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The price of cocoa – the main raw material for chocolate – has risen above $10,000 per tonne for the first time.
Source: BELGA
Today at 11:52
The price of cocoa has been rising for months due to fears of shortages, and the boom has only accelerated in recent weeks. The New York futures market paid $10,047 for a tonne of the commodity on Tuesday.
There is panic in the cocoa market. A combination of either too dry or too wet weather and structural problems – such as older and diseased trees – is leading to smaller harvests in West Africa, where most of the cocoa comes from.
A year ago, less than $3,000 was paid for a ton. This year alone, the cocoa price doubled. Not only the poorer harvest conditions, but also stricter environmental regulations in the European Union, for example, are pushing up prices. Other countries that grow cocoa beans, such as Brazil and Ecuador, are trying to increase their production. However, it takes several years before newly planted trees bear beans.
Chocolate in the store will automatically become more expensive. The expectation is that the biggest price shock for consumers is yet to come.
