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Cocoa Mass Prices, Demand and Supply Overview
The United States paid the most for cocoa mass in Q3 2026: USD 7,400/MT, up 29.8% from USD 5,700/MT in Q2. Import costs and the freight and duty burden on processed cocoa keep American prices above the other three markets. Worldwide, the average rose 29.6% to USD 6,675/MT from USD 5,150/MT, mostly because bean prices rebounded from the lows of February on weather concerns for the 2026/27 crop. What about Q4 2026? We expect a global average somewhere in the USD 6,728-8,224/MT range, with bean prices, West African weather and chocolate demand doing most of the work.
Cocoa mass, also called cocoa liquor, is made by grinding roasted cocoa nibs into a paste. It is the base for dark chocolate, it is pressed into cocoa butter and powder, and it is sold to chocolate makers and food manufacturers. Prices follow cocoa beans, then grinding margins, energy and the premium for origin and certification.
Ivory Coast and Ghana grow most of the world's beans, the Netherlands and Germany are the biggest grinding hubs, and Indonesia and Malaysia grind for Asian demand. Cocoa futures were around USD 5,640 per tonne in early October, almost double the lows of February, and grindings in the third quarter rose by about 14% across the main regions, led by Asia.
Cocoa Mass Price Forecast for 2026
Prices should rise further in Q4. Below-average rain in West Africa and the risk of El Niño threaten the 2026/27 crop, the Ivorian main crop is expected to fall by about a sixth, and beans reached their highest level since mid-September in early October. High exchange inventories and weaker North American grindings cap the gains. Year on year, the global average has moved from USD 9,975/MT to USD 6,675/MT, a decrease of 33.1%.
For Q4, the risks are weighted toward higher prices, with large swings in both directions. What could push prices higher? Crop shortfalls, heavy rain that delays deliveries or renewed buying by funds would lift prices. What could pull them lower? Ample exchange stocks, weaker chocolate demand or better weather would lower prices.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 6,728 - 8,224 | Weather risk to the new crop and a bean rally |
| Netherlands | 6,955 - 8,501 | Grinding hub follows the bean rally |
| Ivory Coast | 6,149 - 7,515 | Origin grinding follows weather-driven beans |
| Indonesia | 6,350 - 7,762 | Rising Asian grindings support offers |
| United States | 7,459 - 9,117 | Import costs and bean rally keep prices highest |
For the Quarter Ending September 2026
Cocoa Mass Prices Q3 2026:
- Netherlands: USD 6,900/MT
- Ivory Coast: USD 6,100/MT
- Indonesia: USD 6,300/MT
- United States: USD 7,400/MT
Cocoa Mass Prices in Netherlands
In Q3 2026, the average price in the Netherlands firmed 30.2% to USD 6,900/MT, compared with USD 5,300/MT in Q2. Prices rose sharply as bean prices rebounded and grinders raised liquor offers. Compared with Q3 2025, when the Netherlands averaged USD 10,300/MT, the current price is 33.0% lower. The gap to the four-market average of USD 6,675/MT was 3.4% above for the Netherlands.
Why did the price of Cocoa Mass change in Q3 2026 in Netherlands?
The Netherlands rose sharply. Bean prices rebounded on weather concerns for the new crop, and grinders raised liquor offers as chocolate makers covered year-end needs. At USD 6,900/MT, the Netherlands is 13.8% lower than in Q4 2025, when the average was USD 8,000/MT, and the global average is 14.1% lower over the same period.
Cocoa Mass Prices in Ivory Coast
Ivory Coast's average gained 29.8% in Q3 2026, to USD 6,100/MT from USD 4,700/MT in Q2. Prices rose sharply as bean prices rebounded and local grinders raised liquor offers. The current level is 33.0% below the Q3 2025 average of USD 9,100/MT. Against the four-market average of USD 6,675/MT, Ivory Coast stood 8.6% below in the quarter.
Why did the price of Cocoa Mass change in Q3 2026 in Ivory Coast?
Ivory Coast rose sharply. Bean prices rebounded, heavy rain slowed harvesting and port deliveries, and local grinders raised liquor offers. Since Q4 2025 the price in Ivory Coast has gone down 14.1%, from USD 7,100/MT to USD 6,100/MT, while the global average has gone down 14.1%.
Cocoa Mass Prices in Indonesia
Prices in Indonesia rose 28.6% in Q3 2026 to USD 6,300/MT, against USD 4,900/MT in Q2. Prices rose sharply as Asian grindings rose and bean costs climbed. Compared with Q3 2025, when Indonesia averaged USD 9,500/MT, the current price is 33.7% lower. The gap to the four-market average of USD 6,675/MT was 5.6% below for Indonesia.
