The expert predicted a strong increase in chocolate prices in the world by mid-2024

Published Apr 10, 2024

Tridge summary

The price of chocolate is set to rise sharply by mid-2024 due to a cocoa shortage, as highlighted by Dmitry Aveltsov from the Ministry of Agriculture. This shortage has already caused cocoa prices to nearly triple, with exchange prices for cocoa beans hitting over $10 thousand per ton, a 134% increase from the previous year. Despite this, the overall forecast for crop production in 2024 is optimistic, with expectations of higher yields than in 2023 for almost all crop types, suggesting that significant price increases for other crop products are unlikely this year. This comes after a period of price surges and demand fluctuations post-Covid, which has now led to an oversupply and price drops for some crops.

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

Original content

The cost of chocolate in the world will increase significantly by mid-2024 amid a cocoa shortage. This was stated by the head of the Center for Agricultural Analytics of the Ministry of Agriculture, Dmitry Aveltsov. “You need to understand that only cocoa is in short supply in the world now. Be prepared that chocolate will rise in price very much by the middle of this year and by the end of the year. The increase has already increased almost three times,” Aveltsov said at the XVIII industry business conference of Agroinvestor. , dedicated to livestock farming, as well as the feed industry. At the same time, according to him, the forecast for the production of almost all types of crop products in the world in 2024 is higher than in 2023. “A high increase in prices for crop products is not expected this year,” he added. “In the world, during the post-Covid rush, all prices have skyrocketed: for wheat, corn, soybeans. Prices have even more than doubled in some groups [of goods]. ...

Source: Milknews