The price of cocoa has reached new historic records. It surpassed $10,000 per tonne on Tuesday, March 26 in New York, driven by supply shortages due to poor harvests in West Africa.
This surge in cocoa prices is affecting consumers, with an upsurge in the price of chocolate higher than general inflation.
To deal with the crisis, manufacturers in the chocolate manufacturing sector executed a shrinkflation strategy: they decreased the size of certain chocolate bars without lowering the price. Manufacturers are also drawn to find substitutes for cocoa to contain their production costs.
As a reminder, the largest cocoa-producing countries are Ivory Coast and Ghana. They represent 60% of global cocoa production. More than a third of cocoa beans are processed in Europe.
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