2024-02-14 07:00:33
For several months, cocoa prices have experienced dizzying growth, reaching this month their highest level ever recorded in almost 50 years. Faced with this situation, chocolate prices might in turn be impacted.
The consequences of a bad harvest on the chocolate market
Last week, the price of cocoa reached $5,874 and $5,386 per tonne on the London and New York markets. In constant progression for several months, cocoa has not reached such a level for almost 50 years. The reason for this surge in prices is notably due to a poor harvest in producing countries, such as Ghana and Ivory Coast, which together represent nearly 60% of cocoa production globally.
Since November, the quantity of cocoa exported by Côte d’Ivoire has fallen by 39%, the same for Ghana where the decline amounts to 35%. This drop in production is notably due to climatic conditions, these two countries being affected by drought. A poor harvest which is not without consequences on the chocolate market. Some analysts even speak of panic among chocolatiers around the world. Furthermore, several observers believe that this cocoa shortage is likely to continue. “ Potential cocoa yields now permanently altered “, indicated a market specialist.
Stock shortages already recorded
Thus, a prolonged disruption of the cocoa market should therefore impact chocolate prices at the World level. With an increasingly expensive and increasingly rare raw material, many manufacturers are already recording an exhaustion of stocks purchased at lower prices than those experienced by the current cocoa market, indicates the Dauphiné Libéré. The repercussions on consumers are therefore indeed real. If in the short term this were not to be seen on the shelves, a continuation of this cocoa crisis would inevitably have an impact on your chocolate bar purchased in supermarkets.
In addition, the International Cocoa Organization (ICCO) predicts a fall in global cocoa bean production for next year. After a meeting held at the end of last month, the ICCO working group of experts reported that the bean stocks of Côte d’Ivoire and Ghana were divided by two or even three in barely two years.
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