Cocoa prices continue to spike: What’s driving costs higher?

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The key ingredient in chocolate’s price sat around $9,200 per metric ton as of Monday afternoon, according to data from Trading Economics.

While down Monday, that still marked an increase of more than 26% from a month ago. Compared with a year ago, prices have surged over 190%, the data showed.
Factors like weather, disease and market speculation have contributed to the spike, with West Africa in particular seeing negative impacts from drought.

Cocoa farmers struggling to further invest in their land has also led to lower production of the crop, a JPMorgan report from April said.

The price of cocoa has been an ongoing issue that candy makers have been monitoring and taking steps to address.
Late last month, the International Cocoa Organization projected global gross cocoa production would total 4.461 billion tons for the 2023-2024 season.

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