The cost of chocolate is rising due to a significant decrease in cacao bean production caused by extreme weather patterns linked to climate change. Farmers in West Africa, where most cacao is grown, are facing challenges from heat, rainfall, fungal diseases, and mealybugs, resulting in a global cocoa supply deficit. This shortage is expected to impact chocolate prices throughout the year, potentially leading to 'shrinkflation' and concerns about future holidays.
If you’re not a fan of nuts in your sweets, Valentine’s Day could cost you more this year. The chocolates inside many of this holiday’s heart-shaped boxes will likely contain more filler ingredients like nuts and fruits to offset the cost of pure chocolate. “We used to look at hazelnuts and pistachio as an expensive inclusion,” said Jacques Torres, a chocolatier with high-end shops in New York City. “Today, those nuts allow us to lower the cost of our chocolate bar.
” The Wells Fargo researchers estimate the cocoa supply deficit is now the worst it’s been in 60 years, standing at negative 478,000 metric tons. The crunch is triggering doubts about festivities beyond Valentine’s Day. “Now the big question is about Easter,” Torres said. “The bigger question is next Christmas — that’s where things are going to be a little bit more sticky.” Even Hershey is responding to the market squeeze.
CHOCOLATE CLIMATE CHANGE CACAO AGRICULTURE SUPPLY CHAIN
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