Cocoa
Cocoa Recruitment & Executive Search
Specialist retained search across global cocoa trading, origination, procurement, processing and commercial commodity markets.
Cocoa begins with a crop, but the commercial market around it is global.
Beans grown in West Africa, Latin America and Asia move through exporters, merchants, processors and manufacturers before becoming cocoa liquor, butter, powder and ultimately finished chocolate and food products.
Imperium works across international agricultural commodity markets on retained searches spanning physical cocoa trading, origination, procurement, futures and hedging, processing, sustainability, operations and senior commercial leadership.
Our work is typically closest to the commercial market: traders, originators, procurement specialists, exporters, processors, risk professionals and leaders responsible for managing cocoa supply or building international trading businesses.
Cocoa is also unusually sensitive to origin.
Crop quality, weather, disease, port logistics, regulation and producer-country policy can all affect availability and pricing. Côte d’Ivoire and Ghana remain central to global supply, while origins including Ecuador, Nigeria, Cameroon, Brazil, Indonesia and Peru bring their own qualities, relationships and trading dynamics.
Understanding the Cocoa Market
From origin beans to butter, powder and chocolate, cocoa moves through several highly specialised commercial markets.
A cocoa trader may spend their career close to producing countries and physical bean flows. Someone further downstream may focus on processor procurement, grinding economics or cocoa products.
Both work in cocoa. Their markets can look very different.
Physical Cocoa Trading & Origination
Physical traders connect producing origins with processors and manufacturers around the world.
Roles can involve bean trading, producer relationships, exporter networks, crop purchasing, international sales, freight and destination markets.
Experience is often highly origin-specific, particularly where local buying structures, quality and regulation matter.
Origin Procurement & Export
A large part of the cocoa market begins close to the farm gate.
Procurement and origin teams work across local buying, aggregation, quality, warehousing, export preparation and supplier relationships.
In major producing countries, understanding the local market can be as important as understanding international futures.
Futures, Hedging & Risk
Cocoa is actively traded through futures markets, particularly in London and New York.
Physical merchants, processors and manufacturers use futures and options to manage price exposure, while traders monitor basis, differentials, spreads, currency and outright market risk.
Strong physical knowledge and strong paper-market knowledge often sit side by side.
Processing & Grinding
Cocoa beans are processed into cocoa liquor, cocoa butter and cocoa powder before moving further downstream.
Grinding economics depend on bean costs, product values and the relationship between butter and powder markets.
Commercial roles can span raw-material procurement, plant supply, product sales, processing margins and customer contracts.
Cocoa Products & Ingredients
Once beans are processed, another commercial market develops around the products themselves.
Cocoa butter, cocoa powder, cocoa liquor and chocolate ingredients are sold into confectionery, bakery, beverages and wider food manufacturing.
Customer relationships, specifications and regional demand become increasingly important further down the chain.
Sustainability, Traceability & Supply Chain
Cocoa has one of the most developed sustainability and traceability conversations in agricultural commodities.
Commercial businesses increasingly need to understand farm-level sourcing, certification, traceability, deforestation requirements, supplier programmes and responsible procurement alongside traditional price and quality considerations. For many companies, those issues now sit directly inside the commercial supply chain rather than somewhere separate from it.
Cocoa Is a Global Market Built From Local Relationships
The screen price may be visible anywhere in the world.
The physical market still depends on knowing where the crop is coming from, who controls the supply, what quality is available and how reliably it can reach the buyer.
That combination of international trading and origin-level knowledge is what gives cocoa such a distinctive commercial character.
The Global Cocoa Market
Cocoa is produced across the tropics, but global supply remains unusually concentrated in a handful of origins.
The 2024/25 cocoa year brought some recovery after the severe supply shock of the previous season.
Global production rebounded, but the structure of the market barely changed: West Africa remains central to world supply, while Ecuador has rapidly strengthened its position as the largest producer outside Africa. Weather, crop disease and political or logistical disruption in a relatively small number of origins can therefore have an outsized effect on the international market.
