Cocoa harvests are expected to be low for the third consecutive year, mainly due to climate change causing extreme weather in West Africa, where most cocoa is sourced. This has resulted in significant price increases for chocolate products, with costs tripling for some manufacturers like Taza Chocolate. Big brands like Nestle and Hershey are also hiking prices, attributing these changes to ongoing cocoa shortages. The industry is grappling with the largest cocoa supply deficit in sixty years, with production down by 13% compared to last year.
Bonbons and truffles are even more of a luxury this Valentine's Day as cocoa shortages drive prices up, affecting both small and big chocolate makers.
The world's supply of cocoa is facing its worst shortage in decades, primarily due to climate change impacts on cocoa farms in West Africa.
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