- Cocoa prices hit record highs in 2024 amid a global supply shortage.
- Officials at companies like Barry Callebaut, Hershey, Lindt & Sprüngli Group and Mondelez have alluded to the challenge higher cocoa prices put on their chocolate business.
- Expect to pay about 10% to 20% more for chocolate this Valentine’s Day than last year, one agricultural economist said.
West Africa — predominantly Côte d’Ivoire and Ghana — account for about 80% of world cocoa production, according to a recent JPMorgan research note.
Disease pressures, climate change and bad weather “ravaged” crops in West Africa, fueling a global cocoa shortage that has persisted since early 2024, JPMorgan said.
Cocoa prices “skyrocketed” as its availability hit historic lows, according to JPMorgan.
Forget cultured meat, we need vat tech to produce cocoa solids!