Brazil cocoa bean receipts surge 61% in Q1 2026 as grinding stalls amid weak demand

BRAZIL – Brazil recorded a strong rebound in cocoa bean receipts in the first quarter of 2026, marking a recovery after two years of constrained domestic supply, according to new industry data. 

Figures released by National Association of Cocoa Processing Industries (AIPC), based on data from SindiDados-Campos Consultores, showed total receipts reached 28,605 tonnes, representing a 61.1% increase compared to the same period in 2025. 

Despite the year-on-year growth, volumes remained below peak harvest levels and reflected the seasonal pattern of cocoa production. On a quarterly basis, receipts fell 52.1% compared to the fourth quarter of 2025, a trend considered typical for the start of the year. 

Production continued to be concentrated in key regions. Bahia led output with 16,208 tonnes, accounting for 56.7% of national receipts and marking a 38.9% increase year-on-year. Pará posted the strongest growth, rising 169.7% to 11,388 tonnes and expanding its share to 39.8%. Together, the two states accounted for 96.5% of total production. 

Other producing regions recorded mixed results. Espírito Santo saw receipts decline by 53.6% to 809 tonnes, while Rondônia increased output by 48.7% to 177 tonnes. 

However, the rise in raw material supply has not translated into stronger industrial activity. Cocoa grinding totaled 51,715 tonnes in the first quarter, down 0.8% from a year earlier and largely unchanged from the previous quarter. 

According to AIPC, “the main limiting factor at the moment is demand, both in the domestic and export markets, in addition to competitiveness challenges,” highlighting a disconnect between supply growth and processing performance. 

Trade data also reflected shifting market dynamics. Cocoa bean imports fell sharply by 37.5% year-on-year to 18,068 tonnes during the quarter.  

Meanwhile, data from Datamar showed imports of unsweetened cocoa powder rose 53% in the January–February period, indicating adjustments in supply chains and product demand. 

Globally, cocoa prices have declined significantly since the beginning of 2026. Futures traded in New York and London have dropped by around 50%, returning to levels close to the historical average of approximately US$3,000 per tonne. 

The price correction follows a period of elevated prices between late 2023 and 2024, when supply shortages drove markets to record highs. 

The recent decline has been linked to an improved global supply-demand balance. After three consecutive seasons of deficit, the market has shifted into surplus, supported by production recovery in major producing countries such as Côte d’Ivoire and Ghana. 

Favorable weather conditions and reduced phytosanitary challenges in these regions have contributed to increased output, easing supply pressures and gradually rebuilding global cocoa stocks. 

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