World’s Largest Cocoa Producers
2024/25 cocoa bean production, thousand tonnes
| Country | Production |
|---|---|
| Côte d’Ivoire | 1,681 kt |
| Ghana | 600 kt |
| Ecuador | 570 kt |
| Nigeria | 330 kt |
| Cameroon | 310 kt |
| Indonesia | 200 kt |
| Brazil | 190 kt |
| Peru | 165 kt |
| Colombia | 75 kt |
| Dominican Republic | 72 kt |
Source: International Cocoa Organization, Annual Report 2024/25. Country figures are ICCO estimates for the 2024/25 cocoa year and reflect the latest country-level data available at time of publication. ICCO revises cocoa statistics periodically as additional information becomes available.
A Global Market With a Very Concentrated Supply Base
Four West African producers — Côte d’Ivoire, Ghana, Nigeria and Cameroon — accounted for roughly 62% of estimated global cocoa production in 2024/25.
Côte d’Ivoire alone produced more than a third of the world’s cocoa. Africa as a whole represented around 69% of global output, while production in the Americas continued to expand, led particularly by Ecuador.
That concentration helps explain why cocoa can react so violently to apparently local events.
Rainfall in West Africa, disease in producing regions, export arrivals in Abidjan or San Pedro, changes in Ghanaian supply or stronger Ecuadorian crops can all become global trading issues.
The 2023/24 season demonstrated the extreme version of that vulnerability, ending with an ICCO-estimated deficit of almost 490,000 tonnes. The following season swung back to a modest surplus of around 37,000 tonnes as production recovered and grindings weakened.
Few global commodity markets depend so heavily on what happens in such a concentrated group of producing regions.
4.73 Million Tonnes
Global Cocoa Production
ICCO’s latest estimate puts 2024/25 world cocoa production at approximately 4.73 million tonnes, an increase of 8.5% from the previous season.
4.65 Million Tonnes
Global Cocoa Grindings
Worldwide grindings were approximately 4.65 million tonnes, down 3.3% year on year as exceptionally high bean prices put pressure on processors and downstream demand.
28.2%
Stocks-to-Grindings Ratio
End-of-season stocks were estimated at around 1.31 million tonnes, equivalent to 28.2% of annual grindings.
US$6,612 / Tonne
Average ICCO Cocoa Price
The ICCO indicator price averaged approximately US$6,612 per tonne during the 2024/25 season, around 39% higher than the previous year amid exceptional volatility.
Major Cocoa Companies & Market Participants
Cocoa brings together global processors, origin specialists, physical traders and chocolate manufacturers across one interconnected supply chain.
Some businesses sit close to the farm and handle origination, export and traceability.
Others operate large grinding and processing networks, turning cocoa beans into liquor, butter and powder before supplying manufacturers around the world.
That creates several distinct commercial environments within the same market.
Processors & Integrated Cocoa Groups
Barry Callebaut
One of the world’s largest cocoa and chocolate businesses, with operations spanning cocoa sourcing, processing, chocolate manufacturing and customer supply. Its Global Cocoa activities include group-wide sourcing and cocoa processing, while its supply chain reaches deeply into major producing countries.
Cargill
A major participant across cocoa sourcing, processing, cocoa products and chocolate ingredients. Its network links origin markets in West Africa with large processing operations and customers across Europe and other major consuming regions.
ofi
A leading supplier of cocoa beans, cocoa butter, cocoa powder, cocoa liquor and wider chocolate ingredients, supported by sourcing operations across major producing regions. Its cocoa business combines origin relationships, processing and downstream ingredient supply.
Blommer Chocolate Company
The largest cocoa bean processor in North America, with activities spanning bean sourcing, cocoa processing, chocolate manufacturing and commodity risk management. Its product portfolio includes cocoa powder, cocoa butter and chocolate liquor alongside finished chocolate products.
Traders, Originators & Physical Supply
ECOM
A major international soft-commodity group specialising in cocoa, coffee, cotton and nuts, with deep origin operations across West Africa and Latin America. Its cocoa activities extend through purchasing, traceability, processing, quality control, logistics and export.
