The global cocoa butter price trend witnessed an extraordinary surge throughout the final quarter of 2024, driven by tight cocoa supply, rising chocolate consumption, and ongoing structural challenges in major producing regions. With food-grade cocoa butter prices more than doubling year-on-year across multiple months, the market is experiencing one of the steepest price rallies in recent history, and forecasts indicate that elevated prices may persist into 2025.In October 2024, cocoa butter prices in NW Europe rose to 12,530 USD/MT, marking a remarkable 115% YoY increase from 5,820 USD/MT in October 2023. This significant jump reflects a combination of weaker cocoa harvests, strong processing demand, and rising costs throughout the cocoa value chain. Poor weather conditions in West Africa—particularly in Côte d’Ivoire and Ghana, which collectively produce more than 60% of the world’s cocoa beans—contributed heavily to supply shortages.
Get Real Time Price Analysis
The upward trajectory intensified in November 2024, with prices climbing to 13,500 USD/MT, representing a 127% YoY increase from 5,954 USD/MT in November 2023. Chocolate manufacturers in Europe and North America ramped up procurement ahead of the holiday season, further tightening global availability. Meanwhile, grinding activities remained robust as processors attempted to secure limited cocoa stocks before any additional supply disruptions could occur.
By December 2024, the cocoa butter market reached another record high, with prices hitting 14,300 USD/MT, showing an astounding 137% YoY rise from 6,044 USD/MT in December 2023. This sharp increase reflects persistent concerns about bean shortages, rising labour and logistics costs in exporting nations, and delayed shipments. Furthermore, disease pressures such as cocoa swollen shoot virus continue to limit productivity in key regions, adding long-term strain to global cocoa supply chains.
According to Expert Market Research, cocoa butter prices may remain high in 2025 due to strong chocolate industry demand and ongoing supply constraints. Even if harvest conditions improve, the structural imbalances caused by aging farms, limited fertiliser usage, and climate variability are expected to keep supply tight. Additionally, premium chocolate makers are increasing their use of cocoa butter for clean-label formulations, boosting demand beyond traditional seasonal peaks.
As global confectionery demand continues to rise—particularly in Asia and Europe—market participants should anticipate ongoing volatility and elevated procurement costs. Manufacturers may explore reformulation strategies, alternative fats, or long-term supply contracts to mitigate risks associated with price fluctuations.
With exceptionally strong momentum entering 2025, the cocoa butter market remains highly sensitive to production patterns, weather dynamics, and consumer trends, reinforcing the likelihood of continued price strength in the months ahead.