Hungary: The price of a ton of cocoa rose by half compared to last year

Published Apr 5, 2024

Tridge summary

British chocolatiers are grappling with the dual challenges of soaring cocoa prices, which have risen by 50% due to a record high before Easter, and a projected 11% decline in global cocoa production attributed to climate change. With 75% of the world's cocoa originating from four West African states, there are concerns that climate change could significantly reduce the cultivation area within the next two decades. To cope with these cost pressures, chocolatiers like Niaz Mardan of Sandrine Chocolates in London are reluctant to increase prices, while some manufacturers are opting to reduce product sizes or substitute cocoa butter with less expensive alternatives. Additionally, there's a growing trend towards chocolate bars filled with other ingredients, a strategy that may become increasingly popular as cocoa prices continue to escalate.

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

Original content

British chocolatiers were put in a difficult situation by the record high price of cocoa before Easter. Due to climate change, 11 percent less cocoa is expected this year than last year, which meant a significant price increase on the global market. This year, a ton of cocoa costs 50 percent more than at this time last year. 75 percent of the world's cocoa crop comes from 4 West African states: Ivory Coast, Ghana, Cameroon and Nigeria. According to experts, due to climate change and rising temperatures, the area under cultivation may be halved in 1-2 decades. Euronews wrote an article about cocoa cultivation and price changes, we looked at this material. "If we compare the price of cocoa with last year or the price before last year, we see a huge difference. However, my customers are from the area, they know all the prices well. It's like they know them inside out. I can't raise the prices much. Maybe just a little. Because I don't want to make my customers sad. I want them to ...

Source: Magro