The price of chocolate is expected to rise on the Ukrainian market

Published 2024년 4월 4일

Tridge summary

Cocoa bean prices have soared to record highs, with a ton now exceeding $10,000, marking a significant increase due to crop failures in West Africa, exacerbated by extreme weather conditions and the El Niño phenomenon. This has led to a shortage of cocoa beans, driving up prices by almost 10% since February, 50% since the start of the year, and 130% from 2022. The aging of cocoa trees and diseases have further impacted yields. As a result, chocolate makers, including Lindt & Spruengli, Hershey's, and Mondelez, are raising their product prices. In Ukraine, chocolate prices are expected to double by the end of the year, influenced by the cocoa price surge and logistical challenges, including the blocking of the Polish border. This situation is compounded by reduced cocoa processing in Ghana and Côte d'Ivoire, a forecasted drop in cocoa production, and rising sugar prices, indicating that chocolate prices worldwide are likely to continue rising.

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

Original content

Last week, exchange prices for cocoa beans rose to all-time highs, surpassing $10,000 per ton, according to Euronews. Since the beginning of February, the price increase has been almost 10%, since the beginning of the year - 50%, and from 2022 - 130%, the BBC reports. The dynamics will continue in the near future. Cacao is widely used in the production of chocolate and confectionery products, and by-products such as beans, cocoa butter, cocoa bean pulp are also used in the production of soft drinks, alcohol, vinegar, cosmetics, food additives, flavorings, and much more. Why are prices rising? According to experts, the cause is a shortage of cocoa beans caused by a crop failure in the main cocoa-producing countries in West Africa. West Africa has been gripped by extreme heat and humidity, which usually occurs there only once in a decade, the World Weather Attribution (WWA) said. If the world does not reduce its use of fossil fuels, West Africa will experience similar heat waves ...

Source: Landlord