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Opinion
Increasing Cocoa Prices Due to Lower Global Supply in 2024
The cocoa industry plays a crucial role in global agriculture and commerce, supporting millions of smallholder farmers worldwide. However, the market faces volatility due to various factors, including political uncertainties and weather-related challenges. In the 2022/23 season, Africa led cocoa production, with Côte d'Ivoire and Ghana as top producers. Despite this, the International Cocoa Organization forecasts a significant decline in production for the 2023/24 season, mainly due to challenges in key cocoa-producing countries. Consequently, cocoa prices have surged, increasing by 239.21% since the same week last year. This surge is attributed to decreased supply from major producers, creating opportunities for smaller producers.
Gabriela Cabezas · Apr 4, 2024

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