read from tweaktown:
Cocoa beans annual supply deficit between 300,000 and 500,000 tons: the largest shortfall in cocoa beans in over 60 years, prices skyrocket.
The last major cocoa tree planting spree happened throughout the early 2000s in West Africa, which, if you didn't think was important to the global cocoa business, you're wrong: West Africa counts for around 75% of the global supply of cocoa beans. After already bad weather amplified by the ongoing El Nino phase of the Pacific Ocean, cocoa trees throughout Ghana and the Ivory Coast have been decimated.
Fast-forward to today, and the world is heading to an annual supply deficit of between 300,000 and 500,000 tons of cocoa beans, the largest shortfall in over 60 years. Right now, the price of cocoa is more expensive than copper on the commodities market, and we're sprinting directly into Easter, which is when chocolate makers have now increased pricing for consumers after multiple years of subpar cocoa harvests in West Africa with another on the way.
Cocoa beans annual supply deficit between 300,000 and 500,000 tons: the largest shortfall in cocoa beans in over 60 years, prices skyrocket.
The last major cocoa tree planting spree happened throughout the early 2000s in West Africa, which, if you didn't think was important to the global cocoa business, you're wrong: West Africa counts for around 75% of the global supply of cocoa beans. After already bad weather amplified by the ongoing El Nino phase of the Pacific Ocean, cocoa trees throughout Ghana and the Ivory Coast have been decimated.
Fast-forward to today, and the world is heading to an annual supply deficit of between 300,000 and 500,000 tons of cocoa beans, the largest shortfall in over 60 years. Right now, the price of cocoa is more expensive than copper on the commodities market, and we're sprinting directly into Easter, which is when chocolate makers have now increased pricing for consumers after multiple years of subpar cocoa harvests in West Africa with another on the way.