World: Rising cocoa prices cast shadow over Easter festivities

Published 2024년 3월 28일

Tridge summary

The article highlights the growing concern over the rising costs of Easter chocolates, primarily attributed to the adverse effects of climate change on global cocoa supplies, especially from West Africa, which produces about three-quarters of the world's cocoa. Severe weather conditions in major cocoa-producing countries like Ghana and Ivory Coast have led to increased cocoa prices, thereby raising production costs for farmers and resulting in higher chocolate prices for consumers. Despite these challenges, major confectionery companies have managed to maintain significant profit margins, with further price hikes expected. The article also touches on efforts to mitigate the impact of climate change on cocoa farming, the economic pressures faced by smaller chocolate businesses, and a slight decline in consumer spending on chocolate in Switzerland, the world's largest per capita chocolate consumer.

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

Original content

Shoppers may get a bitter surprise in their Easter baskets this year. Chocolate eggs and bunnies are more expensive than ever as changing climate patterns eat into global cocoa supplies and the earnings of farmers in West Africa. About three-quarters of the world's cocoa – the main ingredient in chocolate – is produced on cacao trees in Ghana, Ivory Coast, Nigeria and Cameroon. But dusty seasonal winds from the Sahara have been severe in recent months, blocking out the sunlight needed for bean pods to grow. The season prior, heavy rainfall spread a rotting disease. With exports from the Ivory Coast, the world's top producer, down by a third in recent months, the global price of cocoa has risen sharply. Cocoa futures have already doubled this year, trading at a record high of more than $10,000 per metric ton in New York on Tuesday after rising more than 60% the previous year. Farmers who harvest cacao beans say the increases aren't enough to cover their lower yields and ...

Source: Dailysabah