Chocolate is seen as a source of happiness for many people. However, this sweet snack is not currently bringing happiness to its producer. Worldwide cocoa prices have been rising steadily for some time. Experts point to the decline in production, which continues for the fourth consecutive season, as the reason for the price increases. It is stated that the increase in cocoa prices may hit the pockets of chocolate lovers.
CHOCOLATE PRICES WILL INCREASE SHORTLY
Making a statement about the chocolate crisis, Patiswiss Chairman of the Board of Directors, Elif Aslı Yıldız, said; “There is a lot of information pollution on this subject. There is no clear information about the virus affecting cocoa trees. 30-35 percent less cocoa has reached the ports due to El Niño, climate crisis, and the lack of fertilizer due to the Ukrainian war. We expected a 3-5 percent impact, but a 35-40 percent decrease was an unexpected decrease. Unfortunately, this situation caused cocoa prices to increase from 2 thousand pounds to 4 thousand 800 pounds per ton in one year. Unfortunately, this 140 percent increase will be reflected in prices in a very short time. We do our best not to reflect this on prices, but we are faced with a situation independent of the depreciation in TL. Consumption must also decrease by 10 percent in the world. Otherwise, it will be difficult to reach chocolate in the coming period. When buying chocolate, you should definitely check the labels. “Prefer brands you trust, because some manufacturers may turn to other recipes instead of cocoa.”
COCOA FACTORIES STOPPED PRODUCTION
Large cocoa factories in Ivory Coast and Ghana decided to cut or stop production because they could not cover seed costs. Following the news from the two countries that meet 60 percent of the world's cocoa production, chocolate prices are expected to rise sharply all over the world. The decrease in the cocoa harvest due to climatic conditions in the last three years had already pushed chocolate producers to increase prices. It is estimated that the situation will worsen as the production cut extends into the 4th year.
