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Why did the price of the main ingredient of chocolate rise in 2024?

2024-06-03 14:51:24Lifestyle SHKRUAR NGA REDAKSIA VOX

Why did the price of the main ingredient of chocolate rise in 2024?

The main ingredient of chocolate has risen sharply in commodity markets throughout 2024. First cocoa prices started the year around $4,200 per ounce, then reached an all-time high of more than $12,000 per ounce in late April, before dropping above $9,000.

Factors such as crop disease, El Niño, farm prices and market speculation all played a large role in the historic increase in cocoa prices.

"Supply factors are still a big issue and I think they will continue to be for years to come," said Paul Joules, agricultural commodities analyst at Rabobank.

As the chocolate industry faces higher input costs, consumers are feeling it and chocolate providers are beginning to consider alternatives.

"If we look at it from a consumer perspective, I would certainly say the worst is yet to come," Joules said. "In terms of price increases that they're going to face, even if we were to see a big drop in commodity futures, because it's likely we'd still see that increase on the shop floor in the months of future."

Cargill is now looking at alternative ingredients to cocoa to make its chocolate products. The food and beverage company teamed up with Voyage Foods in April to produce the alternatives.

"It's not like we have a huge amount of demand from everyone saying we need as much cocoa-free chocolate as possible for the next six months, because these are well-known and beloved brands," Voyage Foods co-founder Adam Maxwell said. "Because of this, we will be replacing this ingredient for now."


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