US: Cocoa sector reaches crisis point as crop prices hit $10,000 a tonne

Cocoa prices have skyrocketed to an all-time high of $10,000 a tonne, a result of poor harvests, supply deficits, and disease in top producing countries like Ghana and Ivory Coast, creating a 'perfect storm' that has significantly impacted the confectionery industry. This price surge has led to major disruptions for companies, with smaller chocolate brands facing the risk of closure within the next year unless consumers are willing to pay more for their products. Despite the market price increase, farmers in West Africa continue to earn below poverty-line wages, prompting calls for systemic market changes and potential agricultural strikes. Industry experts and company founders are urging for immediate action to address the crisis, with some considering cocoa-free alternatives. Meanwhile, companies like Love Cocoa and H!P Chocolate see this as an opportunity for innovation and the development of sustainable chocolate alternatives, amidst concerns over climate change and speculative trading exacerbating the situation.