the cocoa agribusiness in Costa Rica, considering their impact on the sector's profitability and risk perceptions through an exploratory study. Materials and Methods.  A mixed-methods approach was adopted, combining quantitative and qualitative analysis. The research is exploratory in nature. A literature review was conducted, along with a financial analysis of productive data as a generalized case study and structured interviews with 20 key stakeholders, including producers, agribusiness chain agents, and decision-makers. To prioritize the risks, a weighted Likert scale adjusted to three levels of criticality was applied. Results. The findings indicate that cocoa production in Costa Rica exhibits negative profitability under current conditions, with unfavorable Net Present Value (NPV) and Internal Rate of Return (IRR) indicators. Operational and environmental risks were identified as the most critical, followed by market and financial risks. Low productivity and price volatility significantly impact on the sustainability of the crop. Conclusion. Risk management strategies were identified at both the farm and institutional levels. Key recommendations include production diversification, the adoption of adaptive technologies to address climate change, and improved access to financing.