CropGPT Weekly Cocoa Market UpdateEpisode Date: May 11, 2025Welcome to this week’s summary of the global cocoa market, powered by CropGPT. This podcast highlights key market developments, while our website offers full reports, long-term data, and in-depth analysis.🇳🇬 Nigeria: Cocoa Revival Driven by Youth and Price IncentivesRising cocoa prices since 2023 have attracted a new generation of young entrepreneurs to cocoa farming in Nigeria.Example: Anoge Akwa, who transitioned from a previous career into cocoa farming, reflecting a broader movement in the sector.Local farmers have seen their economic fortunes transform dramatically thanks to the price surge.Cocoa prices climbed to nearly $11,000/MT in 2024, up sharply from the $2,200–$2,500/MT range in 2022.The rally has been driven by reduced output from major exporters like Ivory Coast and Ghana.Despite Nigeria being the fourth-largest cocoa producer, growth potential is restrained by:Smuggling of cocoa beansBroader economic challenges, though cocoa exports have cushioned the impact of naira devaluation🇨🇮 Ivory Coast: Mid-Crop Outlook ImprovesThe Ivory Coast, the world's top cocoa producer, is benefitting from above-average rains, boosting mid-crop yield forecasts.Output is expected to increase through August and September, with strong support from the rainy season (April–November).Local conditions (rainfall and temperature) have been ideal, leading to healthy pod development.📉 Cocoa Tariffs and Corporate ImpactThe recent price spike has triggered concern among major buyers.Hershey Co. is actively seeking tariff exemptions in the U.S. to offset rising raw material costs.Without relief, the company estimates up to $100 million in additional costs per quarter in H2 2025.Mondelez and Nestlé are also adapting to price volatility by adjusting retail pricing and packaging strategies.🌍 Macro Trends and Market StrainGlobal cocoa markets remain volatile, with tariff uncertainty stemming from U.S. policy decisions initiated under the Trump administration.These tariffs:Vary across cocoa-growing regionsIncrease operational complexityThreaten consumer demand for discretionary products like chocolate and snacks📢 For Full Reports and Data:Visit CropGPT for:Crop health dashboards20+ years of weather and yield recordsCocoa pricing trendsSmuggling and export flow insightsEarning call analysis and corporate exposure tracking

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