The price of cocoa beans, essential in chocolate production, has doubled in three months as the demand for Easter eggs surges.
On the New York futures market, cocoa reached a new record of $8,384 (€7,697) per tonne, double its price at the beginning of 2024. The annual Easter celebrations, and consequent increased demand for chocolate eggs, play a major part in this price surge.
Panic has gripped the cocoa market following low harvests caused by poor weather conditions and other issues such as diseased and ageing trees. Analysts fear prices could hit $10,000 (€9,181) per tonne if chocolate demand cannot be met by supply.
Côte d'Ivoire and Ghana are the world’s leading cocoa producers, accounting for almost 60% of total production in the 2022/23 harvest season according to the International Cocoa Organisation (ICCO).
However, the ICCO predicts that these two countries will continue to suffer from the "adverse effects of unfavourable weather conditions and diseases" in the 2023/24 season, as indicated in its first quarterly cocoa statistics report for this period.
