Over the last two decades, the total value of cocoa exports from Peru soared from less than US$10 million in 2000 to over US$230 million in 2014. As exports of cocoa and cocoa products went from 6% to over 60% of domestic production, a dominant share now consists of unprocessed beans rather than cocoa butter or cocoa powder commonly sold in the past. The growth of cocoa exports was accompanied by the emergence of a noteworthy array of different business enterprises, modified and new, corporate and cooperative. In light of these developments, this paper presents an exploratory assessment of the factors influencing the costs and competitiveness of the major competitors in the value chain for Peru´s cocoa before identifying opportunities and risks influencing future scenarios for the cocoa sector going forward. The paper then concludes by earmarking some priority topics for future research.