Cocoa prices have skyrocketed by 90% since the start of 2024 and is feared to increase in the coming years.
Cocoa prices have skyrocketed by 90% since the start of 2024.👉 Background: Whittakers, Cadbury, Lindt - name your guilty pleasure - they all have one thing in common: cocoa is the core ingredient.
👉 What happened: Cocoa prices have skyrocketed by 90% since the start of 2024. And now a new report from Rabobank warns that chocolate is about to get a whole lot pricier.
👉 What else: According to the report, cocoa farmers have been hit with the double whammy of intense heat and rain over the past two years. And this has led to the lowest cocoa stocks in 22 years (aka the cocoa crunch).
💡When the price of raw materials—like cocoa—goes up, it ripples through the entire supply chain.
💡 About 70% of the world’s cocoa is harvested in West Africa and the poor harvest last year has led to cocoa-prices jumping to a 50-year high. The poor harvest impacts the supply of cocoa in West Africa. With limited supply, the price of cocoa increases for the chocolate manufacturers.
💡And the cost continues to get passed along the supply chain until eventually it lands, sadly, in our grocery baskets. So in the few years to come, a humble Whittakers block might become a luxury treat.
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