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Rising chocolate costs: Cocoa prices hit a record $10,000

Natasha Kumar By Natasha Kumar Mar29,2024

Chocolate costs rise: Cocoa prices hit record $10,000

Cocoa/unsplash

The stock exchange value of cocoa beans in the world reached a new historical record – $10,000 for 1 ton. Since the beginning of the year, it has increased 2.4 times.

This will lead to an increase in the cost of chocolate. Bloomberg writes about it.

Among the main reasons for such dynamics is abnormally hot weather in Côte d'Ivoire, which endangers the harvest of cocoa beans. At the same time, the demand for cocoa and chocolate in the world's leading economies remains high. The upward trend in prices is also linked to difficulties with shipping in the Red Sea.

The supply situation in West Africa remains extremely tight ahead of next week's harvest, – the Hightower Report notes.

Prior to that, the exchange value of cocoa beans reached a historical record at the beginning of February – more than $5.5 thousand per ton. The previous all-time record was set in 1977, when it was $5.4 thousand.

The International Cocoa Organization forecasts that this season's stock-to-processing ratio will fall to its lowest level in more than four decades, reflecting a shaky market situation. Shares of chocolate makers including Hershey Co., Rocky Mountain Chocolate Factory Inc. and Mondelez International Inc., declined.

Chocolate costs rising: cocoa prices reached a record $10,000

Kakao/unsplash

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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