Chocolate confectionery volumes fell 4.3% across 25 countries in the year to August 2026.
Why this market is moving now
- Cocoa futures averaged $2.08 per pound in the first nine months of 2026, about 43% below the 2025 average.
- The 2024/25 season ended with an estimated supply surplus of 37,000 tonnes.
- Barry Callebaut's sales revenue fell 15.2% in constant currency to CHF 12.2 billion as bean-linked prices fell.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| World cocoa production rose 8.5% to an estimated 4.733 million tonnes in the 2024/25 season. | 4.733 million tonnes | 2025 | |
| World cocoa grindings fell 3.3% to an estimated 4.649 million tonnes in the 2024/25 season. | 4.649 million tonnes | 2025 | |
| The world cocoa market had an estimated supply surplus of 37,000 tonnes in the 2024/25 season. | 37,000 tonnes | 2025 | |
| World cocoa stocks at the end of the 2024/25 season rose almost 3% to 1.309 million tonnes, 28.2% of annual grindings. | 1.309 million tonnes | 2025 | |
| Global exports of cocoa beans and products were 2.09 million tonnes of bean equivalent from January to March 2026, down 2.8% on a year earlier. | 2.09 million tonnes | 2026 | |
| Cocoa futures averaged $3.65 per pound in 2025, against $3.45 in 2024 and $1.49 in 2023. | 3.65 USD per pound | 2025 | |
| Cocoa futures averaged $2.08 per pound in the first nine months of 2026, about 43% below the 2025 average, in a range of $1.48 to $2.72. | 2.08 USD per pound | 2026 | |
| Barry Callebaut's sales revenue fell 15.2% in constant currency to CHF 12.2 billion in the year to August 2026, as bean-linked prices fell. | 12.2 CHF billion | 2026 | |
| Chocolate confectionery volumes fell 4.3% across 25 countries in the year to August 2026, while Barry Callebaut's own volume fell 0.7%. | 4.3 % volume decline | 2026 | |
| Hershey's North America Confectionery net sales were $9,479.7 million in 2025, up from $9,118.6 million in 2024. | 9,479.7 USD million | 2025 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
Barry Callebaut
Cocoa and chocolate maker with sales revenue of CHF 12.2 billion in the year to August 2026.
The Hershey Company
Chocolate and candy maker with North America Confectionery net sales of $9,479.7 million in 2025.
Intercontinental Exchange
Runs the cocoa futures contract whose price averaged $2.08 per pound in the first nine months of 2026.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
How every figure was built
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- Method note and assumptions
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Frequently asked questions
How much cocoa is produced worldwide?
World cocoa production rose 8.5% to an estimated 4.733 million tonnes in the 2024/25 season.
Is there a global cocoa surplus or deficit?
The 2024/25 season had an estimated surplus of 37,000 tonnes. End-of-season stocks rose to 1.309 million tonnes, 28.2% of annual grindings.
What is the price of cocoa?
Cocoa futures averaged $3.65 per pound in 2025. In the first nine months of 2026 they averaged $2.08 per pound, trading between $1.48 and $2.72.
Is chocolate demand falling?
Chocolate confectionery volumes fell 4.3% across 25 countries in the year to August 2026. World cocoa grindings fell 3.3% in the 2024/25 season.
Which companies lead the chocolate and cocoa market?
Barry Callebaut had sales revenue of CHF 12.2 billion in the year to August 2026. Hershey's North America Confectionery net sales were $9,479.7 million in 2025.
How much cocoa is traded internationally?
Global exports of cocoa beans and products were 2.09 million tonnes of bean equivalent from January to March 2026, down 2.8% on a year earlier.
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