One of the Hungarians' favorite products may become more expensive

Published 2023년 6월 13일

Tridge summary

The price of chocolate has increased by 14% over the past year, according to NielsenIQ, due to a higher demand for cocoa than supply. Cocoa prices have reached their highest since May 5, 2016, at $3,160 per ton, and are expected to rise further due to predicted below-average rainfall in West Africa, a major cocoa-producing region. The cocoa market is at risk of another shortage next season, potentially driving prices to $3,600 a ton. Chocolate producers may pass these increased costs onto consumers, leading to higher chocolate prices in retail stores.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The price of chocolate has risen by 14 percent in the past year, according to market researcher NielsenIQ. According to market analysts, prices may continue to rise as demand for cocoa - an important ingredient in the popular delicacy - is now greater than supply. "We have seen a remarkable price increase on the cocoa market. Cocoa emergency stocks are expected to fall to unusually low levels," Sergey Chetvertakov, senior research analyst at S&P Global Commodity Insights, said in an email to CNBC, according to NBC News. Cocoa prices rose to $3,160 per ton on Friday, the highest since May 5, 2016. Chetvertakov added that due to the El Niño weather phenomenon, below-average rainfall is forecast in West Africa, where a lot of cocoa is grown. Ivory Coast and Ghana account for more than 60 percent of the world's cocoa production, the American publication reminds. Chetvertakov predicts that the cocoa market could be hit by another shortage next season. And that means cocoa futures could ...

Source: Index