Sucden
A specialist physical cocoa trading house sourcing beans and products from major producing origins and supplying processors and chocolate manufacturers internationally. Sucden originates approximately 500,000 tonnes of cocoa bean equivalent annually, with trading and sourcing teams across Europe, North America and producing countries.
Touton
A long-established cocoa merchant active across origin sourcing, bean trading, cocoa derivatives and processing. Its physical presence in Côte d’Ivoire, Ghana, Nigeria and Cameroon gives it direct exposure to major West African supply chains.
Specialist Origin Merchants & Exporters
The wider cocoa market includes numerous regional exporters, cooperatives and specialist merchants operating between farmers, processors and international buyers. These businesses can play a critical role in crop purchasing, aggregation, warehousing, quality control, logistics and export execution, particularly in markets where strong local relationships are essential.
Source: Company annual reports, sustainability reports and official corporate information from Barry Callebaut, Cargill, ofi, Blommer Chocolate Company, ECOM, Sucden and Touton. Company activities, figures and market descriptions reflect the latest publicly available information at time of publication.
Market context: Companies are included as examples of significant participants in the global cocoa market. Inclusion does not imply a commercial relationship with or endorsement of Imperium Commodity Search.
From Origin to Processor, Relationships Matter
Cocoa remains a market where local knowledge carries real commercial value.
A processor may need security of supply and consistent quality. A trader may need deep relationships with exporters and origin teams. A manufacturer may care most about product specification, pricing and traceability.
The further you move through the chain, the commercial priorities change.
The underlying crop does not.
Grown in the tropics. Traded around the world.
Cocoa Talent Across a Global Supply Chain
The crop is concentrated at origin. The commercial talent is spread much further.
Cocoa experience tends to form around a particular part of the chain.
At origin, careers may be built around procurement, exporter networks, quality, sustainability, traceability and logistics. In trading hubs, the focus shifts towards physical supply, futures, hedging, risk and customer relationships. Processing and chocolate manufacturing create another talent pool around grinding, ingredients, procurement and commercial sales.
That means the strongest person for a role may be based far from where the cocoa was grown, but their relevance still depends on the origins, products and counterparties they know.
Origin & Producing Markets
West Africa, Latin America & Southeast Asia
Cocoa production is concentrated across a relatively small number of tropical growing regions.
Côte d’Ivoire and Ghana sit at the centre of the West African market, while Ecuador, Brazil, Indonesia and other origins develop their own commercial networks, bean profiles and routes to market.
Relevant experience can span farmgate procurement, cooperatives, exporter relationships, quality control, sustainability, certification, traceability and the movement of beans from inland growing regions to international buyers.
Explore Africa | LATAM | APAC
Trading & Risk Hubs
London, Geneva, Amsterdam, New York & Singapore
International cocoa trading connects producing countries with grinders, chocolate manufacturers and consumer markets around the world.
Commercial experience can include physical bean trading, origin relationships, futures and options, hedging, freight, warehousing, quality differentials and customer supply.
The strongest traders often know a particular combination of origin, destination market and counterparty base rather than simply cocoa as one broad commodity.
Grinding, Ingredients & Manufacturing
Europe, North America, Asia & origin-processing markets
Once cocoa beans reach a processor, the market begins to divide again.
Grinding produces cocoa liquor, butter, cake and powder, each with different customers, pricing relationships and commercial considerations. Chocolate and confectionery manufacturing bring the chain even closer to consumer demand, product development and ingredient procurement.
Relevant talent can sit across bean sourcing, grinding economics, cocoa ingredients, plant commercial functions, supply chain, technical sales and relationships with food manufacturers.
Geography Shapes the Network
A cocoa role may sit with an exporter, merchant, grinder, chocolate manufacturer or sustainability programme. Each one points towards a different group of companies and people.
In cocoa, knowing where someone built their relationships is often as important as knowing the product. Origin networks, exchange exposure and processing experience do not always sit in the same talent pool.
Who We Search for Across Cocoa
Cocoa careers are shaped by origin, product, counterparties and where someone sits in the supply chain.
Two people can both have spent a decade in cocoa and have surprisingly little overlap in their experience.
