Ivory Coast, Ghana, Cameroon and Nigeria account for nearly 75 per cent of the world’s cocoa bean harvest. Right now, El Niño is threatening western African crops, which could create higher prices come 2024.
While the arrival of El Niño is still uncertain, currently the precipitation is higher than normal which is good news for the mid-crop harvest of cocoa beans. However, that could change which would affect crop harvests later this year.
Prices for chocolate are already up 21 per cent from last year, according to CNN. Threats of higher prices for cocoa beans mean higher prices for chocolate in all its forms.
“The cocoa market has experienced a remarkable surge in prices… this season marks the second consecutive deficit, with cocoa ending stocks expected to dwindle to unusually low levels,” said research analyst Sergey Chetvertakov. “I believe that consumers should brace themselves for the likelihood of higher chocolate prices,” Mr Chetvertakov said.
And it’s not just the threat of El Niño that is affecting the cocoa harvest, but also that many of the countries that supply the majority of the world’s cocoa have been combating crop disease.
“Compared to the 2021/22 cocoa year, the 2022/23 cocoa season is heading towards a supply deficit due to a reduction in production,” reported the International Cocoa Organization.
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