Cocoa Shortages Drive Up Chocolate Prices Due to Climate Impacts

• Cocoa prices reached record highs causing chocolate prices to rise due to dwindling cocoa supply from climate change • Global cocoa price more than doubled in past year; rose over 75% in 2 months between Jan-March • Heavier rainfall and dry weather threatened cocoa production in top producers like West Africa
• This is 3rd straight year of short cocoa harvests, with 32% drop in Ivory Coast shipments • Chocolate companies adapting with smaller products and less cocoa; prices expected to stay high until 2025