An origin buyer in Côte d’Ivoire, a physical trader in Europe, a futures specialist, a grinder-side procurement manager and a cocoa ingredients salesperson may all know the market extremely well. What they know, who they know and how they create value can be completely different.
Physical Trading & Origination
Physical cocoa traders connect producing origins with processors, manufacturers and international buyers.
Experience may be built around particular origins, bean qualities, destination markets or customer groups, with futures, freight and physical differentials sitting alongside the underlying relationships.
Typical profiles may include:
Cocoa Traders · Physical Traders · Originators · Senior Traders · Trading Managers · Heads of Cocoa
Origin Procurement & Sourcing
Buying cocoa close to origin creates a different network and skill set.
These professionals may work with exporters, cooperatives, suppliers and local buying operations, managing quality, availability, price and the practical realities of getting beans from producing areas into the export chain.
Relevant profiles can include:
Cocoa Buyers · Procurement · Sourcing Managers · Raw Materials Managers · Country Commercial Managers
Futures, Hedging & Risk
Cocoa futures and options are central to how merchants, processors and manufacturers manage exposure.
Some roles are heavily focused on derivatives and market risk. Others sit directly alongside physical trading or procurement teams, translating futures, basis, differentials and currency movements into commercial decisions.
Searches may involve:
Futures Traders · Derivatives Traders · Hedging Managers · Risk Managers · Market Risk Analysts · Trading Analysts
Processing, Grinding & Cocoa Products
Grinding turns beans into liquor, butter, cake and powder, creating another layer of commercial expertise.
Roles can span raw-material purchasing, grinding economics, product trading, customer contracts and the relationship between bean costs and cocoa-product values.
Typical profiles may include:
Cocoa Products Traders · Procurement Managers · Butter & Powder Sales · Ingredients Traders · Business Development
Supply Chain, Operations & Sustainability
Cocoa has a demanding physical supply chain, particularly where origin logistics, quality, traceability and certification intersect.
Strong people in this area may combine practical execution experience with an understanding of supplier programmes, responsible sourcing requirements and the commercial pressures sitting behind them.
Relevant profiles can include:
Trade Operations · Supply Chain Managers · Logistics Managers · Sustainability Managers · Traceability Specialists · Quality Managers
Commercial Leadership & Business Build-Out
Senior searches usually depend on what the business is trying to build.
That might mean expanding an origin platform, developing a trading desk, strengthening procurement, growing cocoa-product sales or leading an established international business through a changing market.
Leadership searches may include:
Heads of Cocoa · Trading Directors · Commercial Directors · Managing Directors · Country Managers · General Managers
The Title Is Only Part of the Search
In cocoa, a job title rarely tells you enough on its own.
A trader may know West African beans, Latin American origins, cocoa products or futures markets. A procurement professional may have spent years at origin, inside a grinder or buying for a manufacturer. Even at senior level, the network someone brings can be closely tied to particular countries, products and counterparties.
That is why our cocoa searches are built around the commercial reality behind the role, not simply the words on the job description.
A Selective Approach to Cocoa Search
Cocoa is global. The right search still starts with a very specific part of it.
Cocoa covers origin buying, physical bean trading, futures and hedging, grinding, cocoa products, ingredients and increasingly complex supply-chain requirements.
Those areas overlap, but the people within them are not interchangeable.
Imperium works on a retained basis and deliberately limits the number of clients we represent within any one specialist market at a time. For a cocoa mandate, we start with the part of the chain that matters, the origins or products involved and the relationships the role needs.
A search for someone with deep West African procurement experience will look very different from one for a European cocoa trader, a derivatives specialist or a commercial leader selling butter and powder into food manufacturers.
The aim is not to find everyone who has worked in cocoa. It is to find the people who know the part of cocoa that matters to the brief.
For Clients
Looking for a senior, specialist or difficult-to-reach hire within cocoa trading, origination, procurement, processing, ingredients or commercial leadership?
For Professionals
We do not carry a high volume of vacancies within any one commodity market. But if your background is in cocoa trading, origin procurement, futures, grinding, cocoa products, ingredients, sustainability or related commercial markets, we are happy to have a confidential conversation where your experience may be relevant to current or future retained work.
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