Posted 3/20/2024, 9:05:00 PM
Cocoa Prices Skyrocket to 47-Year High as Climate Change and Crop Diseases Lead to Shortages
- Cocoa prices have more than doubled over the last year and are at a 47-year high
- Unfavorable weather and disease have led to cocoa shortages in major producing countries like Ghana and Ivory Coast
- Climate change is making cocoa cultivation more difficult as cocoa trees are sensitive and only grow near the equator
- Some candy companies have shrunk chocolate sizes or reduced cocoa ingredients due to rising prices
- Hershey's has already raised prices in North America by about 9% since last year