Why did the price of Cocoa Mass change in Q3 2026 in Indonesia?
Indonesia rose sharply. Asian grindings rose, bean costs climbed, and buyers of liquor for chocolate and beverages covered their needs. Compared with the Q4 2025 average of USD 7,400/MT, the price in Indonesia has changed by -14.9%, against -14.1% for the global average.
Cocoa Mass Prices in United States
The United States recorded a 29.8% gain in Q3 2026, with the average rising to USD 7,400/MT from USD 5,700/MT in Q2. Prices rose sharply as import costs rose with the bean rally and buyers covered year-end needs. The current level is 32.7% below the Q3 2025 average of USD 11,000/MT. Against the four-market average of USD 6,675/MT, the United States stood 10.9% above in the quarter.
Why did the price of Cocoa Mass change in Q3 2026 in United States?
The United States rose sharply. Import costs rose with the bean rally, and chocolate makers covered year-end needs despite weaker North American grindings. At USD 7,400/MT, the United States is 14.0% lower than in Q4 2025, when the average was USD 8,600/MT, and the global average is 14.1% lower over the same period.
For the Quarter Ending June 2026
Cocoa Mass Prices Q2 2026:
- Netherlands: USD 5,300/MT
- Ivory Coast: USD 4,700/MT
- Indonesia: USD 4,900/MT
- United States: USD 5,700/MT
Cocoa Mass Prices in Netherlands
Prices in the Netherlands eased 3.6% in Q2 2026 to USD 5,300/MT, against USD 5,500/MT in Q1. Prices fell as weak chocolate demand and ample stocks held offers down. Compared with Q2 2025, when the Netherlands averaged USD 12,500/MT, the current price is 57.6% lower. The gap to the four-market average of USD 5,150/MT was 2.9% above for the Netherlands.
Why did the price of Cocoa Mass change in Q2 2026 in Netherlands?
The Netherlands fell. Weak chocolate demand and ample stocks held offers down. Q1 had brought a 31.2% decline, and by the end of Q2 the price was 57.6% below the Q2 2025 average of USD 12,500/MT. Q3 then reversed the move, taking the price to USD 6,900/MT.
Cocoa Mass Prices in Ivory Coast
Ivory Coast recorded a 2.1% decrease in Q2 2026, with the average falling to USD 4,700/MT from USD 4,800/MT in Q1. Prices fell as larger bean arrivals kept local prices soft. The current level is 58.0% below the Q2 2025 average of USD 11,200/MT. Against the four-market average of USD 5,150/MT, Ivory Coast stood 8.7% below in the quarter.
Why did the price of Cocoa Mass change in Q2 2026 in Ivory Coast?
Ivory Coast fell. Larger bean arrivals kept local prices soft, and grinders had little reason to raise offers. After -32.4% in Q1, the quarter closed 58.0% below its year-earlier level of USD 11,200/MT, and in Q3 the move was reversed, to USD 6,100/MT.
Cocoa Mass Prices in Indonesia
In Q2 2026, the average price in Indonesia slipped 2.0% to USD 4,900/MT, compared with USD 5,000/MT in Q1. Prices fell as demand stayed subdued and bean prices were weak. Compared with Q2 2025, when Indonesia averaged USD 11,500/MT, the current price is 57.4% lower. The gap to the four-market average of USD 5,150/MT was 4.9% below for Indonesia.
Why did the price of Cocoa Mass change in Q2 2026 in Indonesia?
Indonesia fell. Demand stayed subdued, and weak bean prices passed through to liquor offers. Year on year the price is 57.4% lower than the USD 11,500/MT of Q2 2025, following -32.4% in Q1. Q3 reversed the move, with the price at USD 6,300/MT.
Cocoa Mass Prices in United States
The United States' average fell 3.4% in Q2 2026, to USD 5,700/MT from USD 5,900/MT in Q1. Prices fell as stocks were ample and chocolate demand stayed soft. The current level is 56.8% below the Q2 2025 average of USD 13,200/MT. Against the four-market average of USD 5,150/MT, the United States stood 10.7% above in the quarter.
Why did the price of Cocoa Mass change in Q2 2026 in United States?
The United States fell. Stocks were ample, and chocolate demand stayed soft. Q1 had brought a 31.4% decline, and by the end of Q2 the price was 56.8% below the Q2 2025 average of USD 13,200/MT. Q3 then reversed the move, taking the price to USD 7,400/MT.
