Meanwhile, Laurent Pipitone, director of economics at the ICCO, expects demand, which fell 2.5% to 3.5% over 2014 through 2015 due to economic weakness in emerging markets and slow consumption in developed countries, could recover by about 2% in the current year.

Consequently, with demand on the rebound and supply concerns ahead, cocoa prices could continue to outperform in the commodities space.

iPath DJ-UBS Cocoa TR Sub-Index ETN

For more information on the commodities market, visit our commodity ETFs category.

Max Chen contributed to this article.