The global chocolate market is facing a severe supply crisis attributed to a significant cocoa shortage, leading to skyrocketing prices and creating anxiety among consumers.
A French chocolate producer highlighted the shocking rise in cocoa prices, stating they now pay up to $12,700 per metric ton, drastically up from $3,000 just a year earlier.
Commodity traders are warning consumers about the ongoing 'choc-flation' due to a series of agricultural and geopolitical factors, suggesting the situation may worsen.
According to Steve Wateridge of Tropical Research Services, concerns about the performance of cocoa mid-crops in Ivory Coast and Ghana are heightening worries about future supply.
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