In recent months, the price of cocoa has reached unprecedented levels on the New York futures market, with a ton of cocoa beans sold for $10,047. This represents an 186% increase from previous months, surpassing even the growth rate of Bitcoin. The surge in price is due to disappointing harvests that have led to a scarcity of cocoa in the market.
One major factor contributing to these poor harvests is weather phenomena like El Niño. With record prices being set every week, the cost of chocolate is expected to rise for consumers as large companies in the industry indicate that they will be increasing prices to offset their rising costs of cocoa. However, Belgian producers like Libeert are taking proactive measures to mitigate the effects of high cocoa prices. By purchasing cocoa at times when prices are low, they are able to control costs and ensure a steady supply for peak seasons like Easter and Christmas. Despite these challenges, the Belgian chocolate industry remains a major player in the global market.
