Chocolate is getting more expensive because climate change is making it harder to grow cocoa. The increasing cost of chocolate for consumers worldwide is partly due to climate change driving up cocoa prices. Cacao trees, which are sensitive to weather changes, grow in regions near the equator.
Heatwaves and heavy rains are disrupting cocoa harvests in West Africa, where three-quarters of the world's cocoa is produced. Between July 2022 and February 2024, cocoa prices skyrocketed by 136% because of which chocolate prices have been increasing.
Heavy rainfall in Ghana and Côte d'Ivoire in the last quarter of 2023 resulted in an outbreak of swollen shoot virus and black pod disease. This condition causes cocoa pods to decay and become tough. These effects have global implications as the two countries accounted for 58% of the world's cocoa production between 2022 and 2023.
Climate change has not just affected chocolate prices but also coffee rates have increased. The surge in cocoa and coffee prices is set to climb further due to climate change. Certain chocolatiers and coffee producers are indicating they'll need to transfer the additional expenses to consumers.
According to the International Cocoa Organization, there's an anticipated global deficit of approximately 374,000 tonnes for the 2023-2024 season, a stark increase from the 74,000-tonne shortfall experienced last season. This significant disparity between production and demand underscores the challenges facing the cocoa industry.
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