Chocolate Prices Jump Again, Cocoa Nears $9,000
Cocoa prices have reached nearly $9,000 per metric ton, a record. This is also about double the price at the start of 2024. Cocoa prices are so high that some chocolate manufacturers have had to cut down production or stop it. Others have either had to raise chocolate product prices to all-time highs or have lowered the amount of cocoa in their chocolate.
Côte d’Ivoire and Ghana represent almost 60% of cocoa production worldwide. These countries have been hit by drought and high temperatures, triggering wildfires and damaging roots.
Financial traders have also contributed to the rise in cocoa prices. CNBC states, “While West African supply issues sparked the initial move higher, momentum is now a big component of the rise in cocoa prices, according to Jeff Kilburg, CEO and Founder of KKM Financial.”
Chocolate prices are an excellent example of how climate change affects trivial products in developed nations, which often ignore climate change in other parts of the world. However, storms, drought, and unbearable heat have also affected these developed nations. Soon, chocolate prices will be an unimportant problem.
