Cocoa prices reached a historic high of nearly $10,000 per metric ton in 2024, pushing chocolate prices up over the past year.
Despite most cacao being produced in West Africa, the largest chocolate manufacturing hubs are concentrated in Europe, dominated by multinationals like Mars, Mondelēz, and Nestlé.
With cocoa prices worsened by supply shortages and investor speculation, major companies are now struggling to meet global demand as consumption outpaces production.
This graphic shows the top exporting countries of chocolate, based on data from the
Germany is the World’s Top Chocolate Exporter
With over 200 manufacturers, Germany is the leading exporter of chocolate, with exports valued at $5.6 billion in 2022.
Thanks to its robust manufacturing base and EU trade benefits, Germany is home to large manufacturing plants from Ferrero, Mondelēz, and Mars. In addition, leading domestic producers include Ritter Sport, which exports to 100 countries globally.
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| Rank | Country | Share of Global Exports | Value (B) |
| 1 | Germany | 16.7% | $5.6 |
| 2 | Belgium | 9.0% | $3.0 |
| 3 | Italy | 7.3% | $2.5 |
| 4 | Poland | 7.1% | $2.4 |
| 5 | Netherlands | 6.3% | $2.1 |
| 6 | Canada | 5.9% | $2.0 |
| 7 | U.S. | 5.1% | $1.7 |
| 8 | France | 4.3% | $1.5 |
| 9 | UK | 3.0% | $1.0 |
| 10 | Switzerland | 2.7% | $0.9 |
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Ranking in second is Belgium, boasting the world’s biggest chocolate factory, Barry Callebaut, producing over 260,000 megatonnes of chocolate annually.
More than half of Belgium’s exports are sent to European countries, followed by Asia and North America. Overall, major producers Barry Callebaut, Cargill, and Puratos make up the majority of exports in the country.
Falling next in line is Italy, with 7.3% of global exports. Ferrero, known for Nutella, Ferrero Rocher, and Kinder brands stands as a leading manufacturer in the country.
With $1.7 billion in exports, the U.S. ranks seventh globally, with Hershey’s accounting for over a third of the market. In response to surging cocoa prices—having doubled in 2024—Hershey’s is raising prices and expanding its focus on non-chocolate products like gummies.
This year, the company introduced a cinnamon-flavored Kit Kat bar that contains no chocolate.
Given these headwinds, global production is projected to fall 12% in 2024. This leaves an estimated deficit of 439,000 metric tons of cocoa—nearly sixfold the levels seen in the previous year. Visual Capitalist.