Cocoa Breaks $10K: Are You Prepare for Rise in Chocolate Prices?
Cocoa-producing regions, especially West Africa, have faced the brunt of climate change this year. Extreme weather and disease devastated cocoa production in West Africa, the source of 70% of the world's cocoa.
This led to a nearly 138% surge in cocoa prices, exceeding $10,000 per tonne for the first time. Actually, cocoa futures continuously rose in 2023, with a yearly increase of over 70%.
With Easter approaching, demand for chocolate has surged, driving cocoa prices up. Traders anticipate a global cocoa bean shortage, driving up chocolate prices.
Meanwhile, the butter needed for chocolate production has also been steadily rising to €5700. Chocolate prices may increase either this year or next. According to Euromonitor International data, chocolate prices in the US market have risen by a total of 17% over the past two years.
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- breAkdaWn·03-30great incentive to abstain chocolate and thus reduce chance of getting diabetes!LikeReport
- vae victis·03-30this shows the damage humans are causing the planet.1Report
- RalphWood·03-27Wah, sounds like the cocoa crisis really diam jialat ah!LikeReport
- KSR·03-28👍LikeReport
- Tom Chow·03-28goodLikeReport