Over the year, world prices for cocoa beans have more than tripled

Published 2024년 6월 7일

Tridge summary

Global cocoa production costs have surged by 210.7% this year compared to the previous year, driven by a significant increase in beans prices on major exchanges like the London ICE Exchange and the New York Stock Exchange. This price hike is attributed to a third consecutive season of cocoa shortage, unfavorable weather conditions, transportation issues, and a severe virus affecting cocoa trees. The International Cocoa Organization anticipates high prices to persist throughout the harvest season, leading to an increase in chocolate and cocoa product prices. Countries like Côte d’Ivoire, a major cocoa producer, are implementing measures such as export bans and experiencing a reduction in average harvest yields. In response, manufacturers are adopting strategies like shrinkflation and replacing cocoa with cheaper alternatives to mitigate the impact of rising cocoa prices.

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

Original content

Over the past period of this year, the cost of raw materials for cocoa production in the world has increased by an average of 210.7 percent compared to the same period last year. Forbes reports this with reference to data from the largest exchanges. In particular, quotes for beans on the London ICE Exchange (one of the main indicators that determine world prices for these products - ROSNG) increased to 9.3 thousand dollars per ton. For comparison, in mid-May the cost of contracts for delivery for the same month was below 7.5 thousand. Also on the New York Stock Exchange, the cost of the fruit exceeded the April 12 thousand dollars. On average, since the beginning of the year, exchange prices for goods have increased by 121.7 since the beginning of the year, and over the past five years - 287%. Some analysts noted that over the past year and a half, the cost of futures contracts for cocoa raw materials has also shown record growth. For example, on another exchange, the American ...

Source: Rosng