Global Cocaine Market Reaches Record High, Driven by Production Surge

The global cocaine market hit a record high in 2024, with production soaring to 2,700 tonnes, a 20% increase from 2023, driven by expanded cultivation in Colombia, Peru, and Bolivia. 

The market, valued at $40 billion, has 22 million users worldwide, with Colombia producing 70% of global supply through 230,000 hectares of coca cultivation.

The United States, the largest consumer, reported 2 million users in 2024, with seizures rising 15% to 100 tonnes. Europe’s market grew 10%, with 4 million users, fueled by smuggling through ports like Rotterdam. Nigeria, a transit hub, seized 2.3 tonnes in 2024, with 1,000 arrests linked to trafficking. The surge has led to 500,000 overdose cases globally, raising health concerns.

The UN has called for international cooperation to disrupt supply chains, with $500 million pledged for alternative crop programs in South America by 2026. Cartels’ 30% profit increase underscores the challenge, with weak rural governance in producing countries fueling the boom.