Chocolate prices will continue to rise in the event of a poor cocoa harvest in West Africa. The product’s manufacturers are already issuing warnings about a possible increase in the cost of their own products. They also expect a drop in consumer demand. This information follows a publication by Bloomberg.
Prices of cocoa beans have increased by 47% over the past year. Bad weather is expected to lead to a drop in production in Ivory Coast and Ghana, which will determine what happens next, as these regions represent around a third of the market. The situation may be aggravated by the El Niño phenomenon. If the cocoa harvest in West Africa is lower than expected, the price of chocolate will continue to rise.
Experts in the field describe the current situation as “terrifying.” In mid-September, cocoa prices reached record levels set in 1979. West African plantations have already suffered damage from heavy rains. In Ivory Coast, yields are expected to fall considerably. According to expert forecasts, the global cocoa deficit could reach 279,000 tons, which will necessarily affect the cost of raw materials and the final product.
Remember that there is practically no more olive oil on the European market. The shortage is caused by the drought which has damaged crops for two years. For this reason, they are forced to buy products in South America, for example Chile.
