Thailand’s cacao sector is expanding, yet smallholder farmers continue to capture only a minimal share of the final chocolate value. This study maps the Thai cacao value chain from farm to consumer, drawing on primary data from interviews from 6 farmers, 4 processors, and 2 chocolate makers across multiple regions of Thailand. The research incorporates both quantitative value chain analysis (VCA) and qualitative SWOT assessment. Farmers benefit from favourable growing conditions and low costs but face small-scale production, volatile yields, and limited incentives or capacity to ferment. Processors operate in a fragmented, weather-dependent supply chain and rely on intuition-based fermentation, resulting in inconsistent quality. Chocolate makers face chronic shortages of well-fermented beans despite strong demand and high retail prices. VCA findings show farmers and processors capture only 5–7% of the final value, with most accruing downstream. Comparison with Vietnam’s more formalised post-harvest system shows that, even with superior fermentation structures, upstream actors retain minimal value, suggesting that chain organisation, rather than quality improvement alone, determines value distribution. Strengthening cooperative fermentation, consolidating post-harvest centres, and expanding direct-trade models present key opportunities to raise bean quality, stabilise supply chains, and support Thailand's growing premium chocolate industry, though comparison with Vietnam suggests that structural improvements alone may be insufficient to substantially increase farmer income.

Keywords

Cacao, Value Chain Analysis, Thailand