Quarterly Cocoa Mass Price Trends
Cocoa mass prices fell sharply through 2025 and the first half of 2026 and then rebounded in Q3. The global average moved from USD 12,375/MT in Q1 2025 to 12,100 in Q2, 9,975 in Q3, 7,775 in Q4, then 5,300 in Q1 2026, 5,150 in Q2 and 6,675 in Q3, a net decline of roughly 46.1% across the window. Bean prices fell back from record highs, and the rebound followed the weather risk to the new crop.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q3 2026 | 6,675 | +29.6% | ↑ Rising |
| Q2 2026 | 5,150 | -2.8% | ↓ Falling |
| Q1 2026 | 5,300 | -31.8% | ↓ Falling |
| Q4 2025 | 7,775 | -22.1% | ↓ Falling |
| Q3 2025 | 9,975 | -17.6% | ↓ Falling |
| Q4 2026 | In Progress | - | - In Progress |
What was Cocoa Mass Price in 2025?
2025 was a year of steep declines for cocoa mass. Prices fell in every quarter in all four markets as bean prices retreated from record highs. Starting near USD 12,375/MT in Q1, the global average finished the year at 7,775 in Q4, a drop of about 37.2%. Bean prices and weak chocolate demand set the direction.
Cocoa Mass Prices in Netherlands in 2025
In the Netherlands, prices moved from about USD 12,800/MT in Q1 2025 to USD 8,000/MT by Q4, down roughly 37.5%. Prices fell in every quarter as bean prices retreated from record highs and demand softened. Relative to the end of 2025, the price in the Netherlands is 13.8% lower at USD 6,900/MT.
Cocoa Mass Prices in Ivory Coast in 2025
In Ivory Coast, prices moved from about USD 11,400/MT in Q1 2025 to USD 7,100/MT by Q4, down roughly 37.7%. Prices fell in every quarter as bean prices retreated from record highs and demand softened. Since the 2025 close of USD 7,100/MT, the price in Ivory Coast has moved down 14.1%, reaching USD 6,100/MT in Q3 2026.
Cocoa Mass Prices in Indonesia in 2025
In Indonesia, prices moved from about USD 11,800/MT in Q1 2025 to USD 7,400/MT by Q4, down roughly 37.3%. Prices fell in every quarter as bean prices retreated from record highs and demand softened. Relative to the end of 2025, the price in Indonesia is 14.9% lower at USD 6,300/MT.
Cocoa Mass Prices in United States in 2025
In the United States, prices moved from about USD 13,500/MT in Q1 2025 to USD 8,600/MT by Q4, down roughly 36.3%. Prices fell in every quarter as bean prices retreated from record highs and demand softened. Since the 2025 close of USD 8,600/MT, the price in the United States has moved down 14.0%, reaching USD 7,400/MT in Q3 2026.
How We Can Help
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We follow cocoa mass prices in the main grinding and consuming countries, and trace each move back to bean prices, West African weather, grindings, freight and chocolate demand. Our forecasts draw on bean supply, grinding data, trade flows and inventory levels across all reporting regions, so subscribers see why a price moved and not just that it did. Need pricing data, bespoke market analysis, or procurement advisory? Reach out to our team.
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Frequently Asked Questions About This Report
Dark and milk chocolate, pressing into cocoa butter and powder, and confectionery and bakery coatings.
In Q3 2026, it averaged USD 6,900/MT in the Netherlands, USD 6,100/MT in Ivory Coast, USD 6,300/MT in Indonesia and USD 7,400/MT in the United States. The United States was the priciest market.
The global average went from USD 7,775/MT in Q4 2025 to 5,300 in Q1, 5,150 in Q2 and 6,675 in Q3, down 14.1% overall. Prices fell in Q1 and Q2, then rebounded in Q3.
Bean prices rebounded on weather concerns for the new crop, and chocolate makers covered year-end needs.
We expect a global average somewhere in the USD 6,728-8,224/MT range. Weather risk to the new crop and firm bean prices point to a higher range.
The United States sits at the top and Ivory Coast at the bottom. The United States is dearest because of import costs, while Ivory Coast is cheapest as an origin producer.
Monthly. Need something more current? The Expert Market Research team is available directly.
Bean prices, West African weather, grindings, fund positioning and chocolate demand drive the volatility.
Ivory Coast and Ghana grow the beans, the Netherlands and Germany are the main grinding hubs, and Indonesia grinds for Asia.
Link contracts to bean prices, buy part of the volume forward and qualify more than one origin.
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