European Demand Drives Growth in Peruvian Premium Cocoa Shipments
Commodities Network (Bogota)- Peruvian cocoa exports reached 65,653 tons during January-August, generating an FOB value of US$585.2 million. The export volume is slightly higher than the 63,862 tonnes for the same period in 2024, valued at $469.6 million.
The average price of Peruvian cocoa rose from US7,352/ton in 2024 to USD 8,912/ton in 2025, the Peruvian coffee and cocoa chamber said.
After reaching record high coffee prices exceeding USD 12,000 per ton at the end of last year, the international value has fallen by around 43%, reaching around USD 6,500-7,700 per ton in August. A J.P. Morgan analysts point out that improved weather conditions in key producing regions such as Ecuador, Brazil, and the Ivory Coast, along with the maturity of new plantations, will boost supply in the 2025/2026 season. However, industrial demand remains weak: second-quarter milling data show declines of -7.2% in Europe, -16% in Asia, and -2.8% in North America, reflecting the impact of high costs and reduced consumption. Even so, the global market continues to face limited supply. In Côte d'Ivoire, cocoa processing fell 31.2% year-on-year in July, while in Ghana, tensions persist over the price paid to farmers, encouraging smuggling to neighboring countries. These factors, combined with climate volatility, could keep cocoa prices structurally high, around USD 6,000 per ton, according to medium-term projections.
In August 2025 alone, Peru exported 8,893 tons of cocoa beans, lower than the 14,890 tons in August 2024, but with a significantly higher FOB value due to higher prices. The average FOB Peru price was USD 9,121/ton, while the New York Stock Exchange price averaged USD 6,519/ton.
Price behavior maintained the same differentiated trend between the FOB Peru price and the New York Stock Exchange price. The national FOB price began the year at USD 10,048/ton, reached its highest point in February at USD 10,933/ton, and then gradually corrected, closing August at USD 8,945/ton. In contrast, the reference price on the New York Stock Exchange fell from USD 10,709/ton in January to USD 7,187/ton in August, reflecting a more pronounced decline. This persistent gap confirms the higher appreciation of Peruvian cocoa compared to the international standard, driven by buyers' preference for premium-quality beans and the need to diversify supplies outside of West Africa in the face of supply constraints.
Destinations
In January-August, the main export destination was the Netherlands (12,642 tons, 21%), Belgium (8,525 tons, 14%), the United States (8,092 tons, 13%), Malaysia (6,117 tons, 10%), and Mexico (5,624 tons, 9%), which together accounted for nearly 67% of the total exports.
Compared to the same period in 2024, strong momentum is evident in Europe: the Netherlands almost doubled its purchases (+92%) and Belgium grew 31%, while Malaysia reduced its volume by around -45% and Indonesia, which had imported more than 9,000 tons in 2024, remained outside the main ranking.
This change confirms European buyers' preference for Peruvian premium cocoa
Analysis of the Volume and Value of Cocoa By-Product Exports
Cocoa by-product exports continued to grow during January-August 2025, reaching 32,346 tons and generating a FOB value of USD 368.97 million, with an average price of USD 11.41/kg. Cocoa butter remains the main product, representing 29% of the volume and 51% of the total exported value.
• Cocoa butter: 9,374 tons, USD 188.09 million FOB (USD 20.07/kg). Main destinations: United States (3,553 tons, 38%), Germany (1,790 tons, 19%), Chile (1,059 tons, 11%).
• Cocoa powder: 8,002 tons, USD 61.74 million FOB (USD 7.72/kg).
Destinations: Chile (1,643 tons, 20%), United States (1,454 tons, 18%), Mexico (1,063 tons, 13%).
• Cake: 6,600 tons, USD 63.66 million FOB (USD 9.65/kg). Destinations:
Spain (2,711 tons, 41%), Indonesia (450 tons, 7%), Uruguay
(240 tons, 4%).
• Chocolate: 2,404 tons, USD 28.06 million FOB.
• Nibs: 2,444 tons, USD 25.82 million FOB.
• Husk: 3,521 tons, USD 1.61 million FOB.
By Diana Delgado
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