World prices for cocoa beans exceeded 10 thousand dollars per ton

Cocoa Bean

Market & Price Trends

Published Mar 28, 2024

Tridge summary

World cocoa bean prices have soared to a record high of over $10,000 per ton, as reported by Bloomberg. This unprecedented increase is due to a mix of adverse weather conditions, diseases affecting cocoa trees, and geopolitical tensions in the Red Sea region, significantly impacting global chocolate production. Manufacturers are responding by modifying recipes and seeking cheaper ingredient substitutes. The crisis is further intensified by decreased exports from key producers like Côte d'Ivoire, Ghana, and Indonesia. The recovery is anticipated to be slow, given the time cocoa trees take to produce new harvests.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

At the beginning of this week, world prices per ton of cocoa beans for the first time exceeded 10 thousand dollars per ton, amounting to 10,070. This was reported by the Bloomberg news agency, citing data from the ICE Futures exchange. This is 2.4 times more than since the beginning of the year. As of today, the cost of the goods has dropped to 9,992. At the same time, a week ago it was $8,300. For the first time, the largest increase in price was observed in February, when products cost 5.5 thousand dollars. This happened for the first time since 1977. This situation also negatively affected the production of chocolate and other products containing cocoa beans, not only in Russia, but also in other countries. Manufacturers had to change the approach to producing their products. For example, the chocolate content in the filling of glazed donuts under the Kit Kat and Aero brands from Hershey and Nestlé has decreased. Also, some product manufacturers are increasingly replacing ...

Source: Rosng