Rising temperatures and weather conditions have stressed and damaged crops in West Africa, which produces more than 70% of the global cocoa supply.
Chocolate Easter bunnies and eggs will likely come at a higher cost for consumers this year as the price of cocoa climbs to record highs.Cocoa futures have surged this year, roughly doubling since the start of 2024. Sugar prices are also rising. Futures for a pound of sugar are up about 8% in 2024, after rising 2.7% in 2023.
Mondelez, which owns Easter basket staple Cadbury, has been relying on price increases to counter the surge in cocoa prices. The company has said it commands a 13% share in the global chocolate market. It acknowledged price increases of up to 15% within its chocolate category in 2023 and higher prices will likely be a key factor in meeting revenue growth forecasts for up to 5% in 2024.
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