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Cocoa prices surge to record high, supply deficit worsens

CNBC — March 26, 2024, 07:00 PM UTC

Summary: Cocoa prices hit an all-time high of $10,080 per metric ton, up 129% in 2024. The world faces the largest cocoa supply deficit in over 60 years, with a forecasted deficit of 374,000 tons for 2023-24. Industry efforts aim to manage costs and keep chocolate affordable for consumers. Experts predict consumers may feel the impact by late 2024 or early 2025 due to ongoing market challenges.

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Timeline:

  1. [2.0]
    Cocoa prices may stabilize around $9,000-$10,000/ton; caution ahead (CNBC)
    40d
    Source
  2. [5.8]
    Cocoa prices surge, impacting Cadbury and Easter sales (The Guardian)
    44d

    ScoresSource
  3. [5.0]
    UK Easter spending surpasses £1bn, driven by chocolate demand (The Guardian)
    44d

    ScoresSource
  4. [6.5]
    Global cacao shortage leads to record-high cocoa prices (The Guardian)
    46d

    ScoresSource
  5. [5.2]
    Easter egg prices rise due to shrinkflation and ingredient costs (Financial Times)
    46d

    ScoresSource
  6. [5.8]
    Chocolate prices surge due to cocoa price increase and supply challenges (ABC News)
    47d

    ScoresSource
  7. [4.8]
    Cocoa price surge impacts Easter chocolate prices and production (CNN)
    47d
    Source
  8. [6.2]
    Climate change impacts cocoa supply, raising Easter chocolate prices (The Associated Press)
    47d

    ScoresSource
  9. [5.9]
    Cocoa prices soar above $10,000/ton on poor harvests (Financial Times)
    49d

    ScoresSource
  10. [5.9]
    Cocoa futures hit record high due to supply challenges (CNBC)
    49d

    ScoresSource