The sweet taste of chocolate could be overshadowed by a bitter taste this Easter. The price of cocoa has reached historic levels and its value has tripled compared to the last year and a half. This increase is attributed to various factors. Among them, the damage suffered by crops in West Africa, which supplies more than 70% of the world's cocoa supply. Rising temperatures and adverse weather conditions have negatively impacted production, affecting both the availability and price of chocolate in the market.
Crops in Ghana and Ivory Coast, major cocoa producers, are facing a crisis due to black pod disease, exacerbated by extreme weather conditions caused by the El Niño weather phenomenon. While Spain suffers from drought, these countries are experiencing unusual rains that have drastically reduced their cocoa production. This phenomenon has caused the appearance of two devastating diseases for crops: root rot and black spot, caused by a fungus that wilts the ears. A threat to the long-term sustainability of the cocoa industry in the region.
Another essential component of chocolate has also seen a significant price increase in recent years. The price of sugar is at its highest level on the world market since 2010. The climate crisis is also the main cause of the increase in this product, which is mainly produced in India and Brazil.
Rising cocoa prices, along with rising sugar prices, are making chocolate more expensive, above general food inflation. Although moving cocoa production to Latin American countries with better climatic conditions could be a solution in the future, it is still difficult to meet demand in the short term.
