Rising U.S. demand for Korean cosmetics, fueled by retail expansion and social media, is accelerating. The category's lower price points compared with prestige skincare risk pulling down average spending in the cosmetics market as consumers shift toward more affordable options.
September NY cocoa closed down 2.51% after Nigerian cocoa exports rose 28% y/y, signaling larger global supply. Heavy rains in West Africa and an emerging El Niño pattern provide underlying support. Near-term prices face bearish pressure from abundant shipments.
Cocoa butter prices increased during Q2 2026, driven primarily by weather-related supply uncertainty and continued volatility in the global cocoa market despite improving production prospects in West Africa. Expectations of a stronger Côte d’Ivoire harvest, supported by better farm investment and improved arrivals, periodically eased upward price pressure, while concerns over weaker pod development and crop conditions preserved a weather-related risk premium. On the supply side, the revised global cocoa surplus and improved inventory outlook prevented a sharper rally but were insufficient to eliminate market fluctuations. In Europe, weak chocolate consumption and subdued industrial demand limited processor buying, with regional cocoa bean usage declining year over year, while major manufacturers also reported lower sales volumes as food producers reduced procurement. Conversely, stronger processing activity in Asia provided support to overall demand, partially offsetting weaker grindings across Europe and North America.
Analyst Insight
According to Procurement Resource, looking ahead, Cocoa Butter prices are expected to remain firm to slightly higher, supported by crop risks, weather concerns, and feedstock uncertainty.
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Cocoa butter prices moved on a mixed to softer trend, influenced by the correction in cocoa bean prices following the earlier supply-driven rally and improving crop expectations in key producing regions. Despite the easing in feedstock costs, processors continued to face elevated input burdens as inventories were sourced at previously higher levels, delaying cost pass-through across the supply chain.
Demand conditions remained subdued as elevated retail chocolate prices curtailed consumption, leading manufacturers to adjust formulations and reduce cocoa intensity, which directly weighed on cocoa butter demand. The prolonged high cocoa costs due to earlier West African supply disruptions compressed margins, with Hershey reporting a 17-percentage point decline in gross margin, reflecting continued strain on downstream profitability. Additionally, cautious procurement strategies and weak discretionary spending further limited buying activity.
Cocoa Butter, also called theobroma oil, is basically a pale-yellow, edible fat that is derived or obtained from the cocoa bean. The beans are roasted and finely ground into chocolate liquor that is pressed to extract the butter. Its separation from the fibrous powder present in chocolate liquor allows both the products to recombine at varying levels to prepare chocolate. It is known for its cocoa flavour and aroma and is an essential ingredient in chocolate as well as beauty and cosmetic applications.
Theobroma Oil, Cacao Butter
Bo International, Olam International, Guan Chong Berhad (GCB), Wuxi Huadong Cocoa Food Co.,Ltd, Lotus Chocolate Co. Ltd., Nuts.com
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In this process, cocoa beans are first fermented, cleansed, dried, and separated from their outer shells. The obtained cocoa nibs are then roasted and ground to a very fine, liquid mass, thus producing chocolate liquor. Finally, the obtained chocolate liquor is pressed to extract Cocoa Butter, thus, separating it from fibrous powder.
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This report provides the cost structure of cocoa butter production from the grinding and pressing methods. When the nibs extracted from cocoa beans are grounded, it produces chocolate liquor.
This report provides the cost structure of white chocolate production from cocoa butter. Cocoa butter is separated from the whole cocoa mass to make a press cake of cocoa beans.
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