Ilhéus and Itabuna, emblematic cities in cocoa production in the south of Bahia, have been repeating historic feats when it comes to the price of the arroba. Since October 31st, the closing price in that market has remained at R$ 300.00 for every 15 kilos of the commodity. This peak represents the highest price recorded for the product during the year. In January, the arroba was quoted at R$200.00. The daily survey of the price of cocoa and other crops is carried out by the Secretariat of Agriculture, Livestock, Irrigation, Fisheries and Aquaculture of Bahia (Seagri).
In the futures markets, such as in London, a ton of cocoa reached 3,416 pounds sterling this Wednesday (8/11), according to the website investing.com. This is the highest value since futures trading in this commodity began in 1920.
For Thiago Guedes, agronomist and director of Seagri, this increase in the value of cocoa in 2023 can be attributed to the growing appetite of the chocolate industry on a global scale, predicting heated markets in search of almond derivatives. The reduction in crop production in West Africa may also be contributing. This scenario highlights the importance of Bahian cocoa production.
The cocoa industry is constantly evolving and the world is closely watching developments in this chain, which plays an important role in Bahia’s economic scenario. The state has a planted area of approximately 439 thousand hectares in the south of Bahia, around 60% of which is cultivated in the Cabruca system.
The cocoa sector generated around R$1.8 billion, equivalent to 5% of the Gross Production Value (VBP) of crops in Bahia, ranking fifth among all crops in the state in 2021. Bahia is home to around 72,000 producing establishments, with approximately 70% being family farming properties.
Brazilian cocoa is participating in the world’s most important award for cocoa farming, the Cocoa of Excellence, 2023 edition. Three Brazilian cocoa samples are among the 50 best in the world, representing the hard work, dedication and investment of our producers. This award, in addition to adding value to our product, encourages production with greater quality and efficiency.