November 2025 Quarterly Bulletin of Cocoa Statistics
Abidjan, Côte d’Ivoire, 28 November 2025. The International Cocoa Organization today releases its revised estimates for the 2023/24 and 2024/25 cocoa years of world production, grindings, and stocks of cocoa beans, summarized below. The data published in Issue No. 4 – Volume LI – Cocoa Year 2024/25 of the Quarterly Bulletin of Cocoa Statistics, reflects the most recent information available to the Secretariat as at the beginning of November 2025.
The latest Bulletin highlights that the 2023/24 cocoa season closed with a substantial deficit of 489,000 tonnes This is in contrast with the surplus of 49,000 tonnes estimated for the 2024/25 season. Elevated cocoa prices in recent years have encouraged farmers to reinvest in their operations, adopt improved cultivation techniques and expand production capacity, supporting expectations of recovery.
Global cocoa grindings are estimated at 4.81 million tonnes for 2023/24 season and 4.60 million tonnes for 2024/25 season. High input costs have constrained processing margins, limiting growth and resulting in a year-on-year decline in grindings.
Summary of revised estimates
| Cocoa year (Oct-Sep) | 2023/24 | 2024/25 Revised estimates |
Year-on-year change | ||
|---|---|---|---|---|---|
| Previous estimates a/ | Revised estimates | ||||
| (thousand tonnes) | (Per cent) | ||||
| World production | 4 369 | 4 365 | 4 698 | +333 | +7.6% |
| World grindings | 4 819 | 4 810 | 4 602 | -208 | -4.3% |
| Surplus/deficit b/ | -494 | -489 | +49 | ||
| End-of-season stocks | 1 270 | 1 275 | 1 324 | +49 | +3.8% |
| Stocks/Grindings ratio | 26.4% | 26.5% | 28.8% | ||
Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. L – No. 3 – Cocoa year 2024/25
b/ Surplus/deficit: net world crop (gross crop adjusted for loss in weight) minus grindings. Totals may differ due to rounding
Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2020/21 to 2022/23 and quarterly statistics for the period October-December 2022 to April-June 2024. Details on destinations of exports and origins of imports for leading cocoa exporting countries are also provided.
Caution should be exercised in the interpretation of the data in this issue of the Bulletin as they may be subject to revisions in subsequent Bulletins and reports from the Secretariat.
Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the ICCO e-Shop: www.icco.org/shop or by email: statistics.section@icco.org
