Cocoa Market
The Bittersweet Forecast: Why Cocoa’s Shrinking Surplus is Fueling Market Volatility
As the 2025 calendar year draws to a close, the global cocoa market is once again defying expectations of a return to normalcy. While industry analysts had initially predicted a robust supply recovery following the historic deficits of 2024, a wave of downward revisions in December 2025 has sent shockwaves