"Cocoa Crisis: Prices Double, African Plants Run Out of Beans"
Originally Published 1 year ago — by Morning Brew
The global chocolate industry is facing a crisis as demand for chocolate significantly exceeds the available cocoa supply, leading to a sharp increase in cocoa prices. Large African cocoa processors have been forced to reduce production due to the soaring costs. Factors such as bad weather, bean disease, and underinvestment in new trees have contributed to dismal cocoa harvests, resulting in a substantial gap between supply and demand. As a result, chocolate prices have already risen, and confection companies like Hershey and Mondelez have warned consumers of further price increases due to higher cocoa costs.