Chilean Easter egg prices rise due to cocoa shortage

Published 2024년 3월 28일

Tridge summary

The global cocoa market is facing a significant challenge as prices soar due to a shortage, primarily caused by severe droughts in Equatorial Guinea, production restrictions, and political instability. The International Cocoa Organization forecasts a supply gap of nearly 400,000 tons by 2024, suggesting a continued rise in cocoa prices. In Chile, the Minister of Agriculture highlights the impact of climate factors on the reduction of global cocoa consumption. Additionally, with Easter approaching, the Chilean National Consumer Service (Sernac) has issued a warning after discovering that 17% of Easter eggs labeled as 'chocolate' failed to meet the required cocoa content standards, urging consumers to verify the presence of cocoa butter in the ingredients.

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Original content

Chile's El País reported on March 26 that Chilean economist and professor at the Catholic University of Valparaiso (PUCV) Rodrigo Valdés analyzed that the main reason for the rise in cocoa prices is the global cocoa shortage. Severe droughts in Equatorial Guinea, the main cocoa producing area, greater production restrictions, and an unstable political environment have all affected cocoa supply. Valdés expects cocoa prices to continue to rise for at least a year. "The International Cocoa Organization estimates that the global cocoa supply gap will be nearly 400,000 tons in 2024. Therefore, the upward trend in cocoa prices is expected to continue." Chilean Minister of Agriculture Esteban Valenzuela Valenzuela said, "Due to climate factors, global cocoa consumption is on a downward trend. There have been floods in many places, and droughts in many places, and cocoa cultivation requires a lot of water." According to the Chilean ADN radio website, on the eve of Easter, the Chilean ...

Source: Foodmate