The International Cocoa Organization (ICCO) has released its revised estimates for the 2023-24 and 2024-25 cocoa years, covering world production, grindings, and stocks based on data available as of early November 2025.
The Bulletin highlights that the 2023-24 season concluded with a significant global cocoa deficit of 489,000 tonnes, in sharp contrast to the projected surplus of 49,000 tonnes for 2024-25. Elevated cocoa prices in recent years have encouraged many farmers to reinvest in their operations, adopt improved cultivation practices, and expand production capacity — all of which support expectations of supply recovery.
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Global cocoa grindings — a measure of processing and demand — are estimated at 4.81 million tonnes in 2023/24 and 4.60 million tonnes in 2024/25, reflecting a year-on-year decline. High input costs continue to compress processor margins, limiting grindings growth and contributing to demand softness.