The cocoa market experiences a surge in prices, reaching unprecedented heights due to the combined impact of climate change and adverse weather conditions.
With the latest price escalation, cocoa beans now trade above $10,000 per tonne on global commodity markets, marking a $2,000 increase from the previous week.
Ivory Coast and Ghana, the world’s largest cocoa exporters, grapple with diminished harvests caused by droughts in February following heavy rains in December.
These climatic challenges exacerbate an already strained market, particularly affecting Europe, where consumers face soaring Easter chocolate prices.
As a result, popular Easter egg brands are expected to cost 50% more than last year, prompting companies to pivot towards promoting alternative Easter treats like biscuit bunnies to mitigate the impact on consumers.